SOEs Begin to Buy Back Shares

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  • Sejumlah pialang memantau pergerakan saham saat peringatan '38 Tahun Diaktifkannya Kembali Pasar Modal Indonesia' di Gedung Bursa Efek Jakarta, 10 Agustus 2015. Acara dihadiri oleh Presiden Joko Widodo (Jokowi) Ketua Otoritas Jasa Keuangan (OJK) Muliaman Hadad dan para pelaku pasar modal. TEMPO/Subekti.

    Sejumlah pialang memantau pergerakan saham saat peringatan '38 Tahun Diaktifkannya Kembali Pasar Modal Indonesia' di Gedung Bursa Efek Jakarta, 10 Agustus 2015. Acara dihadiri oleh Presiden Joko Widodo (Jokowi) Ketua Otoritas Jasa Keuangan (OJK) Muliaman Hadad dan para pelaku pasar modal. TEMPO/Subekti.

    TEMPO.CO, Jakarta - A number of state-owned companies started to buy back their listed shares yesterday, August 25. Capital market observer and independent investor Renji Betari estimated the nominal buyback value at Rp300 billion.

    "State-owned banks that bought back their shares include Bank Rakyat Indonesia (BBRI), Bank Mandiri (BMRI), Bank Negara Indonesia (BBNI) and Bank Tabungan Negara (BBTN)," he told Tempo yesterday.

    Having tumbled 3.97 percent at 4163 bps on Monday, the Jakarta Composite Index (JCI) rebounded 1.55 percent to close yesterday's trade at 4228. In addition to the buybacks, Renji said JCI's reinforcement was also due to massive buys on Semen Indonesia (SMGR) and Adaro Energy (ADRO) stocks.

    On Monday, SOE Minister Rini Soemarno ordered state companies to repurchase their listed shares in a bid to prevent the index from plummeting deeper. The government allocated Rp10 trillion for SOEs' buybacks. The government also said that 13 listed SOEs will receive injected funds.

    The Financial Services Authority (OJK) had issued a stimulus policy that allows companies to buy back shares without holding a general meeting of shareholders in advance. OJK chief Muliaman Hadad is optimistic that the buyback strategy will receive a positive response.

    Other issuers that had announced buyback plans to keep stock prices from declining further. Some of these issuers are PT Bank Negara Indonesia (Persero) Tbk (BBNI), PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), and PT Wijaya Karya Beton Tbk (WTON).

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