PT Bank Negara Indonesia (Persero) Tbk plans to repurchase (buyback) shares with a maximum of Rp1.7 trillion.

BNI Corporate Secretary Mucharom said in the ongoing surge in positive COVID-19 cases and again breaking through the level above 10 thousand cases per day since June 17, 2021, the JCI tends to fluctuate and have an impact on BNI shares, which decreased significantly by 25% year to date to Rp4,630 as of June 30, 2021.

"Selling pressure in the market due to the COVID-19 sentiment has made BNI shares undervalued with a price to book value of 0.75 times as of June 30, 2021 or is far below the 10-year average PBV of 1.60 times," he said in IDX information disclosure on Thursday (22/7).

According to Mucharom, the funds used for the share buyback came from the company's internal cash.

The number of shares to be purchased does not exceed 20% of the paid-up capital, provided that the minimum number of outstanding shares is 7.5% of