JAKARTA. Annual general meeting of shareholders (AGMS) of PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) today (13/3/2023) agreed to buy back shares buyback of IDR 1.5 trillion. The shares from this year's buyback will be used for the implementation of a share ownership program for both employees and directors.

"Today's decision is that the buyback is carried out in the context of rewarding BRI employees and to increase a sense of ownership of BRI," said BRI President Director Sunarso at the AGMS press conference on Monday (13/3/2023).

Furthermore, Sunarso said that the employee share ownership program is allocated in the form of an employee stock allocation (ESA) which will be given based on performance achievements. While the share ownership program for the directors and the board of commissioners can be provided, among others, as annual incentives, long-term incentives and other incentives which are paid in the form of shares.

All costs for the 2023 buyback will come from the company's internal cash. Previously, Sunarso said the corporate action to buy back its own shares would not interfere with the company's financial performance. "We have carried out financial calculations after the buyback, indeed this will improve employee management," he said.

The share buyback will be held by BRI both in stages and all at once, and will be completed no later than 18 months after the 2023 AGMS date. (AM/LM)