JAKARTA. PT Asuransi Multi Artha Guna Tbk (AMAG), an insurance company under Panin Group, is arranging a shares buyback to drive the stock price increase.
Pankaj Oberoi, President Director of AMAG, confirmed that his company had prepared IDR 85 billion to repurchase 237.19 million shares at most. The company had also appointed PT CGS-CIMB Sekuritas Indonesia as the broker for this corporate action.
“The transaction is intended to boost the company’s stock price in the future and stablise it, thus generating positive outcomes for the company’s shareholders,” Oberoi said.
The shares buyback of AMAG will take place until May 11, 2022. In the information disclosure in Indonesia Stock Exchange, Oberoi stated that he believed the buyback would not negatively affect the company’s performance in the future. The reason behind this confidence is that AMAG still possesses a sufficient amount of working capital to push through its business activities.
During today’s trading, AMAG’s stock price increased 2.84% or 10 points to IDR 362 per share by 9.22 AM WIB. Yesterday, AMAG’s stock price was closed at IDR 352 per share. (KR/ZH)