JAKARTA. PT Bank Amar Indonesia Tbk (AMAR) announces its buyback plan, repurchasing 2% of its outstanding shares at most. 

The management of AMAR claimed that this corporate action will be held following the variable remuneration allocation to its management and employee through their MESOP program. The budget set for this shares buyback is IDR 120 billion.

In order to carry out this plan, AMAR will ask for approval during the Annual General Shareholders Meeting on Tuesday, June 20, 2023. The buyback will take place no later than 18 months after securing the green light.

According to the Financial Services Authority regulation, AMAR shall pick one member of Indonesia Stock Exchange (IDX) to arrange the buyback. The company also shall be able to conduct the buyback through transactions outside the stock exchange. 

According to IDNFinancials data, AMAR's stock price was closed 13.29% or 38 points up to IDR 324 per share last week (12/5). However, in the past year, AMAR's stock price was down 7.95% or 28 points. (KR/ZH)