March 9, 2020 / 11:23 AM / a month ago

Indonesia financial regulator allows stock buyback without shareholders approval

JAKARTA, March 9 (Reuters) - Indonesia’s Financial Services Authority (OJK) said on Monday is has allowed listed companies to start buying back up to 20% of its share capital without seeking shareholder approval.

The OJK on Monday said the index faces “significant pressure” due to fear over the coronavirus spread and trigger the measure to help stabilise the stock market.

Indonesia’s main stock index dropped 6.6% on Monday, its biggest single day loss since October 2011, bringing the year-to-date decline to 18.5% so far this year.

Reporting by Tabita Diela, Fransiska Nangoy, editing by Louise Heavens

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