The General Meeting of Shareholders (GMS) of PT Merdeka Copper Gold Tbk (MDKA) approved the plan to buy back (buyback) of shares as much as 1% or a maximum of 229,033,658 shares with a maximum allocation of funds of Rp530 billion.

Merdeka Copper Gold Corporate Secretary Adi Adriansyah Sjoekri said the company would carry out the buyback to maintain its stock price stability, which did not reflect its actual value or performance.

"In addition, share buybacks are carried out in the context of implementing a Long Term Incentive (LTI) program for employees, directors, board of commissioners and subsidiaries to spur performance," he said on Thursday (27/5).

The company will carry out the buyback plan in stages within a maximum period of 18 months after the approval of the share buyback.