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In order to maintain stock price liquidity in the market, PT Trisula International Tbk. (TRIS) will buy back shares or buyback of shares that have been issued by the company which is listed on the Indonesia Stock Exchange (IDX). Maximum buyback is made of 10% of the outstanding shares. This information was conveyed by the company in a press release in Jakarta yesterday.

It was stated, the share buyback will be carried out for 18 months after the company obtained the approval of the extraordinary general meeting of shareholders (EGMS) which was held on May 27, 2021. That way, the buyback will be carried out no later than 18 months after the company obtained approval from the EGMS, which is to begin. on May 27, 2021 to November 26, 2022. The company plans to carry out the repurchase of shares that have been issued by the company in accordance with POJK No. 30 / POJK.04 / 2017 which will be implemented after obtaining the approval of the EGMS which will be held on 27 May 2021.

Meanwhile, the costs to be incurred for implementing the buyback are around Rp. 40 billion, including brokerage fees and other costs related to the buyback. The number of shares to be bought back is a maximum of 10% of the company's paid-up capital or a maximum of 314,144,380 shares.

The textile issuer explained that the reason for the buyback was due to the background of the company's current share price, which does not reflect actual value or performance. In addition, the company is also considering the slowing down of the national and world economic conditions as a result of the Covid-19 pandemic which has also had a negative impact on stock performance in general, including the company's shares.

The buyback is expected to improve the company's stock performance, as well as provide greater flexibility in capital management to achieve an efficient capital structure. Shares repurchase will be carried out either through the stock exchange or outside the stock exchange. The company appointed PT Sinartama Gunita as a member of the stock exchange to buy back the company's shares through the stock exchange.

This year, the company targets an 8 percent increase in sales performance. Where to meet these targets, textile orders for export will continue to be boosted. President Director of Trisula International, Santoso Widjojo, as quoted by Bisnis, once said that the company hopes that the projected revenue growth can increase by around 8% depending on the progress of vaccinations and also infrastructure for export activities which are full of challenges amidst the pandemic that has been running for this year.

If it is seen that the economy is slowly starting to recover, the company is optimistic that the business can still run well. TRIS products are mainly for the export market and recently there has been a demand for returns from overseas markets. "Currently, the main export market for TRIS products is to Australia, Europe, England, Singapore, and we will continue to strive to explore the potential in the export and domestic markets in line with the local and global economic recovery," he explained.