Bukit Asam Sets Aside Rp600 Billion for Stock Buyback Program

JAKARTA (Yosefardi) – State coal producer Bukit Asam (PTBA) sets aside up to Rp600 billion to finance the stock buyback program.
Bukit Asam plans to buy up to 50 million shares or about 2.17% of total issued shares in the period of September 16 to December 13, 2013.
State-owned brokerage firm Danareksa Sekuritas has been appointed agent for the buyback program.
In the period of May 20 to August 27, 2013, Bukit Asam share price dropped 23.91%. The stock closed at Rp13,150 on Thursday, but then ended lower by 1.9% to Rp12,900 Friday.
Bukit Asam dropped from as high as Rp17,000 in January 2013 on broad market sentiment and weak coal prices.