JAKARTA. PT Tower Bersama Infrastructure Tbk (TBIG) will issue a buyback of 396.5 million shares and prepare a budget of IDR 800 billion. Two of reasons behind the company’s buyback plan are performance improvement and flexibility in maintaining the stability of the stock price.

Based on the information disclosure in Indonesia Stock Exchange (IDX), this telecommunication tower business under Saratoga Group plans to conduct a buyback of 1.75% or 396,500,000 shares of total shares. “The company will use internal cash as fund source for this buyback,” added the management of TBIG on Wednesday (24/4).

The management believes that this buyback will not generate negative impact on TBIG’s business activities, as the company has an adequate amount of working capital and cash. Furthermore, the buyback will not lead to decreased revenue, according to the management of TBIG.

The management will ask for approval from General Meeting of Shareholders on May 30, 2024. The buyback process will take place gradually, starting from May 31, 2024, until may 30, 2025 (12 months) or other dates as agreed upon in GMS. (AM/ZH)