The Extraordinary General Meeting of Shareholders (“EGMS”) of PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) on 6 June 2022 approved the Company’s plan to conduct a share buyback program for the period of 18 months starting from 6 June 2022 until 5 December 2023.
The share buyback will be for a maximum of 262,614,878 shares with the price of the share buyback shall refer to the prevailing laws and regulations. The costs to be incurred for the implementation of the share buyback will be a total cost of maximum IDR 1,000,000,000,000 (one trillion Rupiah) including brokerage fees and other costs related to the share buyback.
Shareholders also approved the transfer of the treasury shares from the share buyback made by the Company from 2021 until 3 June 2022 resulting in the capital reduction from 2,626,148,780 shares to 2,364,423,580 shares.
Terry O'Connor, Vice President Director and CEO of Matahari said, “This share buyback plan is carried out by the Company as a form of the Company's efforts to increase shareholder value, to replace the previous share buyback to a longer period of share buyback for the period of 6 June 2022 until 5 December 2023”.
The EGMS was attended electronically by shareholders through the e-GMS facility which was provided by PT Kustodian Sentral Efek Indonesia (“KSEI”) with a Live Attendance menu, opportunities for questions and answers, and electronic voting.
