Photo: Asuransi MAG
PT Asuransi Multi Artha Guna Tbk. (IDX: AMAG) has reported to the authority the plan to buyback its shares. Based on the documents dated 9 August 2021, the Company will buyback its 237 million shares with an estimated value of IDR23.7 billion.
The Share Buyback Program will be held from 9 August 2021 until 9 November 2021. The Company has appointed PT CGS-CIMB Sekuritas Indonesia to execute the program and estimated the funds to be provided at a maximum of IDR60 billion.
The Company hopes that the Share Buyback Program will increase the Company's share price in the future and give a positive impact on its shareholders. The Company has also assessed that the program will not negatively impact in its business activities and operations since the Company has sufficient working capital.
AMAG is now being traded at a level of IDR320 per share. an increase of 41,59% YTD. During Quartal I of 2021, the Company recorded a net income of IDR44.6 billion, compared to a net income of IDR21.9 billion during the same period of the previous year.
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