ANTAM Does Not Extend On-Market Shares Buyback Period
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Jakarta, January 13th, 2009 – PT ANTAM Tbk (ASX - ATM; IDX - ANTM) announced today that considering the current market situation, the company does not wish to extend the on-market share buyback period which ended on January 12, 2009. During the program, which began in October 13, 2008 and completed in January 12, 2009, ANTAM repurchased a total of 15,426,000 shares with total cost of Rp13.4 billion. The average share buyback price was Rp869.64 per share.
ANTAM’s Finance Director, Djaja Tambunan said:
"The on-market share buy-back demonstrates the management’s belief in the company’s fundamentals. During the buyback period, the share price performance had improved. Nonetheless, we decided not to continue the share buyback program to provide financial flexibility in our balance sheet to finance upcoming growth projects to strengthen the company’s fundamentals.”
The lowest shares buyback price was Rp770 per share and the highest shares buyback price was Rp1,060 per share. The purchased shares are not cancelled and ANTAM may sell the shares through the stock market or conduct management or stock employee programs in accordance to the Indonesia and Australia stock exchange regulations.
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