PT Bank Rakyat Indonesia (BRI/BBRI) plans to buyback shares that have been issued and listed on the Indonesia Stock Exchange (IDX). The total nominal value of all buybacks is up to IDR 1.5 trillion.

President Director of BRI Sunarso said the shares being bought back would be used as aspirations for the company's management and employees.

"The buyback motivation is to increase employee engagement," said Sunarso, Wednesday (8/2/2023).

With this buyback, BRI wants to increase employee ownership of the Company's shares by up to two percent. In total, BRI shares owned by employees have yet to touch one percent.

This corporate action has passed a mature calculation and will not interfere with the company's capital performance. Sunarso ensured the company's financial condition remained solid.

It is predicted that the implementation of the buyback will not cause BRI's net worth to be smaller than the total issued capital, plus the mandatory reserves that have been set aside, including in terms of income and operational costs.

Buybacks can be carried out in stages or all at once, no later than 18 months after the AGMS on March 13, 2023. Buybacks will be carried out at a price considered reasonable by the Company.

The share ownership program is given to employees with certain criteria such as achieving or exceeding performance targets, as well as other achievements that have an impact on increasing the value of the Company.

Board of directors and board of commissioners share ownership programs can be provided, among others, as annual incentives, long-term incentives or other incentives paid in the form of shares.

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