JAKARTA. PT Trisula Textile Industries Tbk (BELL), will repurchase its shares (buyback) with a budget set to IDR 30 billion.

The management of BELL said that this corporate action will last 18 months after the company secures the approval from Annual General Meeting of Shareholders (AGMS). The meeting is scheduled to take place on April 22, 2024.

“The number of shares to be repurchased is a maximum of 6% of its issued and paid-up capital, or a maximum of 435 million shares,” added the management of BELL in the official statement.

For the record, the shares buyback is decided after considering BELL’s stock price that does not reflect its actual performance. In addition, the management of BELL said, the shares buyback will be carried out to maintain the fair value of BELL’s stock, as well as enhancing investors’ trust.

“The buyback is expected to increase the company’s stock performance, as well as granting more flexibility in equity management to achieve an efficient capitalisation structure,” said the management of BELL.

The buyback of BELL’s shares will take place through transactions within or outside Indonesia Stock Exchange (IDX). In its implementation, BELL has assigned PT Phillip Sekuritas Indonesia as its broker. (KR/ZH)