JAKARTA - PT Asuransi Multi Artha Guna Tbk (AMAG) allocates IDR 85.4 billion to repurchase its shares (buyback). This plan will be discussed during the Extraordinary General Shareholders Meeting on June 23, 2023.

In the information disclosure quoted Wednesday (31/5), Peggy Wystan, Director of AMAG, claimed that the estimated amount budgeted for the buyback of 237,194,064 shares is IDR 23.71 billion. “The highest price for the buyback in Indonesia Stock Exchange (IDX) will be set to the average closing price of 90 days of trading prior to the buyback period,” Wystan added.

This buyback is expected to take place no later than 18 months after approval of shareholders. The fund source for this corporate action is internal cash. However, it will not result in revenue decline.

The company has assigned PT CGS-CIMB Sekuritas Indonesia, a stock exchange member, to arrange the shares repurchase with the price lower or equal to the previous day’s transaction price. (LK/ZH)