ID :
41306
Sat, 01/17/2009 - 23:52
Auther :
Shortlink :
https://www.oananews.org//node/41306
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PT TIMAH STILL UNDECIDED ON CONTINUING SHARE BUYBACKS
Jakarta, Jan 17 (ANTARA) - PT Timah Tbk is considering on whether or not it will conduct buybacks of its shares in the market.
"The decision on whether it will conduct buyback will be made at a shareholders' meeting," its corporate secretary, Abrun Abubakar, said on the sidelines of a ceremony to mark the construction of a tin chemical plant in Cilegon on Saturday.
The program of buyback of state-owned company shares is the government's policy to boost the price of the shares at the capital market after it tumbled recently.
Ten state-owned companies have taken part in the program with a total fund made available for it reaching Rp6.4 trillion for the period of October 12, 2008 to January 13, 2009.
Abrun said during the period PT Timah failed to realize its plan because it thought the price of its shares would continue to fall.
"We are seeing the market situation but when we are ready the price has increased," he said.
He said the price of Timah shares when the capital market tumbled was Rp6,000 each but now it was moving around Rp12,000 per share.
He said actually the corporate action was aimed more at showing that the company's fundamentals were good.
"In that period no buyback transaction happened because there were other priorities. However in the future Timah is always ready to anytime conduct buyback of its shares as a treasury stock for sales later," he said.
Two state-owned companies namely PT Semen Gresik Tbk and PT Perusahaan Gas Negara have expressed their readiness to continue their buyback program.
State enterprises minister Sofyan Djalil said the government had advised the companies to carry out the program to increase the value of their shares.
"The decision on whether it will conduct buyback will be made at a shareholders' meeting," its corporate secretary, Abrun Abubakar, said on the sidelines of a ceremony to mark the construction of a tin chemical plant in Cilegon on Saturday.
The program of buyback of state-owned company shares is the government's policy to boost the price of the shares at the capital market after it tumbled recently.
Ten state-owned companies have taken part in the program with a total fund made available for it reaching Rp6.4 trillion for the period of October 12, 2008 to January 13, 2009.
Abrun said during the period PT Timah failed to realize its plan because it thought the price of its shares would continue to fall.
"We are seeing the market situation but when we are ready the price has increased," he said.
He said the price of Timah shares when the capital market tumbled was Rp6,000 each but now it was moving around Rp12,000 per share.
He said actually the corporate action was aimed more at showing that the company's fundamentals were good.
"In that period no buyback transaction happened because there were other priorities. However in the future Timah is always ready to anytime conduct buyback of its shares as a treasury stock for sales later," he said.
Two state-owned companies namely PT Semen Gresik Tbk and PT Perusahaan Gas Negara have expressed their readiness to continue their buyback program.
State enterprises minister Sofyan Djalil said the government had advised the companies to carry out the program to increase the value of their shares.
