JAKARTA (TheInsiderStories) – Indonesian tech firm, GoJek, announced today has acquires 22.14 percent of the local lender, PT Bank Jago Tbk (IDX: ARTO), for Rp2.25 trillion (US$159.57 million). The deal is part of both’ long-term investment plan and strategic partnership to accelerates financial inclusion in Indonesia.
Based on trading data from the Indonesia Stock Exchange (IDX), there are four transactions in the negotiation market. The transaction involved PT Indo Capital Sekuritas, PT UOB Kay Hian Sekuritas,PT UBS Sekuritas as the seller while the buyers are PT Trimegah Sekuritas Indonesia Tbk (IDX: TRIM). The number shares was 19.56 million units.
In Dec. 14, there was also a large transaction in the negotiation market, also did by Trimegah with a total transaction of 4.49 million Bank Jago shares with total amount Rp524 billion.
“Investing in Bank Jago is part of our long-term business strategy that will strengthen GoJek’ business growth,” said Andre Soelistyo, Co-CEO Gojek, in an official statement, on Friday (18/12).
After the transaction, the lender’ shares still controlled by PT Metamorfosis Ekosistem Indonesia and Wealth Track Technology with a total share ownership of 51 percent. Both companies owned by former banker, Jerry NG, and founder of Northstar Pacific, Patrick Walujo, who also one of GoJek investors.
Both bought the bank from Arto Hardy family on August 22, 2019 and made capital participation in December 2019. Then, the new owners changed the company’ name from Bank Artos Indonesia to Bank Jago.
Kharim Siregar, president director of Bank Jago, commented, “This in-depth collaboration will be the key to the growth of Indonesia’ digital economy.”
Indonesia is the fourth largest country in the world with an unbanked population. Fifty percent of the adult population or about 95 million peoples do not have bank accounts and more than 47 million adults do not have adequate access to credit, investment and insurance. While, the smartphone penetration in Indonesia reached 80 percent.
Bank Jago was founded in 1992 under the name PT Bank Artos Indonesia. In 2020, Bank Artos will change its name to Bank Jago as part of the transformation to become a digital bank.
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