JAKARTA (Yosefardi) – Tire manufacturer PT Gajah Tunggal Tbk (GJTL) plans to buy back 348.2 million shares or 9.9% of its enlarged shares capital.
The buy back program will run for 18 months since the date of approval by shareholders. GJTL’s shareholders are Dehham Pte Ltd (49.5%), Compagnie Financiere Michelin (10%), and public investors (40.28%).
GJTL suffered loss of Rp290.22 billion in the first quarter of 2015, against profit of Rp340.13 billion in the same period of 2014, mainly due to foreign exchange (forex) loss which amounted Rp356.27 billion.
Otherwise, it booked forex gain of Rp358.53 billion in the same period of 2014. Net sales declined 3.75% to Rp2.52 trillion . GJTL’s assets totaled Rp16.91 trillion while liability reached Rp11.5 trillion.