JAKARTA. PT Bank Negara Indonesia (Persero) Tbk (BBNI) has prepared a budget of IDR 905 billion for the share buyback.

With this budget, the number of shares that will be bought back by BBNI is estimated to be 10% of the total outstanding shares.

However, BBNI will still seek approval from the Annual General Meeting of Shareholders (AGMS), which is expected to take place on 15 March 2023. Furthermore, the share buyback is expected to take place from 16 March 2023 to 15 September 2024.

BBNI's management admitted that the corporate action did not have a negative impact on the company's financial performance. "Given that the company has sufficient capital and cash flow to carry out transaction financing along with the company's business activities," BBNI's management wrote in an official statement.

For the record, the buyback of BBNI shares will be carried out through transactions on the Indonesia Stock Exchange (IDX). The company will appoint 1 securities company to carry out the share buyback. (KR/LM)