JAKARTA (Yosefardi) – PT Media Nusantara Citra (MNC) Tbk (MNCN) had spent Rp165.15 billion for buying back its shares during August 30-September 18, 2013.
MNCN dropped 8.2% to Rp1,970 per share Friday (Sept 20). The stock moved very volatile during this year, reaching its high at Rp3,600 and hit its bottom at Rp2,450.
Other MNC Group’s stocks; Global Mediacom fell 3.9% Friday, MNC Investama declined 3.8%, and Indonesia Air Transport lost 3.77%.
The Financial Service Authority (OJK) had in August 23 issued new rule allowing a listed company to launch a buy back of shares without seeking approval from shareholders for a maximum of 20% of total company’s paid-up shares capital.
This is an effort to minimize the current significant fluctuation of capital market. A significant fluctuation means the composite index of the Indonesia Stock Exchange (IDX) dropped by 15% or more in past three consecutive trading days.