PT Ciputra Property Tbk (CTRP) has allocated Rp100 billion to buyback as much as 5% of their stock until November 30, 2015. The buyback is expected to decrease of fluctuation Ciputra’s stock on the trading table. Ciptura’s stock has decreased from Rp660 per share to Rp357 per shares since June 2015.
Director of Ciputra Property, Artadinata Djangkar said the buyback will not impact to revenue of the company. “The impact of the buyback will not be significant,” he said.
The stock buyback is based on OJK’s regulation No.2/PJOK.04/2013.
Based on data from IDN Financials, the price of Ciputra’s stock amounts Rp357 per shares. It declined almost 50% compared to June 2015, which was Rp660 per share.
Djangkar said the company will stop the buyback if the stock’s price hits Rp900 per share. “We hope the buyback could stop the market’s impact which had significantly fluctuated,” he added.