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Jakarta Post

SOEs set aside Rp 8t to buy back shares amid rout

  • The Jakarta Post

Jakarta   /   Fri, March 13 2020   /  01:55 am

A dozen state-owned enterprises (SOEs) listed on the local stock exchange, will buy back their shares to prop up prices, which have dropped sharply in the past few days amid fears the new coronavirus outbreak will further worsen the country’s economic outlook.Arya Sinulingga, an aide to SOEs Minister Erick Thohir, said that the 12 state companies had allocated between Rp 7 trillion (US$489 million) and Rp 8 trillion to buy their shares from the public.The twelve companies include Bank Rakyat Indonesia (BBRI), Bank Mandiri (BMRI), Bank Negara Indonesia (BBNI), Bank Tabungan Negara (BBTN), construction company Wijaya Karya (WIKA), Adhi Karya (ADHI), Pembangunan Perumahan (PTPP), Jasa Marga (JSMR), Waskita Karya (WSKT), mining company Aneka Tambang (ANTM), Bukit Asam (PTBA) and Timah (TINS), as told by Arya.“The share buyback is needed as the prices of their shares have fallen far below...