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Sari Roti producer announces stock buyback
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PT Nippon Indosari Corpindo investor and corporate relations vice president Lukito Gozali (second right) speaks at a press conference in Jakarta on July 17 after a shareholders meeting. Company's corporate relations Stephen Orlando (left), director Arlina Sofia (second left) and investor relations Cherie Theosabrata were also present when the company announced its stock buyback plan. (JP/Anton Hermansyah)
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T Nippon Indosari Corpindo, the producer of Sari Roti branded bread, has obtained its shareholders’ approval on Tuesday to repurchase its stock over the next 18 months.
The company will buy back up to 10 percent of existing shares in an effort to stabilize the stock price, Lukito Gozali, the vice president of investor and corporate relations at Nippon Indosari Corpindo, said after the shareholders meeting.
"We will carry out the buyback from now until 18 months forward, as the shareholders have approved," he said in Jakarta, adding that despite its stable financial condition, Sari Roti stocks showed weak performance.
The stock price has been corrected 26.67 percent since the beginning of the year.
Lukito said the buyback price could not be disclosed, as it might create volatility in the market. "We cannot disclose the buyback price, it will depend on the market. We will [announce the price] after the buyback is finished," he said. (bbn)
