Medco's buyback program will be completed in June
Wednesday, December 20 2000 - 04:00 AM WIB
Publicly listed PT Medco Energi Internasional's program to buy back part of its shares through the stock market will be completed in June next year, the company's investors relations manager Thendri Suprianto has said.
"The buy back program has started according to the capital market regulation and it is expected to be completed within 12 months," he was quoted as saying by Bisnis Indonesian daily.
The company's shareholders approved early this year the management's proposal to allocate Rp 86 billion to buy back some of its shares through the stock market at a maximum price of level of Rp 2,000 per share.
Media reports have said that the company has bought its shares at between Rp 1,500 and Rp 1,600 per share. But Thendri denied the reports saying that it was unrealistic if the company bought the shares at the range between Rp 1,500 and Rp 1,600 each if it could buy it at only Rp 1,000.
The company's stocks ended at Rp 1,025 on Tuesday, up Rp 25 from the previous day's close.
The company reported total revenues of Rp 2 trillion in the first nine months of this year, with net profit reaching Rp 530 billion, a 200 percent increase from the previous year's level. The company expects to book total revenues of Rp 2.7 trillion this year. (*)