"We have prepared minimally Rp2 trillion (for the buyback) but it still has yet to be approved by stakeholders," the company`s president director Rinaldi Firmansyah said after the signing of cooperation agreement with 37 state-owned companies here on Wednesday.
Rinaldi said the Rp2 trillion could buy around one percent of shares from totally around 47 percent held by the public.
He said the management had a strong desire to conduct the buyback but the decision would be fully in the hands of the stakeholders.
He said the buyback would only be carried out after being approved in the meeting of shareholders scheduled in May or July 2011.
If it is approved implementation would be carried out within one or two years, he said.
In principle, he said, the buyback was intended for giving better income to shareholders and improving the company`s revenue.
He said funds for the buyback were taken from the company`s income from productive activities.
"The source of income comes from the company`s money supply now totalling around Rp8 trillion," he said.
Regarding the buyback of around 35 percent shares held by SingTel, Rinaldi said it was still a mere discourse. "It is still a discourse and has not yet been put in the company`s immediately plan," he said.
He said it had not become a concrete plan included in the company`s budget plan.
(T.R017/Uu.H-YH/HAJM/S012)
Editor: Priyambodo RH
Copyright © ANTARA 2011
