ADRO - will conduct another shares buyback IDR 4 tn

Adaro Energy Indonesia (ADRO) will conduct another shares buyback with an allocated budget of IDR 4 tn. The management of ADRO claimed that the number of shares that will be repurchased will not exceed 20% of its total issued and paid-up capital. Nevertheless, it will still comply with the rules set by the Financial Services Authority (OJK), which states that the minimum remaining outstanding shares is 7.5% of total share. The buyback will start on 15 February 2023, and will last for three months, ending on 15 May 2023. ADRO had initiated its previous buyback in 2021, it was extended four times and officially terminated on 15 December 2022. Throughout the buyback period, the company had repurchased 1 bn units of shares. (source: IDN Financials)