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