Bangun Kosambi Plans $61 Million Buyback Less Than Three Months After IPO

JAKARTA, investortrust.id — Indonesian real estate developer PT Bangun Kosambi Sukses Tbk has announced a share buyback worth up to Rp 1 trillion, or $61 million, to shore up investor confidence and support long-term value. The move comes despite the company being publicly traded for less than three months, having listed on the Indonesia Stock Exchange on Monday, Jan. 13, 2025.

Bangun Kosambi Sukses, a subsidiary of PT Pantai Indah Kapuk Dua Tbk, or PANI, disclosed in a statement to the exchange on Wednesday, March 26, that the buyback program will run from Thursday, March 27, through Wednesday, June 26, 2025. The company said the initiative aims to stabilize market perception amid volatile conditions and reflect its belief in its intrinsic value.

"This action is taken to maintain the alignment between our company fundamentals and current market fluctuations, and to uphold the trust of stakeholders in supporting our goal of sustainable growth," the management stated.

The company emphasized that the buyback reflects its strong internal liquidity, allowing the repurchase to be executed without jeopardizing its financial stability. It also aims to optimize capital structure and deliver added value to shareholders.

Bangun Kosambi delivered strong financial results in 2024. Its net profit surged from Rp 804.53 billion to Rp 1.09 trillion, supported by a rise in revenue from Rp 1.95 trillion to Rp 2.24 trillion. Net income attributable to the parent company also jumped significantly from Rp 578.54 billion to Rp 924.75 billion—outperforming its parent, PANI. This lifted earnings per share from Rp 113.40 to Rp 181.25.

Still, the company’s stock has been under pressure since hitting a peak of Rp 10,450 on Monday, Jan. 20. It closed at Rp 5,075 on Wednesday, more than 50% below its all time high but still above the IPO price of Rp 4,060.