Barito Renewables to Buyback Shares Worth Up to $120 Million
Jakarta. Barito Renewables Energy (BREN) plans to buy back up to Rp 2 trillion ($119.22 million) worth of its shares using internal cash, aiming to support share performance and market stability amid heightened volatility.
In a disclosure released on Wednesday, the company said the buyback will run for three months, from Feb. 4 to May 3. It said the funds earmarked for the buyback come from excess cash and will not disrupt day-to-day operations, working capital adequacy, or cash flow.
“The amount of funds to be set aside gradually for the buyback is up to a maximum of Rp2 trillion,” the company said in the statement.
The repurchase will be executed through on-market transactions on the Indonesia Stock Exchange, with BNI Sekuritas appointed as the broker. The company said there will be no daily volume limits during the buyback period.
Management added that the program is not expected to have any material adverse impact on operations or revenue. Based on its internal assessment, Barito Renewables’ capital structure and liquidity are expected to remain solid after the buyback, supporting ongoing business activities.
The company said it will conduct the buyback at prices deemed reasonable and fair, in compliance with prevailing regulations. The move is also expected to provide greater flexibility in optimizing the company’s capital structure.
Shares repurchased under the program will be held as treasury stock. Under regulations, the company must reallocate the treasury shares within three years after the buyback period ends, either through on- or off-market sales, capital reduction, employee share ownership programs, or other mechanisms permitted by the Financial Services Authority.
As of Wednesday afternoon, Barito Renewables shares were trading at Rp 8,300, up 75 points or 0.91%. The company’s market capitalisation stood at around Rp1,100 trillion, with trading volume reaching 10.99 million shares.
Controlled by tycoon Prajogo Pangestu, Barito Renewables operates geothermal power assets and is among the largest companies listed on the Indonesia Stock Exchange.
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