PT Jaya Real Property Tbk (JRPT) plans to buy back a maximum of 173.90 million shares, equivalent to 1.28% of the fully paid-up and issued capital.

The company prepared total funds of Rp100 billion to carry out the corporate action. The company, whose PT Pembangunan Jaya owns 63.59% shares, will use the retained earnings to fund the buyback.

"We are preparing funds for share buyback of up to Rp 100 billion, including transaction fees, trading fees and other costs," said Jaya Property management in an official announcement in Jakarta on Monday (17/5).

The company hopes that the share buyback can increase JRPT's stock trading liquidity to increase the company's share price. In addition, this action is part of an effort to create an efficient capital structure, thereby enabling earnings per share (EPS) to increase.

Jaya Property stipulates that the share buyback period will be held for 18 months from the approval of the Extraord