TBIG - Calls off buyback extension

TBIG - Calls off buyback extension Tower Bersama Infrastructure (TBIG) has decided to call off extension of share buyback program that initially set to complete in November 3. Under previous plan, TBIG was targeting for the buyback of up to 1.13 bn shares, 102.4 mn of which had been absorbed in August. (Source : Emiten News) Comment : While management did not clarify reason behind this sudden cancellation, buyback program is generally dependent on a company's strategy pertaining to cash flow management, as it needs considerable amount of cash to absorb stocks. TBIG's cash stands at c. IDR500 bn as of June '23.