Jakarta.  Barito Group’s investment company, Chandra Daya Investasi (CDIA), owned by Indonesia’s richest man Prajogo Pangestu, has announced a share buyback plan of up to Rp 1 trillion ($59.42 million), to be funded gradually from internal cash.

“The maximum number of shares that can be repurchased will continue to take into account the company’s free float in accordance with prevailing laws and regulations,” the company announced on Thursday.

The buyback period is scheduled to run from Feb. 6 to May 5, although CDIA noted, “The company may terminate the share repurchase before the deadline stated above at its own discretion.”

Henan Putihrai Sekuritas has been appointed to execute the repurchase.

As of Feb. 5 at 1:37 p.m. local time, CDIA’s price stood at Rp 1,090, up 10 points or 0.93%, with market capitalization reaching Rp 136.06 trillion.

During last week’s broad sell-off on the Indonesia Stock Exchange, CDIA traded at Rp 1,190 on Jan. 28 and Rp 1,235 the following day. Over the past five days, the share price fell to Rp 1,100, down 160 points or 12.7%.

Separately, Barito Renewables Energy (BREN), also controlled Prajogo, previously announced plans to repurchase up to Rp 2 trillion ($119.22 million) worth of shares using internal cash to support its share price and market stability amid heightened volatility.

BREN shares fell 13.7% from Rp 9,500 last Tuesday to Rp 8,200 at Wednesday’s close.

In a disclosure released on Wednesday, the company said the buyback will run for three months, from Feb. 4 to May 3.

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