DEWA Allocates Rp429.99B for Share Buyback Program

• DEWA’s buyback underscores disciplined capital management backed by strong internal liquidity. 

• The program remains on track and has supported a positive market response.

By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra

January 9, 2026 at 16:30 GMT+7

PT Darma Henwa (DEWA) allocated Rp429.99 billion to repurchase 760.69 million of its own shares, increasing the share price by 7.95% to Rp815 on Tuesday (6/1). The company executed the buyback at prices ranging from Rp430 to Rp645 per share.

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By disclosing this price range, DEWA reinforced its commitment to transparency in capital market communications. Company management stated that the buyback followed the framework previously approved and publicly announced, with no changes to its structure or timeline.

The program is intended to reduce the number of outstanding shares, improve capital efficiency, and support share valuation. Management also highlighted that the buyback reflects disciplined financial management amid prevailing market conditions.

RUPS Darma Henwa | Source: Kontan

DEWA financed its ongoing share repurchase program entirely through internal cash reserves, demonstrating a deliberate capital allocation strategy without reliance on external financing, as stated by Mukson Arif Rosyidi, Director and Corporate Secretary of PT Darma Henwa Tbk.

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As of September 2025, DEWA reported cash and cash equivalents of Rp1.17 trillion, providing adequate liquidity to support the program. The company also projected additional free cash flow of Rp595 billion between October 2025 and February 2026, which was allocated to sustain the ongoing repurchase activities.

The total buyback budget was set at Rp950 billion, reduced from the initial Rp1.66 trillion plan to reflect updated financial considerations and market conditions. The buyback follows a predetermined implementation schedule and is set to continue through the first quarter of 2026.

Darma Henwa Mining Activities | Source: Darma Henwa

DEWA communicated the progress of its share buyback through regular public market disclosures, detailing funds deployed and shares repurchased to ensure timely transparency for investors and regulators.

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Management also affirmed that all transactions were executed in full compliance with Indonesian capital market regulations, including requirements set by the Financial Services Authority (OJK) and the Indonesia Stock Exchange. By providing detailed quantitative updates and emphasizing regulatory compliance, the company aimed to reduce information asymmetry and strengthen market confidence.

Furthermore, the action is based on the Article 12(1) of OJK Regulation No.13/2023, which authorizes measures to safeguard capital market stability during periods of significant volatility. Collectively, these measures reinforce DEWA’s credibility by demonstrating transparency, regulatory discipline, and a clear commitment to capital market stability.

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Sources:

CNBC