JAKARTA (Yosefardi) – State cement producer PT Semen Baturaja Tbk (SMBR) allocates Rp100 billion fund for buying back its shares, maximum 400 million units for preventing further correction on prices.
At 11.35 am Jakarta time, SMBR gained 2.63% to Rp390 per sharre with over 27 million shares exchanged hands. The stock has fallen 30% from its IPO price at Rp560 (June 2013).
The company will buy back its shares in the period of September 17, 2013 to December 17, 2013, helped by financial adviser PT Bahana Securities.
Other cements stocks; Indocement Tunggal Perkasa and Semen Indonesia inched down 0.75% and 0.69% respectively. While Holcim Indonesia was unchanged.