JAKARTA. PT Bank OCBC NISP Tbk (NISP) will schedule a shares buyback with a total budget of IDR 500 million.

The shares buyback will be held no later than 18 months after the company gained approval during the Annual General Shareholders Meeting. The meeting has been set to take place on April 11, 2023.

“The shares that will be repurchased will be set to a maximum of 0.002% of the total issued and paid-up capital, or a maximum of 402,000 shares,” the management of NISP explained in the official statement.

The shares buyback of NISP is intended to fund the variable remuneration for the management and employees of the company after their performance in 2022. The management also expressed their optimism that this corporate action will not negatively affect the business of NISP, considering how the bank currently has adequate working capital and cash flow.

NISP will assign one member of Indonesia Stock Exchange (IDX) as the broker, as the buyback will take place within and outside the stock exchange.

According to IDNFinancials, NISP’s stock price today was closed 5 points lower or 0.63% smaller to IDR 785 per share. Within the past year, NISP’s stock price has increased 130 points or 19.85%. (KR/ZH)