KONTAN.CO.ID - JAKARTA. PT Trisula Textile Industries Tbk (BELL) has announced plans to sell shares from a buyback. In this action, BELL will resell as many as 20,764,800 (20.76 million) shares.

Trisula Textile Industries Director, Heru Jatmiko Harrianto revealed that this action was taken by OJK Regulation No.30/POJK.04/2017 concerning the Buyback of Shares Issued by Public Companies.  Previously, BELL had conducted a buyback of 20.76 million shares from April 27, 2022, to October 26, 2023, which then became Treasury Shares.

"We hereby convey that the Company will carry out the transfer/resale of shares from the buyback which will be conducted on the Indonesia Stock Exchange (BEI)," said Heru in an information disclosure, on Wednesday (7/2).

The execution time for the share sale will start from February 21, 2024, until completion. In this action, BELL appointed PT Phillip Securities Indonesia as the Exchange Member who will resell the shares. 

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"The Company will get additional funds from the sale of Treasury Shares," revealed Heru.

The number of shares to be sold each day during the execution period is at most 20% of the total number of shares that have been bought back by BELL, which is 20,764,800 shares. The share sale price must not be lower than the closing price of daily trading on the BEI one day before the share sale date.

Another provision, is the average price from the closing price of daily trading on the BEI for the last 90 days before the date of share sale by BELL, considering which is higher. 

For information, at the close of trading on Wednesday (7/2), BELL's price plummeted 10% to the level of Rp 81 per share. Year to date, BELL is still accumulating a strengthening of 2.53%.

Editor: Syamsul Azhar