ID :
25893
Wed, 10/22/2008 - 08:31
Auther :
Shortlink :
http://m.oananews.org//node/25893
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BTEL TO BUYBACK ITS SHARES WORTH RP600 BILLION
Jakarta, Oct 21 (ANTARA) - Publicly-listed telecommunications operator PT Bakrie Telecom Tbk (BTEL) said on Tuesday it has set aside Rp600 billion to buy back its shares.
PT Bakrie Telecom President Director Anindya N. Bakrie said in a press statement the funds are equivalent to 7.5 percent of the company's paid-in or paid up capital or 2,135,966,462 shares.
He said PT Bakrie Telecom has appointed PT Mandiri Sekuritas a stock broker to buy back the shares.
The funds for the share buyback will come from the company's internal cash, he said adding the buyback will be conducted in stages in the next three months after it has submitted a plan for the share buyback to the Capital Market and Financial Institutions Supervisory Agency (Bapapem-LK) and the Indonesia Stock Exchange (BEI) last week.
The company assured that although the funds will be taken from the company's internal cash the buyback will not disrupt the company's operations and capital expenditure in the future, he said.
"We believe the buyback will not disrupt our financial condition because we have adequate cash flow to buyback the shares and to finance our operations," he said.
The decision to buy back the shares is chiefly aimed at restoring investor confidence in the company in addition to protecting shareholder interest, he said
PT Bakrie Telecom President Director Anindya N. Bakrie said in a press statement the funds are equivalent to 7.5 percent of the company's paid-in or paid up capital or 2,135,966,462 shares.
He said PT Bakrie Telecom has appointed PT Mandiri Sekuritas a stock broker to buy back the shares.
The funds for the share buyback will come from the company's internal cash, he said adding the buyback will be conducted in stages in the next three months after it has submitted a plan for the share buyback to the Capital Market and Financial Institutions Supervisory Agency (Bapapem-LK) and the Indonesia Stock Exchange (BEI) last week.
The company assured that although the funds will be taken from the company's internal cash the buyback will not disrupt the company's operations and capital expenditure in the future, he said.
"We believe the buyback will not disrupt our financial condition because we have adequate cash flow to buyback the shares and to finance our operations," he said.
The decision to buy back the shares is chiefly aimed at restoring investor confidence in the company in addition to protecting shareholder interest, he said
