(JAKARTA TheInsiderStories) – After a long silence, PT Bank Artos Indonesia Tbk (IDX: ARTO) admitted its parent wanted to transform the small lender become a digital bank, said the senior official on Monday (10/14). The planned will be implemented after two investors become the shareholders of the bank.
“There will be a new business model of Bank Artos becoming a digital bank. Why? Because the segment is growing and also the target market in that segment dominates from the productive age side, this is so the reason from the buyer,” said acting president director Deddy Triyana today.
As reported, Bank Artos aimed to raise funds worth of Rp1.5 trillion (US$106.38 million) by issuing 15 billion new shares. Former bankers, Jerry Ng through PT Metamorfosis Ekosystem Indonesia wants to buy 37.65 percent of the lender shares. While, Patrick Sugito Walujo through Wealth Track Technology Ltd., wants to control 13.35 percent of Bank Artos shares.
As of August 30, 2019, Hardy’ family was still recorded controlling 80 percent of the small lender shares. In details, Arto Hardy controlled 39.50 percent while Lina Arto Hardy, Sinatra Arto Hardy, and William Arto Hardy controlled 13.50 percent, each.
After the acquisition, Bank Artos will have 1.21 billion shares and Rp120.62 billion of capital. Then, Arto Hardy will not control the company’ shares at all, while ownership of Sinatra, Lina and William Arto Hardy will be reduced to 1.50 percent each and public 44.5 percent.
If the shareholders execute their rights in the rights issue later, then the composition of the ownership of these shares will not change. This action automatically makes the amount of Bank Artos’ capital jump to 16.21 billion shares or worth of Rp1.62 trillion.
“The reason for this acquisition is to develop Bank Artos which serves the middle segment with a digital platform. Because the segment is growing and also the target market in that segment dominates in terms of productive age, this is the reason for the buyers,” adds by Triyana.
The aim to become a digital bank at the same time broke the rumors that Bank Artos would become a Gobank. This rumor had made the share price of Bank Artos move out of the ordinary must be suspended four times.
On that occasion, Triyana said that the company had never made any communication related to the issue of being GoBank. He also emphasized that Bank Artos had never communicated with any ecosystem, including ride-halling operator GoJek.
Bank Artos established in 1992 in Bandung, West Java and has been listed its shares at IDX in 2016. The deal has move the lender shares and has been halted by the local bourse. On Monday, Bank Arto’ share price jumped to its highest level at Rp665 per share since the IPO in January 2016.
While, Walujo is the co-founding of Northstar Group joined with his partner Glenn Sugita. Before established the investment company in 2003, he was senior vice president of Pacific Century Ventures Ltd., in Tokyo, Japan.
He started his career at Goldman, Sachs & Co. and worked in both the London and New York offices. In 2009, Walujo holds a Bachelor of Science in Operations Research & Industrial Engineering from Cornell University.
While, Ng has an lot experience in Indonesian banking industry. He has resigned from PT Bank Tabungan Pensiunan Nasional (IDX: BTPN), after lead the bank for a decade. He was former of Indonesian Bank Restructuring Agency and has several positions at the Indonesian banks.
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