Matahari to buy back 10% shares

Matahari to buy back 10% shares

JAKARTA: Indonesian retail company PT Matahari Putra Prima
said Monday that it plans to seek shareholders' approval Tuesday
to buy back up to 10 percent of its shares.

Matahari spokesman Danny Konjongian said the company will use
around Rp 270.6 billion (US$26 million) to buy back around 270
million shares within 18 months of getting shareholders'
approval.

Matahari shares were up 2.3 percent, or Rp 10, at Rp 450, near
the close of trade Monday.

Matahari said it will also seek shareholders' approval to name
Benjamin Mailool as chief executive, replacing Hanifah Komala who
will step down, but will remain with the retailer as an adviser.

Mailool is currently the chief executive of property company
PT Bukit Sentul. -- Dow Jones