Borneo Lumbung to seek approval for buyback plan
Tuesday, December 13 2011 - 03:51 AM WIB
Indonesia-listed coking coal producer PT Borneo Lumbung Energi & Metal will hold an extraordinary shareholders? meeting on December 15 to seek the approval for its buyback plan.
The company said in a media prospectus, which serves also as an invitation to shareholders, that the meeting would discuss the management?s plan to spend up to Rp 650 billion to buy back 707.7 million shares, about 4% of its stock, within 18 months after the approval was given.
The fund would entirely come from the company?s internal cash. (romel)