everal companies listed on the Indonesia Stock Exchange (IDX) have submitted requests for share buybacks or repurchased their own stocks amid declining prices on the bourse.
State-owned bank PT Bank Rakyat Indonesia (BRI), which trades under ticker symbol BBRI, plans to buy back shares totaling Rp 3 trillion (US$181.2 million) using no more than 10 percent of its total issued capital after a general meeting of shareholders (GMS) on Monday that approved the move.
“This step is being taken as part of the company’s strategy to increase shareholder value and support the employee share ownership program,” BRI said in a statement on Monday.
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In late January, the lender explained that the 2025 buyback plan would not reduce the company’s net assets below the sum of its invested capital and mandatory reserves. Furthermore, the company also said it expected the buyback to have no material impact on its revenue or operating costs.
The BRI stock price has declined 11.52 percent since the beginning of this year, and fell 470 points to Rp 3,610 per share on Monday.
PT Nusantara Sejahtera Raya, the company behind national movie theater chain Cinema XXI (CNMA), also gained approval during its annual GMS on Monday to buy back its shares this year.