JAKARTA (TheInsiderStories) – Indonesian insurance firm, PT Panininvest Tbk (IDX: PNIN) bought 157.76 million shares of PT Panin Financial Tbk (IDX: PNLF) for Rp44 billion (US$29.33 million), said the company in public announcement today (05/11). The company bought Panin Financial shares at Rp 268 to Rp284.

Based on disclosure information released by the Indonesia Stock Exchange (IDX), Paninvest Director Akijat Lukito said, the purchase of shares was carried out on Oct. 26 to 29, 2018. The purpose of the purchase is to increase Paninvest’s investment in Panin Financial.

After the purchase of shares, Paninvest’s shares in Panin Financial holds 54.8 percent of Panin Financial shares while the other owned by the public. As of third quarter of 2018, Panin Financial assets worth of Rp 27.26 trillion with a profit of Rp 1.29 trillion.

Panin Financial previously known as PT Panin Life Tbk, was established in 1974 as a company engaged in life insurance field and has been listed in the IDX since 1983.

The company is one of the members of Panin Group which business activities are in various financial service sectors, such as banking, life insurance, general insurance, financing, and securities.

In 2010, Panin Life has changed its business area to become a company engaging in the field of management, business, and administration consultant. To increase its performance and focus on developing its business in life insurance field, the life insurance portfolio was transferred to its subsidiary, PT Panin Anugrah.

US$1: Rp15,000

Written by Staff Editor, Email: theinsiderstories@gmail.com