The companies' planned buyback could amount to around 7 trillion rupiah to 8 trillion rupiah ($560.42 million), he said.

Those aiming for buybacks include the state lenders, Bank Mandiri, Bank Rakyat Indonesia and Bank Negara Indonesia, as well as state construction firms and state miners, Sinulingga said.

(Reporting by Tabita Diela; Writing by Fransiska Nangoy; Editing by Muralikumar Anantharaman)