The state-controlled coal miner PT Bukit Asam Tbk (PTBA) plans to downsize the proposed its stocks buyback as a result of the continued price surge.
"If the price goes up, it is a chance for us to downsize the buyback below to 5%," said President Director Milawarma as quoted by Kontan today.
Initially, Bukit Asam is ready to spend Rp2.04 trillion for the stocks buyback. The company has found its approval.
Referring to the initial plan, Bukit Asam intends to buyback 115 million shares from the market. With a Rp2.04 triillion cash, the company may set its buyback at Rp17,739 a share.
However, the company won't set the price. "We will do it in line with the regulation," he said.
Disclosure: No position at the stock mentioned above.
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