Shares of Barito Pacific jumped as much as 9.6%, the most since Sept 24, following the announcements. Chandra Asri and Petrindo Jaya Kreasi also gained.
(Feb 4): Companies linked to Indonesian billionaire Prajogo Pangestu said they would buy back shares, in a bid to shore up prices after last week’s market meltdown.
PT Barito Pacific, PT Chandra Asri Pacific and PT Petrindo Jaya Kreasi plan share repurchases of as much as a combined 3.75 trillion rupiah (US$224 million or $290 million), according to filings to the Indonesia Stock Exchange on Tuesday and Wednesday. The companies will buy shares from Feb 4 to May 3.
