JAKARTA (TheInsiderStories) - PT Provident Agro Tbk, a plantation company, has set aside Rp115.98 billion to buy back shares from the market. The company targets to buy back 278.8 million units of shares, representing 3.92% of the company’s enlarged capital. The buyback program will be done in stages within six months after the program is approved by the company’s extraordinary shareholders meeting, set for April 21, 2017.
The company said the buyback will only be done if it gives benefits to both shareholders and investors. The company said the buyback is undertaken as the company currently has enough cash due to strong cashflow. The buyback program is partly aimed to increase shareholders value by utilizing the company’s excess fresh cash flow. (*)