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Business & Finance

Mitratel Announces Share Buyback of IDR 1 Trillion

JAKARTA, Indonesia

PT Dayamitra Telekomunikasi Tbk (Mitratel) IDX: MTEL announced plan to carry out share buyback with the maximum amount of IDR 1 trillion or about 5.3% of its paid-up capital. This corporate action will be implemented within three months following its public disclosure, which started from June 2nd to September 2nd, 2022.

The corporate action is in accordance with OJK Circular Letter No. 3/SEOJK.04/2020 on Other Condition in Significantly Fluctuated Market Condition in the Implementation of Share Buyback Issued by the Issuers or Public Company. The global economy is under pressure due to fears of global economic downturn, which impacted the global capital markets including Mitratel.

The share buyback shall not affect the financial condition of the Company considering Mitratel has sufficient working capital to carry out the share buyback and to finance its business activities. Mitratel is committed to continuously monitoring the market and macroeconomic trends to ensure the optimization, as well as the effectiveness of this corporate action.

President Director of Mitratel, Theodorus Ardi Hartoko stated that this share buyback is the commitment from management to increase values for shareholders, as well as improve the overall fundamental ratio of the company.

Referring to the company’s outstanding Q1 2022 performance, which booked profit of IDR 459.40 billion in Q1/2022, representing 33.86% YoY growth. The company’s revenue also surged by 21.45% YoY to IDR 1.87 trillion in Q1 2022.

For more information:

PT. Dayamitra Telekomunikasi Tbk (Mitratel)

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Source: PT Dayamitra Telekomunikasi Tbk (Mitratel)

Source: PT Dayamitra Telekomunikasi Tbk (Mitratel)