Prajogo Pangestu Allocates $315 Million for Share Buybacks in Four Companies
Main Takeaways
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JAKARTA, investortrust.id — Indonesian business magnate Prajogo Pangestu has committed Rp 5 trillion, equivalent to approximately $315 million, for share buybacks in four of his publicly listed companies. The move follows a new regulation introduced by the country’s financial regulator that allows companies to repurchase shares without prior shareholder approval, aiming to stabilize declining stock prices and restore investor confidence.
The Financial Services Authority, or Otoritas Jasa Keuangan (OJK), recently issued a rule enabling buybacks without the need for a general meeting of shareholders. In response, Prajogo Pangestu is using this opportunity to bolster share value, align stock prices with fundamentals, and reinforce public trust. The buyback program will run for three months through Friday, June 20 to Monday, June 24, 2025.
According to an official announcement in Jakarta on Friday, March 21, 2025, the buyback allocations are as follows:
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These buybacks come after a sharp downturn in the companies’ stock prices over the past month. Data from TradingView shows that as of Friday’s market close on the Indonesia Stock Exchange, BRPT fell 14.63%, CUAN dropped 9.40%, BREN declined 7.72%, and TPIA slid 7.46%. Year-to-date, the declines are even steeper: CUAN is down 42.80%, BREN 36.94%, BRPT 24.35%, and TPIA 3.33%.
Market Reaction Turns Positive
Investors responded favorably to the buyback announcement. Shares of BREN led the gains with a 6.70% surge to Rp 5,975, reaching an intraday high of Rp 6,350. TPIA climbed 2.84% to Rp 7,250, peaking at Rp 7,750. BRPT rose 3.70% to Rp 700 and hit Rp 725. CUAN edged up 0.37% to Rp 6,750, with an intraday high of Rp 7,475.
Foreign investors also returned to these stocks, with net purchases observed in several names. TPIA recorded a net foreign buy of Rp 29.93 billion, BRPT followed with Rp 18.53 billion, and BREN attracted Rp 11.14 billion in net buys. CUAN, however, still registered a net foreign sell of Rp 14.54 billion.
These inflows stood in contrast to the broader trend on the Indonesia Stock Exchange, where foreign investors booked a net sell of Rp 2.35 trillion on Friday, dragging the Jakarta Composite Index (JCI) down by 123.49 points, or 1.94%, to close at 6,258.18.
Foreign outflows were heavily concentrated in Indonesia’s leading banks. PT Bank Central Asia Tbk (BBCA) posted the largest net foreign sell at Rp 1.32 trillion, followed by PT Bank Negara Indonesia Tbk (BBNI) with Rp 514.20 billion, and PT Bank Mandiri Tbk (BMRI) with Rp 512.21 billion in net sales.