JAKARTA. PT TBS Energi Utama Tbk (TOBA), a company engaged in several business lines in energy industry, will hold a buyback of 816.78 million shares at most, or equal to 10% of total issued and paid-up capital of the company.

The management of TOBA mentioned that the company will use up its internal cash for shares buyback. This decision, however, is believed to not affect operational activities and financial capabilities of the company in the future.

The shares buyback of TOBA will apply the offering price of IDR 520 each, the same price level seen at the closing bell on November 11, 2024.

On yesterday’s (11/11) session, TOBA was reportedly closed at IDR 520 per share. Assuming that the buyback is carried out according to the initial plan, TOBA will spend approximately IDR 425.29 billion for this buyback.

The management of TOBA will ask for approval from General Meeting of Shareholders in order to put this buyback plan in motion. The meeting is scheduled to take place next Thursday (14/11). (KR/ZH)