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AMAG allocates IDR 82 billion for buyback

24 September 2021 06:31

JAKARTA – PT Asuransi Multi Artha Guna Tbk (AMAG) set a budget of IDR 82 billion to repurchase its shares (buyback) from August 9 to November 9, 2021.

According to Pankaj Oberoi, President Director of AMAG, the estimation of shares to be repurchased amounts to IDR 237,194,064 units, equal to IDR 23.71 billion. “The shares repurchase would not trigger a decline in revenue significantly,” he reassures in the information disclosure, quoted Friday (24/9).

Oberoi mentions that the company had set the maximum selling price to IDR 340 per share. Thus, once accumulated, the company is required to spend IDR 80.64 billion to repurchase the said number of shares through PT CGS-CIMB Sekuritas Indonesia.

Thus, after this corporate action, its profit per share would increase by 15% or IDR 3.23 per share from the previous level reported in its Financial Report of December 2020 of IDR 21.44 per share. “The buyback could hopefully stabilise the stock price in the near future, thus positively affecting the shareholders,” Oberoi wishes. (LK/ZH)

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