JAKARTA – PT Energi Mega Persada Tbk (ENRG), an oil and gas company owned by the Bakrie Group, plans to conduct a share buyback with a budget of USD 12 million.

Assuming ENRG will be using Bank Indonesia's mid-rate on December 17, 2024, of IDR 16,019 per USD 1, the total funds prepared by the company amount to approximately IDR 192.23 billion. The number of shares to be repurchased will not exceed 10% of the company’s issued and paid-up capital.

"The share buyback is primarily aimed at enhancing shareholder value by reducing the number of outstanding shares," ENRG management stated.

To proceed with this corporate action, ENRG will seek approval from its shareholders at a meeting scheduled for January 24, 2025. The share buyback is expected to be carried out over a maximum period of 12 months following shareholder approval.

Currently, PT Shima Global Kapital holds 21.26% of ENRG's shares, PT Trimegah Sekuritas Tbk (TRIM) owns 16.12%, PT Maybank Sekuritas Indonesia holds 5.63%, PT Panin Sekuritas Tbk (PANS) holds 4.72%, with the remaining shares owned by public investors. (KR)