Link Net plans to buy back its shares. (ID Photo/David Gita Roza)

Link Net Buys Back Shares

BY :FARID FIRDAUS

MARCH 10, 2016

Jakarta. Link Net, a cable television and broadband operator, has set aside Rp 1.5 trillion ($114 million) for buying back 304.26 million shares, or 10 percent of its paid up capital, starting next month until October next year.

The company caps the buy back prices at Rp 5,000 a piece, the company said in a statement on Monday (08/03). Link Net shares rose as high as 3.8 percent to Rp 4,100 a piece on Wednesday morning at the Indonesia Stock Exchange.

Link Net is the latest company announcing a buy back plan this year, after the Financial Services Authority (OJK) relaxed rules for buying back shares, allowing the companies to buy back shares without having to get approval from shareholders.

Coal miner Indo Tambangraya Megah allocated Rp 1.36 trillion to buy back up to 113 million shares until May 25. Medco Energi International seeks to buy 332 million shares, or 10 percent of the paid up capital, by May 27.

Property developer Plaza Indonesia and palm oil producer Sampoerna Agro are also purchasing back their shares by May.

SHARE