LJAKARTA - PT Bank Tabungan Negara (Persero) Tbk (BBTN) has given a signal to open the opportunity for share buybacks or buybacks. This step was taken in line with Danantara's encouragement to create value for shareholders in the midst of a solid company fundamental condition.
BTN President Director Nixon LP Napitupulu said the buyback option would be directed to support share ownership for employees. This method is considered given that currently the proportion of public shares in BBTN has been at the minimum provision limit.
"Currently, BBTN's share price is quite undervalued, so the possibility that we can study is the purchase of shares for employee program needs such as bonuses or stock options. Currently, it is not included in the Bank Business Plan [RBB], but we will try to include it in the revision of RBB," explained Nixon in Jakarta, this week.
Previously, Danantara Indonesia's Chief Operating Officer (COO) Dony Oskaria assessed that buybacks were a reasonable corporate action, especially when the stock price was not considered to reflect the company's fundamentals.
"Buyback is actually a normal process. If we see that our shares are too low, it can certainly be an option. Rather than investing elsewhere, it's better to invest in our own company's shares if the fundamentals are strong," said Dony, in his statement, Wednesday, June 24.
According to Dony, a number of SOEs have solid business fundamentals, including the banking sector, mining, infrastructure, and other business development. Therefore, companies with good fundamentals have the potential to continue to create value for shareholders.
BTN itself is currently also strengthening business fundamentals through organic and inorganic growth strategies. Most recently, the company is processing the purchase of an asset portfolio from PT Bank SMBC Indonesia Tbk. In information disclosure to the Financial Services Authority, Monday (25/5), BTN has signed two transfer agreements for pension loans, pre-retirement loans, and active employee loans for state-owned enterprises or government institutions owned by Bank SMBC Indonesia. The signing was carried out on May 22, 2026 through a Conditional Portfolio Transfer Agreement (CPTA) and Conditional Loan Asset Transfer Agreement (CLATA).
In the CPTA transaction, BTN will acquire a portfolio of loans to retirees and pre-retirees with retirement benefits managed by TASPEN with an estimated value of IDR 12.58 trillion. Meanwhile, through the CLATA transaction, BTN will acquire loan assets related to ASABRI retirees, other pension funds, and active employee loans from both state-owned enterprises and government institutions with an estimated value of IDR 7.34 trillion.
Bahana Securities analyst Razqi M Kurniawan assessed that the plan to purchase assets has the potential to create significant added value for BTN without causing dilution for shareholders. The acquisition of the portfolio is also considered capable of answering a number of BTN's structural challenges through the addition of assets with more attractive yields, more controlled credit risk, and a shorter asset profile.
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