BBNI - Planning a buyback, BBNI prepares funds of IDR905 bn

BBNI - Planning a buyback, BBNI prepares funds of IDR905 bn Bank Negara Indonesia (BBNI) has initiated a share buyback program aimed at bolstering investor confidence amidst a period of declining stock price performance. The bank has allocated IDR 905 billion, representing 10% of its paid-up capital, from its retained earnings to fund this corporate action. "The primary objective of this buyback is to enhance investor confidence," stated BNI President Director, Royke Tumilaar, acknowledging the recent downward trajectory of BBNI's stock price. BNI will seek shareholder approval for this share buyback program at the upcoming Annual General Meeting of Shareholders (AGMS) scheduled for March 13, 2025. The repurchased shares will be utilized for employee stock ownership programs and stock ownership programs for the board of directors and commissioners, aligning with the bank's long-term performance and risk-based compensation policies. (Source : Kontan)