P&GI studying way to buy back shares

JAKARTA: PT Procter & Gamble Indonesia Tbk (P&GI) said on Thursday it is considering the best way to comply with the Jakarta Stock Exchange (JSX)'s order to the firm to buy back its shares traded on the bourse.

The JSX announced on Wednesday it had decided to delist P&GI and asked the firm to buy back its shares following the termination of the contract between P&GI and a Singaporean firm that is the main source of revenue for P&GI.

P&GI directors advised shareholders to take no action in relation to their shareholdings in the company until they had considered the outcome of the review, said P&GI's external Relations director, Bambang Sumaryanto, in a press statement.

The statement also stated that the delisting would not affect the availability of Procter & Gamble products in Indonesia.

Procter & Gamble will continue to operate PT Procter & Gamble Home Products Indonesia (P&GHPI)'s Jakarta business office and distribution center. P&GHPI imports and distributes Procter & Gamble products such as Pantene, Head & Shoulders, Rejoice, Pampers and Olay.

P&GI plans to end its manufacturing activities here in the middle of next year. --JP