JAKARTA – PT Bank Raya Indonesia Tbk (AGRO) is considering an extension to its share buyback period. The digital bank, owned by PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), had previously approved a buyback plan of up to IDR 20 billion during the Extraordinary General Meeting of Shareholders (EGMS) last year.

So far, AGRO has bought back 22,817,600 shares, with IDR 13 billion remaining to be used before the buyback period ends on August 21, 2025.

Rustarti Suri Pertiwi, Director of Finance at AGRO, stated that the company is still evaluating whether to continue with additional buybacks, depending on market conditions.

"The buyback decision approved at the EGMS is a maximum limit, so it does not have to be fully utilised if the situation is unfavourable, and current market conditions will be a key factor in determining the next steps," she said at the BRIlian Building, Jakarta, on Thursday (28/2).

The buyback is also intended as an incentive for employees and is part of a remuneration programme aimed at boosting long-term motivation and employee engagement.

"There is a possibility that AGRO may propose additional buybacks in the future, with evaluations carried out gradually," she added.

During the second trading session today (28/2), as of 14:47 WIB, AGRO's share price dropped by 5.35%, from IDR 183 per share to IDR 177 per share. (DK/ZH)