PT Merdeka Copper Gold Tbk (MDKA) plans to buy back (buyback) shares as many as 1% or a maximum of 229.033 million shares.

Referring to the official MDKA publication on Monday (19/4), the funds prepared for the action are around Rp 530 billion. The company plans to carry out the buyback plan in stages within a maximum period of 18 months from the approval of the program.

The company will seek approval from shareholders through the EGMS, held on May 25, 2021. The company will appoint PT Indo Premier Sekuritas to execute the share buyback.

The management assesses that following the corporate action, the company will have the flexibility to maintain stock price stability if MDKA's share price does not reflect actual performance. The buyback plan is also related to implementing a long-term incentive program for employees and management/subsidiaries.

Also, share buybacks will make future stock prices more stable and have a positive impact on sh