PT. Sarana Menara Nusantara Tbk ("TOWR") posted an average daily trading volume of Rp 15 billion over the course of the last year based on analysis provided by the Company. The total volume includes both trades done on the Indonesian Stock Exchange ("IDX") and negotiated block trades done outside the IDX. "Much of our trading volume occurs in large negotiated block trades" quoted Mr. Adam Gifari, Vice President Director of TOWR, "We hope to see this change going forward with higher volume of trades on the IDX as more Indonesian retail investors and individual are expressing interest in our stock. We believe that our stock is extremely undervalued especially given the strong growth we have experienced over the last two years and our solid dividend yield." continued Mr. Gifari, "Based on our total 2017 sustainable dividend payment of Rp 23.5 per share, after adjustment from our recent stock split, our stock now yields a dividend of nearly 5% at current trading levels".
Over the last month trading in TOWR stock on the IDX posted an increase in the average daily volume of trades. Over the past several months the Company has taken steps to improve liquidity by introducing a 5 for 1 stock split, initiating a sustainable dividend policy, and undertaking a share buy back program with any shares purchased in the market held as treasury stock. "We can use the treasury stock as currency for any future acquisitions" concluded Mr. Gifari "We also see this as an opportunity to support trading in the current market conditions".
Daily trading volume in TOWR stock improved over the last month with many high volume trades being realized in the negotiated block trade market. The Company will continue to take proactive steps to improve share liquidity and encourage trading in the IDX.