The Extraordinary General Meeting of Shareholders (“EGMS”) of PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) on June 6, 2022 approved the Company’s plan to conduct a share buyback program for a period of 18 months from June 6, 2022 to December 5, 2023.
The share buyback will be carried out at a maximum of 10% of the total shares issued by the Company (or a maximum of 262,614,878 shares) with the share buyback price referring to the applicable laws and regulations. The costs that will be incurred for the implementation of the share buyback are a maximum of Rp1,000,000,000,000 (one trillion Rupiah) including brokerage fees and other costs related to the share buyback.
Shareholders also approved the transfer of treasury shares resulting from the share buyback carried out by the Company from 2021 to June 3, 2022 through a withdrawal by reducing capital from 2,626,148,780 shares to 2,364,423,580 shares.
Terry O'Connor, Vice President Director and CEO of Matahari said, "The Company is carrying out this share buyback plan as a form of the Company's efforts to increase shareholder value and the Company's share performance, namely through a share buyback program with a longer period, namely the period from June 6, 2022 to December 5, 2023."
The EGMS was attended by shareholders electronically through the e-GMS facility provided by PT Kustodian Sentral Efek Indonesia (“KSEI”) with a Live Attendance menu, Q&A opportunities, and electronic voting.
