Several Indonesian conglomerates and state-owned banks have announced or are weighing share buybacks as the local stock market comes under pressure following an MSCI announcement. The Barito Group, controlled by Prajogo Pangestu, has prepared up to Rp 3.5 trillion for buybacks covering four issuers.
Barito’s programs and the fine
The buyback funds are allocated across BREN, BRPT, TPIA, CUAN, HRUM, AALI, UNTR, TOWR and KLBF, with the largest single amount, Rp 2 trillion, allocated to United Tractors. The programs are scheduled between 17 September and 31 December 2026.
The buyback figure also exceeds a Rp 600 billion fine that Prajogo must pay to the Financial Services Authority, OJK, over capital market violations by BREN and CUAN. Barito Pacific said in a disclosure to the Indonesia Stock Exchange that the buyback would not have a material negative impact on operating performance and revenue, because the company has sufficient working capital and cash flow to fund it.
State banks and other groups follow
BBCA is running a buyback from 19 to 21 October 2026, after its share price hit the lower auto rejection limit for two consecutive trading days. The bank said the action continues a program it previously ran in April and June 2026.
BBNI’s program was announced in July 2026 and runs to 26 October 2026. BBTN is still studying a buyback option, and its president director, Nixon L.P. Napitupulu, said share price movements amid market dynamics need to be examined comprehensively, considering business fundamentals and growth prospects.
The buybacks are being funded from internal cash, and the wave follows the MSCI announcement at the end of the previous week. Restoring investor confidence, the report suggests, also depends on financial performance and business prospects.
Related: Indonesian bank stocks plunge as MSCI proposes downgrade
Source: Barito Pacific
