JAKARTA – PT Bank Pan Indonesia Tbk (PNBN), or Panin Bank, has allocated IDR 500 billion to repurchase a maximum of 416 million shares (buyback). The repurchase price has been set in the range of IDR 1,200 to IDR 1,750 per share.

The buyback is scheduled to take place from Monday (24/3) until 23 June 2025. “The total number of shares to be repurchased is 286 million to 416 million,” stated Jasman Ginting Munte, Corporate Secretary of PNBN, in an official statement on Monday (24/3).

Jasman also mentioned that the funds for the company’s share buyback would come from retained earnings that have not been allocated for other purposes. As a result, the buyback will not affect PNBN’s earnings.

According to him, the buyback is PNBN’s effort to support stock market stability, enhance shareholder value, and improve share performance. The company plans to hold the repurchased shares as treasury stock.

The share price of the issuer fell by 26.3% to IDR 1,370 last week (21/3) from the closing price of IDR 1,860 per share on 30 December 2024. (LK/ZH)