Sampoerna proposes Rp 625b buyback<\/p>\n
PT HM Sampoerna, Indonesia's second-largest cigarette maker,
\nplans to buy back its own shares on the market with a value of up
\nto Rp 625 billion (US$75.5 million), the company's third buyback
\nsince 2001.<\/p>\n
Sampoerna will hold a shareholders' meeting on June 27 to get
\napproval for the plan.<\/p>\n
\"The funds for the share buyback are from excess cash
\nderived from the company's net profit,\" the company said.<\/p>\n
The amount set aside would buy back about 3.7 percent of the
\ncompany's total outstanding shares at current stock prices.<\/p>\n
Sampoerna bought back 2 percent of its shares last year and 3
\npercent the previous year. The latest buyback will be done within
\n18 months after the plan is approved, the company said.<\/p>\n
Shares of Sampoerna have gained 3.4 percent this year,
\nlagging behind the benchmark Jakarta Stock Index, which has risen
\n17 percent.<\/p>\n
In December, Sampoerna had its foreign currency credit rating
\nraised to B from B- by Standard & Poor's Corp. The rating upgrade
\naffects $65.9 million in notes. -- Bloomberg<\/p>",
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