JAKARTA – PT Steel Pipe Industry of Indonesia Tbk (ISSP) has allocated IDR 25 billion for the repurchase (buyback) of a maximum of 83.33 million shares.

Felicia Priska, Associate Corporate Secretary of ISSP, stated that the allocated funds for the buyback exclude brokerage fees and other costs. She also mentioned that the source of funds for this corporate action comes from the company's internal cash and will not affect its financial capability to meet obligations.

“The maximum number of shares that can be repurchased will still consider the company's free float shares and will not fall below 20% of the total listed shares,” she said in the disclosure on Monday (24/3).

“The company has set a maximum buyback price of IDR 300 per share,” she added.

She further noted that the share buyback considers the company’s current share price, which does not reflect its fair value based on its performance. The buyback period will commence from Monday (24/3) and last until June 24, 2025.

Meanwhile, ISSP shares fell 0.80% or IDR 2 to IDR 248 at the close of trading on Monday afternoon. The stock opened at IDR 252, with the highest price at IDR 256 and the lowest at IDR 234 per share.

In a week, the stock price dropped 10.79% or IDR 30, while in a month, it declined by 4.62% or IDR 12 per share. (LK/ZH)