JAKARTA - PT Mandiri Herindo Adiperkasa Tbk (MAHA) is allocating IDR 200 billion in order to repurchase shares (buyback) of a maximum 20% of its paid-up capital. This corporate action will be held for one year, starting from October 23, 2024, to October 22, 2025.

Irvan Darwin, Corporate Secretary of MAHA, mentioned that the plan will need approval from Extraordinary General Meeting of Shareholders on October 22, 2024.

“The buyback is expected to improve investors’ trust in fundamental aspects of the company,” Darwin said in the information disclosure quoted Friday (13/9).

According to Darwin, the shares gained from the buyback will be put under treasury stock that could be sold in the future with optimum value should the company find itself in need of extra capital.

As of August 2024, MAHA’s shares were recorded at 16.66 billion, with controller owning 34.5% of the shares, followed by non-controllers’ portion of 65.5%. Total shareholders were 10,455, with the ultimate beneficial owner of the shares being Eddy Sugianto.

Yesterday (12/9), MAHA’s shares arrived at IDR 188 per share at the closing bell. Total transaction volume was 10.3 million shares, recorded in 776 transactions worth IDR 1.98 billion. Its market capitalisation was at IDR 3.13 trillion. (LK/ZH)