JAKARTA. PT Bank OCBC NISP Tbk (NISP) will initiate a buyback with an allocated budget of IDR 800 million.

Hartati, Director of NISP, said that this corporate action will be carried out to fund variable remuneration for 2023 to the management and employees of the company. “It is to comply with Financial Services Authority Regulation (POJK) No. 45/POJK.03/2015,” she said in the official disclosure.

With this budget, the number of repurchased shares will reach a maximum of 402,000 shares, which are equal to 0.002% of total issued and paid-up capital of the company.

NISP’s buyback will be carried out via one member of stock exchange. Meanwhile, the buyback will be initiated no later than 12 months.

“The buyback will not affect the business and operational activities of the company. The company has a sufficient capital adequacy ratio, according to the applicable regulation,” Hartati explained. (KR/ZH)