JAKARTA – PT Avia Avian Tbk (AVIA), the paint manufacturer owned by conglomerate Hermanto Tanoko, is set to conduct a share buyback with a budget of IDR 1 trillion.

AVIA Management stated that the funds for the share buyback will come from internal cash, thus having no significant impact on the company’s financial performance.

Additionally, AVIA Management mentioned that this corporate action aims to support AVIA's share price, which has not yet reflected the company’s fundamentals.

"The company hopes this action will increase investor confidence," wrote AVIA Management in a disclosure to the Indonesia Stock Exchange (IDX) on Friday (28/2).

AVIA’s share buyback will be carried out gradually, with a maximum period of 12 months after obtaining approval at the Extraordinary General Meeting of Shareholders (EGMS). The agenda is scheduled for April 10, 2025, while the buyback period is expected to start on April 11, 2025.

Last Friday, AVIA’s share price rose 2.82% to IDR 364 per share. Meanwhile, AVIA's Price to Earnings (PE) Ratio currently stands at 13.55. (KR/ZH/VA)