BSI plans Rp500 billion buyback despite free-float shortfall
The Indonesian bank also plans a rights issue to meet a 15 per cent free-float requirement, with shareholder approval to be sought on 6 November.
PT Bank Syariah Indonesia (Persero) Tbk. plans to buy back up to Rp500 billion of shares, although the move could further reduce its free float from 9.91 per cent, below the latest requirement of 15 per cent. President director Anggoro Eko Cahyo said the bank considered its shares undervalued.
Speaking after an event at Perbanas Institute in South Jakarta on 28 October 2026, Anggoro acknowledged the potential reduction in publicly held shares. He said the buyback was intended to signal to investors and minority shareholders that BSI believed its market price did not reflect its true value.
In a disclosure to the Indonesia Stock Exchange, BSI said the Rp500 billion ceiling includes transaction expenses and other related costs. The bank plans to use internal cash to fund the purchases.
Separately, BSI will seek shareholder approval at an extraordinary general meeting on 6 November 2026 for a second rights issue of up to 6.8 billion series B shares, each with a nominal value of Rp500. Anggoro did not disclose how much the bank intended to raise.
Anggoro said the rights issue would help meet the free-float requirement and support financing growth, which stood at 16 per cent. Third-party funds grew 15 per cent, but he said the bank still needed a healthy funding structure. He also expressed hope that BRIS shares could join the LQ45 index.
