JAKARTA. PT Harum Energy Tbk (HRUM), a coal and nickel mining company, will conduct a buyback, setting the budget to IDR 1 trillion.

The management of HRUM will first ask for approval from the Extraordinary General Meeting of Shareholders to initiate this buyback. The meeting is set to take place on September 17, 2024.

In order to carry out this corporate action, HRUM has prepared a budget of up to IDR 1 trillion, which is taken out of its earnings as of June 30, 2024.

With said budget, HRUM is projected to repurchase up to 849 million shares, thus increasing the treasury shares from 201.85 million shares recorded as of now, or equal to 1.49% of its issued and paid-up capital.

“The company plans to enhance shareholders’ investment value by, among others, returning some of the surplus of net cash inflow back to them through this buyback,” added the management of HRUM in the information disclosure in Indonesia Stock Exchange today (12/8).

During today’s first session, HRUM’s stock price went up 10% to IDR 1,320 per share. However, its price has actually slipped 4.35% since the beginning of this year (year-to-date/ytd), or down 15.92% within the past year. (KR/ZH)