Selling its treasury stock, ITMG banked IDR 275.79 billion

PT Indo Tambangraya Megah Tbk (ITMG), a coal mining company, raised fresh funds of IDR 275.79 billion from selling 10,329,400 shares of its treasury stock last week (1-2/3). The said shares originated from a buyback. However, the said amount was prior to subtracting any transaction fees.

Junius Prakasa Darmawan, Director of Indo Tambangraya Megah, confirmed to have sold buyback shares of 10,065,400 shares and 264,000 shares each for IDR 26,675 and IDR 26,650 per share. “The selling price heeds the Financial Authority Services (OJK) regulation regarding the repurchase of shares issued by the issuer during a fluctuating market condition,” he said in the information disclosure quoted Friday (4/3).

According to Darmawan, the remaining buyback shares clock up to 23,039,700 shares after this corporate action. Prior to this corporate action, it used to keep 33,369,100 shares or 2.95% of the total 1,129,925,500 shares. The shareholders of ITMG include Banpu Minerals of 65.14% and the public (below 5%) of 31.91%, last recorded in January 2022. (LK/ZH)

Source: https://www.idnfinancials.com/news/42374/selling-treasury-stock-itmg-banked-idr