JAKARTA. PT Medco Energi Internasional Tbk (MEDC) is scheduling a shares buyback with a budget set to IDR 200 billion or equal to USD 12.5 million (assuming the rate is set to IDR 16,000 per USD).

In order to carry out this corporate action, MEDC will ask for approval from its shareholders in a meeting scheduled on May 31, 2024. The buyback will then be carried out no later than 12 months after the company scored approval from those shareholders.

MEDC has assigned PT BRI Danareksa Sekuritas as a security company that arranges the buyback. The buyback will take place through trading sessions in Indonesia Stock Exchange (IDX).

With said allocation, the number of shares to be repurchased by MEDC is projected to reach 100 million shares. This corporate action is believed to not affect all business and operational activities of the company as it has adequate capital.

The management of MEDC plans to use the proceeds of the buyback for Employee Stock Option Plan (ESAP) and Management Stock Option Plan (MSAP) programmes. These programmes will continue to take place within 3 years after the buyback was concluded.

According to IDNFinancials data, MEDC’s stock price today (19/4) was closed 3.67% or 55 points higher to IDR 1,555 per share. MEDC’s stock has increased 33.48% or 390 points since the beginning of this year or 51.71% or 530 points within the last year. (KR/ZH)