JAKARTA. PT Nippon Indosari Corpindo Tbk (ROTI), a mass baked goods’ manufacturer known with its brands, Sari Roti and Sari Kue, has secured approval from its shareholders to conduct a shares buyback.

During the Extraordinary General Meeting of Shareholders held today (5/8), ROTI had been given the greenlight to repurchase 88 million shares for a maximum price of IDR 1,700 each.

For this corporate action, ROTI has budgeted fresh funds of IDR 149.6 billion, taken out of its internal cash. Referring to the Financial Report of H1 2024, the company booked net cash from operational activities of IDR 214.1 billion.

“The buyback is expected to grant flexibility of long-term capital management through divestment of shares gained from this buyback with an optimum price in the future,” said the management of ROTI in the official statement today.

According to IDNFinancials data, ROTI’s price went up 10 points or 1% to IDR 1,010 per share as of the closing bell of today’s (6/8) morning session. Since the beginning of this year, however, it has slipped 145 points down or 12.55%. (KR/ZH)