JAKARTA. PT Bank Raya Indonesia Tbk (AGRO), a subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), has secured approval from shareholders to conduct a shares buyback.

In the meeting held on August 21, 2024, 99.29% of AGRO’s shareholders agreed upon the plan of buyback that will take up budget of IDR 20 billion. In addition, shareholders has also granted power and authority regarding this buyback to the management.

According to IDNFinancials data, this corporate action plan has been announced by AGRO since July 2024. “The buyback agenda is driven by the strategy to increase engagement and ownership of the workers towards the company,” said the management of AGRO in the official statement.

In the future, AGRO will utilise its internal cash for this buyback. Thus, this corporate action, according to the management of AGRO, is believed not to cause any negative material impact towards the company’s business activities.

During yesterday’s (23/8) session, AGRO’s stock price was closed 4 points lower to IDR 254 per share. Since the beginning of the year, the price has gone down 64 points or 20.13%. (KR/ZH)