JAKARTA. PT Bank Raya Indonesia Tbk (AGRO), a subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), formerly known as BRI Agro, will conduct a share buyback with IDR 60 billion.

The implementation of AGRO's share buyback will continue to pay attention to applicable regulations, namely maintaining the portion of treasury shares not exceeding 10% of the company's share capital. In addition, the portion of the company's free float shares will also be maintained so that it is not lower than 7.5%.

Later, the shares obtained by the company will be transferred through the MESOP (Management and Employee Stock Option Program) program. The number of shares transferred will be equal to the portion of shares obtained from the buyback.

"This buyback program is also based on the company's management's belief that the company's performance and prospects for future performance will continue to improve, so that it can provide value to stakeholders," said AGRO Management, in its official statement.

AGRO management will seek approval from shareholders to carry out the buyback. The agenda for the Annual General Meeting of Shareholders (AGM) is scheduled for April 30, 2024. Meanwhile, the buyback implementation is planned no later than 12 months after the AGMS.(KR/LM)