Borneo Energi to set shares buyback

Coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN) intends to buyback a 5% of its free float shares or 221.15 million shares from the market. These corporate action is aimed to stabilize Borneo's shares price.

Director Geroad Jusuf at Borneo, as quoted by Bisnis Indonesia today, the buyback will consider the market price. "We are seeking approval from our shareholders scheduled on December 15," he said.

Disclosure: No position at the stock mentioned above.

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