JAKARTA – PT Bank Raya Indonesia Tbk (AGRO), digital banking unit of PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), has announced plans to repurchase up to IDR 20 billion worth of its shares for the Management and Employee Stock Option Programme (MESOP).

In its disclosure to the Indonesia Stock Exchange (IDX), AGRO stated that the shares bought back will be allocated to the MESOP scheme, aimed at enhancing a sense of ownership and engagement among its management and employees.

“The buyback and the total Treasury Stock owned by the Company will not exceed 10% of the issued capital of the Company,” the management noted in its prospectus.

The buyback will be subject to approval at the Annual General Meeting of Shareholders (AGMS), scheduled for 25 June 2025.

The buyback will be carried out in phases, over a maximum period of 12 months following the AGMS decision.

The company plans to use internal cash reserves to finance this corporate action. However, it stressed that the buyback price will comply with POJK Regulation 29/2023—either at or below the prevailing market price, or below the 90-day average prior to the buyback. (ZH)