P.T. Asuransi Multi Artha Guna Tbk (JKSE:AMAG) agreed to acquire PT Panin Insurance from PT Paninvest Tbk (JKSE:PNIN) and Mu'min Ali Gunawan in stock on April 20, 2015. The conversion ratio will be 5,183.0285 new AMAG shares for every 1 Panin Insurance share. Panin Insurance will be merged into Asuransi Multi Artha Guna. As the result of the merger, Asuransi Multi Artha Guna will be the surviving entity while Panin Insurance will legally be dissolved without liquidation.

Board of Commissioners of PT Paninvest Tbk decided the merger on April 20, 2015. The transaction is subject to approval by the shareholders of Asuransi Multi. The estimated effective date of the merger is scheduled on June 24, 2015, while the listing date of merged Asuransi Multi's shares is scheduled on June 25, 2015. As of May 30, 2015, extraordinary general meeting of shareholders will be held on June 15, 2015. As of June 15, 2015, the deal was approved by the shareholders of Asuransi Multi and Panin Insurance.

P.T. Asuransi Multi Artha Guna Tbk (JKSE:AMAG) completed the acquisition of PT Panin Insurance from PT Paninvest Tbk (JKSE:PNIN) and Mu'min Ali Gunawan for approximately IDR 530 billion in stock on June 25, 2015. Asuransi Multi issued 1.6 billion shares to PT Paninvest Tbk and 67,153 shares to Mu'min Ali Gunawan.