Adaro Energy drew IDR 4 trillion for shares buyback

PT Adaro Energy Tbk (ADRO) had prepared a maximum of IDR 4 trillion for its buyback plan. With this amount, it would not exceed 20% of its issued and paid-up capital.

This buyback plan was announced in the information disclosure in Indonesia Stock Exchange yesterday (27/9). The number of shares to be repurchased would be in accordance with POJK No. 2/2013 and SEOJK No. 3/2020, which required a minimum of 7.5% of the entire paid-up capital.

Mahardika Putranto, Corporate Secretary of Adaro Energy, believed that this buyback would not negatively impact the companys performance and revenue as ADROs current profit and cash flow are sufficient to conduct this action. We hope that through this buyback, the company could provide a satisfactory return rate for its shareholders and strengthen the trust of the investors. Thus, it would allow the stock price to be a clear indicator of ADROs actual, fundamental condition, Putranto further explained.

The shares repurchase would be executed gradually within the next three months, starting from the issue date of the information disclosure until December 26, 2021.

Source: https://www.idnfinancials.com/news/40713/adaro-energy-drew-idr-shares-buyback