Kalbe Farma to Cancel 7.7% Treasury Stocks

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  • PT. Kalbe Farma Tbk. ANTARA/HO-Ari

    PT. Kalbe Farma Tbk. ANTARA/HO-Ari

    TEMPO.CO, Jakarta - PT Kalbe Farma Tbk (IDX: KLBF), listed pharmaceutical company, is planning to cancel its entire treasury stocks. The cancellation of about 3.9 billion shares is equivalent to 7.7 percent of the company's paid-up capital.

    The cancellation plan has been approved by Kalbe's shareholders present in the Annual General Meeting of Shareholders (AGMS) and Extraordinary General Meeting of Shareholders (EGMS) convened on May 20.

    Vidjongtius, Kalbe's Finance Director and Corporate Secretary, said the cancellation plan takes into account the company's strong internal financial position and external financing potential.

    "In order to maximize shareholders' value, we believe the cancellation of treasury stocks is the best decision for the Company and the shareholders," he said after the AGM, Monday.

    Vidjongtius said the cancellation will have no impact on the company's outstanding shares.

    By cancelling the treasury stocks it bought, the Company's paid-up capital, previously amounting to 50,780,072,110 shares with a nominal value of Rp507.8trillion, will be reduced by 7.7 percent to 46.87 billion shares.