REPUBLIKA.CO.ID, JAKARTA - State owned construction and investment company, PT PP allocates more than 100 billion IDR to repurchase or buyback its shares issued in Indonesia Stock Exchange (IDX). President Director of PT PP, Bambang Triwibowo said the buyback aimed to reduce impact of stock market that fluctuated significantly.
"Funds will be taken from retained earnings worth 143.48 billion IDR," Triwibowo said on Monday.
Composite Stock Price Index (CSPI) in IDX fell down deep enough. To realize this buyback, company conducts a series of processes, such as approval from Board of Commissioner, securities appoinment, as well as requirements that are required by Financial Services Authority (OJK) specifically related to buyback shares.
Until the end of August 2013, PT PP has booked new contracts reached 11.8 trillion IDR. Total of order book until same period reached 27.7 trillion IDR.
Another construction company PT Citra Marga Nusaphala Persada (CMNP) also plans to buyback its shares. Director of CMNP, Indrawan Sumantri said company would save those shares as treasury stock.
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