Jakarta. Trimegah Bangun Persada, also known as Harita Nickel (NCKL), plans to conduct a share buyback worth up to Rp 1 trillion ($56.38 million) over the next 12 months following its annual general meeting of shareholders scheduled for June 30, 2026.

The company said the buyback was aimed at supporting shareholder value as the current market price does not yet reflect the company’s underlying fundamentals.

“The company is carrying out the share buyback considering that the current market price of the company’s shares does not yet reflect the company’s actual value,” management said in a disclosure to the Indonesia Stock Exchange on Monday.

NCKL shares rose more than 1% to Rp 860 by Monday afternoon. However, the stock remains down more than 25% year to date.

The planned repurchase marks the company’s third buyback program after similar exercises announced in 2024 and 2025.

Harita Nickel said the buyback would be funded entirely through internal cash reserves and not from proceeds of public offerings or any form of debt financing.

The company added that the program would not affect its operational activities as it continues to maintain sufficient working capital to support business expansion and day-to-day operations.

“The implementation of the buyback is not expected to materially affect the company’s revenue, net profit, or earnings per share,” the company said.

The share repurchase may be conducted both through the stock exchange and off-market transactions. Harita Kencana Sekuritas has been appointed to execute the buyback through the exchange.

The planned buyback comes as Harita Nickel maintains a relatively strong balance sheet. As of September 2025, the company recorded retained earnings of Rp 16.58 trillion, up 37.6% from Rp 12.05 trillion at the end of 2024, while total equity rose 18.9% to Rp 43.34 trillion from Rp 36.45 trillion.

The company had also recorded treasury shares worth Rp 75.7 billion as of September 2025 following its earlier buyback programs.

Harita Nickel is one of Indonesia’s major integrated nickel processing and electric vehicle battery supply chain players, operating mining, smelter, and high-pressure acid leach (HPAL) facilities through the Harita Group.

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