JAKARTA – PT Asuransi Multi Artha Guna Tbk (AMAG) or MAG Insurance is back with the second buyback starting from May 11 to August 11, 2022. It had conducted the similar corporate action from February 11 to May 11, 2022.
Pankaj Oberoi, President Director of MAG Insurance reported that the company has set the estimation of the cost for repurchasing 237,194,064 shares to IDR 85.40 billion. “Considering the financial condition of the company, the shares buyback price will be capped at IDR 360 each,” he claimed in a press release quoted Thursday (12/5).
According to Oberoi, this corporate action will be carried out through PT CGS CIMB Sekuritas Indonesia, one of the members of Indonesia Stock Exchange (IDX).
“The reduced cash of the company in respect to this coroporate action would not interfere with its operational activities, especially regarding obligation repayment to debtors, as the company has sufficient level of working capital,” Oberoi stated. (LK/ZH)