Bapepam approves Borneo Lumbung?s buyback plan

IDX-listed coking coal producer PT Borneo Lumbung Energi & Metal said that Indonesia capital market supervisory agency (Bapepam-LK) had approved the company?s plan to buyback shares from market.

Director and Corporate Secretary Geroad Jusuf said that with the Bapepam?s approval made on Thursday, the company was now only waiting for the endorsement from the company's stakeholders for buyback plan.

The extra ordinary stakeholder meeting with the schedule among others to reach approval from the stakeholders for buyback plan is still underway.

The company earlier said that it planned to buyback 707.72 million shares from the market or 4% of its total equity.

?The buyback is aimed to give assurance for investors in stabilizing the share?s price,? he said before the meeting on Friday.

Geroad said that the company would buyback the shares based on market value.

Borneo Lumbung?s share price is currently at Rp820/share. (adianto).