JAKARTA - PT Arwana Citra Mulia Tbk (ARNA) is allocating IDR 100 billion to repurchase shares (buyback) circulating in the market. This corporate action will be concluded within a year, starting from April 1, 2024.

Edy Suyanto, Director of ARNA, mentioned that the buyback price will be set according to the market price. “The buyback is intended to maintain the fairness of stock price by considering the historical price earning (PER) within the last 10 years,” he said in the information disclosure quoted Tuesday (20/2).

According to Suyanto, the fair value of ARNA’s shares is 15 times higher than earning per share (EPS). This corporate action will not cause decline in revenue and profit. In addition, Suyanto said that the buyback will be carried out directly through the stock exchange. This action is believed to be able to stabilise the stock price and generate positive result for shareholders and the company.

Yesterday (19/2), ARNA’s stock was closed at IDR 665 per share. The lowest transaction price was recorded at IDR 700, and the lowest was at IDR 665 per share. The transaction volume was 4.58 million shares, recorded within 1,040 transactions worth IDR 3.08 billion. Foreign sell and buy were recorded at 311,100 and 419,000 shares.

As of January 31, 2024, ARNA’s total shares were 7.34 billion, 37.32% of which belong to controlling shareholders, and non-controllers claimed the remaining 62.68%. The shareholder structure consists of PT Suparkreasi of 14.51%, Tandean Rustandy of 37.32%, Edy Suyanto of 0.02%, Edwin Pamimpin of 0.04%, the public of 46.52%, and treasury shares of 1.59%. (LK/ZH)