Waskita Beton Plans Share Buyback of Rp 1 Trillion

By : Aldo Bella Putra | Wednesday, July 26 2017 - 10:10 IWST


INDUSTRY.co.id - Jakarta - PT Waskita Beton Precast Tbk (WSBP) plans to buy back shares to be implemented over the next 18 months by budgeting Rp1 trillion.

"The buyback is conducted within 18 months, as many as 1.84 billion shares or about 7 percent of the issued and fully paid capital," said Waskita Beton Precast Director of Finance and Risk, MC Budi Setyoni in Jakarta, Wednesday (26/6 / 2017) Was

He said that the corporate action is expected to maximize shareholder value considering the company's share price is currently below the price during initial public offering of shares (IPO) so as not to reflect the fundamental condition and prospect of precast concrete industry in the country.

"This year's revenue target grew by 63 percent and net profit increased 85 percent." The achievement and growth target is our belief in 'buyback'," he said.

Initial shares of PT Waskita Beton Precast Tbk were listed on the Indonesia Stock Exchange (BEI) on September 20, 2016 at Rp490 per share. Today (Wednesday, 26/7), the company's share price with the WSBP trade code moved up 3.54 percent to Rp468 per share position.

Based on analyst consensus, he said that until the end of this year the company's stock can reach Rp700 per share. However, the company expects WSBP shares to reach Rp900 per share.

WSBP's President Director Jarot Subana added that the budgeted "buyback" amounted to internal cash. In this semester there is scheduling cash receipts from disbursement of receivables reached Rp1, 4 trillion.

"Of course more than enough for the needs of 'buyback' so as not to disrupt the expansion and working capital of the company," he said.

He stated that the buyback plan has received approval from the extraordinary general shareholders meeting (RUPSLB) which was held on this day (Wednesday, 26/7).

In the first half of 2017, Waskita Beton Precast Tbk posted revenue up 42.8 percent to Rp2.67 trillion compared to the same period a year earlier. Meanwhile, net profit rose 28 percent to Rp436.4 billion in the first half of this year. (Ant)

News Comment

Today's Industry

Photo: Aris Nurjani/VOI

Rabu, 28 Februari 2024 - 12:47 WIB

Carsurin and NBRI Strengthen Strategic Alliance to Propel Indonesia’s EV Industry

PT Carsurin Tbk ("Carsurin") and the National Battery Research Institute ("NBRI") are pleased to announce the signing of a pivotal Strategic Alliance Agreement (SAA), marking a significant advancement…

Beras (Foto/Rizki Meirino)

Rabu, 21 Februari 2024 - 08:43 WIB

Gov’t to Continue Disbursing Rice Assistance

President Joko “Jokowi” Widodo has ensured that the Government will continue rolling out the rice assistance program for low-income families. The President made the statement when handing…

Ilustrasi pabrik beras. (Foto: DetikFood)

Rabu, 21 Februari 2024 - 08:40 WIB

Bapanas Head Ensures Availability of Rice Stock Ahead of Ramadan

The National Food Agency (Bapanas) has ensured the availability of rice for the fasting month of Ramadan and Eid al-Fitr 1445 Hijri/2024 CE. “We believe that there is enough rice for the fasting…

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Rabu, 21 Februari 2024 - 08:23 WIB

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Chairman of PT Jababeka Tbk (KIJA), Setyono Djuandi Darmono met the Minister of Youth and Sports of the Republic of Indonesia (Menpora RI) Dito Ariotedjo at the Kemenpora RI Office, Senayan,…

The Indonesian Embassy in Cairo Receives Aid for Palestine

Senin, 19 Februari 2024 - 17:39 WIB

The Indonesian Embassy in Cairo Receives Aid for Palestine

The Indonesian Embassy in Cairo welcomes the Radjiman Wedyodiningrat Warship (RJW-992) which arrived at the Al Arish Port, North Sinai Province of Egypt at 8.00 A.M. Cairo local time (13/02).…