ID :
40600
Wed, 01/14/2009 - 11:40
Auther :
Shortlink :
https://www.oananews.org//node/40600
The shortlink copeid
SEMEN GRESIK, PGN TO CONTINUE BUYBACK PROGRAM
Jakarta, Jan 13 (ANTARA) - PT Semen Gresik Tbk and PT Perusahaan Gas Negara (PGN) are ready to continue to buy back state-owned company shares in the capital market.
"The two state-owned companies have presented their corporate plan to continue the buyback program," state enterprise minister Sofyan Djalil said here on Tuesday.
The eight other state-owned companies meanwhile still have yet to inform if they will continue or stop their buyback program, he said.
The buyback program is one of the government policies to increase share value in the capital market after the domestic share market tumbled recently.
Ten state-owned companies have been recorded to participate in the program with funds totalling around Rp6.4 trillion.
Sofyan said that state-owned companies had actually been suggested to take part in the program as a corporate action to increase their share value.
Regarding the purpose he said it actually was referred to the companies concerned but it had to be decided in a shareholders' meeting.
He said he had not received detailed report from the companies that joined the program. However he said any request for it would likely be met. "It however has to be done according to the rules set by the Capital Market and Financial Institutions Supervisory Board," he said.
He said the value of the shares of most of the state-owned companies that carried out the program proved to be higher than before conducting the prgoram.
Referring to Semen Gresik he said that the company's share was valued at only Rp1,900 when it started to carry out the program but now it had risen to around Rp4,000, he said.
The message behind the program for investors was that state-owned company shares were good so holders would not easily sell them below market price.
The minister said that companies however also had to adjust their desire to buyback to their financial condition so that the shares they bought back could be used as a treasure stock.
In line with the regulation of the Capital Market and Financial Institution Supervisory Board the program would end on January 13.
"The two state-owned companies have presented their corporate plan to continue the buyback program," state enterprise minister Sofyan Djalil said here on Tuesday.
The eight other state-owned companies meanwhile still have yet to inform if they will continue or stop their buyback program, he said.
The buyback program is one of the government policies to increase share value in the capital market after the domestic share market tumbled recently.
Ten state-owned companies have been recorded to participate in the program with funds totalling around Rp6.4 trillion.
Sofyan said that state-owned companies had actually been suggested to take part in the program as a corporate action to increase their share value.
Regarding the purpose he said it actually was referred to the companies concerned but it had to be decided in a shareholders' meeting.
He said he had not received detailed report from the companies that joined the program. However he said any request for it would likely be met. "It however has to be done according to the rules set by the Capital Market and Financial Institutions Supervisory Board," he said.
He said the value of the shares of most of the state-owned companies that carried out the program proved to be higher than before conducting the prgoram.
Referring to Semen Gresik he said that the company's share was valued at only Rp1,900 when it started to carry out the program but now it had risen to around Rp4,000, he said.
The message behind the program for investors was that state-owned company shares were good so holders would not easily sell them below market price.
The minister said that companies however also had to adjust their desire to buyback to their financial condition so that the shares they bought back could be used as a treasure stock.
In line with the regulation of the Capital Market and Financial Institution Supervisory Board the program would end on January 13.
