PT Media Nusantara Citra Tbk (MNCN) plans to buy back shares (buyback) as much as 1.99% of the paid-up capital of 300 million shares.

Director of MNCN, Ruby Panjaitan, said the company would limit the share buyback price to a maximum of Rp1,200 per share. The company plans to allocate a maximum of Rp300 billion.

"The stock buyback will be carried out within a period of three months from the date of this letter or until September 2021,"  the company statement said on Wednesday (2/6).

The share buyback will be carried out through the regular market mechanism and the negotiation market on the IDX.

The company believes that carrying out these corporate actions, it can significantly reduce the impact of a fluctuating market to reflect the achievement of better company performance in the future.

"We hope that the implementation of the share buyback will not affect the company's business activities and operations, be