JAKARTA – PT FAP Agri Tbk (FAPA) is reportedly planning another buyback of a maximum of 292,2 million shares, following its last buyback period that will end on December 21, 2024.

According to the information disclosure today (6/11), the company is said to plan to conduct another buyback of a maximum of 8.05% of total issued and paid-up capital, equal to 292.2 million shares.

This plan will take effect after securing approval from its shareholders during Extraordinary General Meeting of Shareholders on December 13, 2024.

“The buyback will be implemented gradually within a maximum of 12 months after approval,” said the management in the official statement.

FAPA mentioned that the buyback is meant as a strategy to maintain stock price at an optimum level, as well as granting more flexibility in managing capital in the long run, especially with its business expansion plan.

It is worth mentioning that the last buyback period of FAPA will end on December 21, 2024, and until now (6/11), the realisation has reached IDR 375.38 billion for 70.7 million repurchased shares.

Although the company is set on utilising its internal cash for this upcoming buyback, the execution price has yet to be specified.

“The offering price for the company’s buyback will conform and refer to the Article 10 and 11 of POJK 29/2023,” concluded the management. (ZH)