JAKARTA (TheInsiderStories) – Publicly listed lender, PT Bank Artos Indonesia Tbk (IDX: ARTO) plans to hold rights issue with an exercise price Rp139 (US$0.009) a shares, it said on Friday (03/20). The bank is targeting to raise Rp1.34 trillion from the corporate action.
Based on the prospectus, the company plans to releases 9.65 billion new shares with offering scheme, every one shareholders could converting with eight new shares. This action automatically makes the amount of the bank’ capital jump to 16.21 billion shares or worth of Rp1.62 trillion.
The standby buyer for the rights issue is local securities house, PT Trimegah Sekuritas Indonesia Tbk (IDX: TRIM). The new shareholders of Bank Artos, PT Metamorphosis Ecosystem Indonesia will hold 37.65 percent and Wealth Track Technology Limited as much as 13.35 percent.
The senior banker Jerry Ng owned Metamorphosis while Patrick Walujo, an investment banker owned Wealth Track Technology, based in Hong Kong. Both wanted to transform the small lender become a digital bank, said acting president director Deddy Triyana last year.
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.
“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.
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.
And, Ng has an lot experience in Indonesian banking industry. He has resigned from PT Bank Tabungan Pensiunan Nasional Tbk (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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