JAKARTA – PT Citra Marga Nusaphala Persada Tbk  (CMNP), owned by Jusuf Hamka, announced a share buyback plan with a fund allocation of IDR 815.61 billion.

"The funding source for the buyback will come from CMNP’s internal cash. This action will not disrupt the company’s financial stability," according to the disclosure of information (BEI) on Thursday (27/3).

CMNP plans to repurchase a maximum of approximately 543.74 million shares. The share buyback will be conducted over a period of three months, from March 27, 2025, to June 2, 2025.

This corporate action does not require approval from the General Meeting of Shareholders (RUPS), referring to OJK Letter No. S-17/D.04/2025 on the Policy for the Implementation of Share Buybacks by Public Companies in Significantly Fluctuating Market Conditions.

CMNP management stated that the buyback could help stabilize the company's share price, which often experiences fluctuations. The treasury shares from the buyback can be sold in the future at an optimal value, especially if CMNP records additional capital. (DH/LM)