Indonesia's largest chicken feed publicly listed PT Charoen Pokphand Indonesia Tbk (CPIN) today announces Rp50 billion shares buyback or equal to 0.21% or 7 million stocks.
In a public announcement published today, Charoen reveals that the shares buyback is intended to jack up shareholders' value by returning excess free cash flow to its shareholders.
"The shares buyback might increase Charoen's earning per share, return on equity, and create more efficient capital," Charoen management said in the announcement today.
If the stocks buyback would be exercised outside the market, Charoean would buyback the shares at the highest price or equal to average closing price in 90 trading days.
As of June 30 2010, PT Central Agromina controls 55.45% stakes and public shareholders hold 44.55%.
Disclosure: No position at the stock mentioned above.
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