Property developer PT Ciputra Property Tbk (CTRP) today unveiled a maximum of 615 million shares buyback or 10% of its outstanding shares.
Ciputra Property, that is controlled by Indonesian mogul property Ciputra, aims to make higher performance of its stocks, which are still currently below the primary price. In return, the proposed buyback is expected to increase earning per share. To proceed the buyback, Ciputra Property scheduled an extraordinary general meeting on Novemver 23. PT BNP Paribas Securities Indonesia has been mandated as a buyback brokerage.
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