Receh.in - PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) is planning to carry out a stock buyback. The corporate action will be carried out through the Indonesian Stock Exchange (BEI), either gradually or in one go.
The buyback is expected to be completed within 18 months after the Annual General Meeting of Shareholders (AGM) 2023, which approved the buyback. The AGM is planned to be held on March 13, 2023, while the buyback is estimated to take place from March 14, 2023 to September 14, 2024.
According to the 2nd Session Closing IDX Channel, the company is carrying out the stock buyback as part of its share ownership program. The program is part of an effort to encourage long-term performance sustainability.
"The entire value of the 2023 buyback will come from the company's internal cash," as quoted from the 2nd Session Closing IDX Channel, Friday (2/3/2023). In carrying out this corporate action, the company has set aside a fund of IDR 1.5 trillion, not including intermediary fees and other costs up to a maximum of 0.32% if the 2023 buyback is carried out in full.
BBRI management stresses that the implementation of the buyback will not cause the company's wealth to be smaller than the amount of capital placed, including from the income and operational expenses. Furthermore, the 2023 buyback shares will be used for the implementation of the share ownership program, both for employees and directors.
BBRI also ensures that the buyback action will be carried out taking into account the liquidity and capitalization of the company, as well as applicable regulations.
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