JAKARTA. PT Trimegah Bangun Persada Tbk (NCKL) has increased the allocated fund for share buyback to IDR 1 trillion from the initial IDR 400 billion. 

The management of NCKL will ask for approval from Annual General Meeting of Shareholders to be held on June 27, 2024. The buyback will then take place no later than 12 months after securing said approval.

"The company intends to conduct a buyback with a consideration that the current market shares as of now has yet to reflect the true value of the company, although the company has performed quite well," said the management in the official statement.

In conducting said buyback, the transaction will be done both through and outside Indonesia Stock Exchange (IDX). The stock exchange member appointed as the broker is no other than PT Harita Kencana Sekuritas.

The fund source to be used by NCKL for this buyback is taken out of its internal cash. "It does not come out of IPO procerds nor loans," claimed the management of NCKL. 

According to IDNFinancials data, NCKL's price at yesterday's (25/6) closing bell weakened 15 points or 1.48% down to IDR 1,000 per share. (KR/ZH)