Indonesia state enterprises ministry discusses buyback plan with SOC

Indonesia state enterprises ministry discusses buyback plan with SOC

PT. Adhi Karya (Persero) Tbk one of Indonesia public-listed state-owned companies. (ANTARA/Widodo S. Jusuf)

It is related to a program to buy back shares in the capital market."
Jakarta, Aug 25 (Antara) - The state enterprises ministry has summoned executives of several public-listed state-owned companies (BUMNs or SOCs) to discuss a buyback plan.

The board of directors of BUMNs such as Bank Mandiri, Bank BRI, Bank BNI, PT Adhi Karya, and PT Waskita Karya were present during the meeting.

"It is true that a meeting was held with several BUMN directors. It is related to a program to buy back shares in the capital market," the state enterprises ministry deputy for financial and survey services and consultancy, Gatot Trihargo, remarked at the ministry office here on Tuesday.

On Monday, State Enterprises Minister Rini Soemarno noted at the state palace in Bogor, West Java, that starting Tuesday, around 13 BUMNs would buy back their shares.

She revealed that the minimum funds allocated for the buyback program reached Rp10 trillion.

Rini said the BUMNs buying back shares would not only be banks but also all state-owned companies listed in the capital market, including construction and mining companies.

The composite index of the Indonesia Stock Exchange on Monday closed at 4,163.729, down 172.224 points, or 3.97 percent.

During the afternoon session on Tuesday, the index closed at 2,244, up 81.24 points, or 1.95 percent compared to Mondays closing.

(Reporting by Royke Sinaga/T.R017/H-YH/INE/KR-BSR/A014)

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