Seven State Own Enterprises (SOEs) will deposit the funds to Finarya in three stages, with a total value of Rp1.65 trillion or US$117.11 million - Photo by SOEs Ministry Office

JAKARTA (TheInsiderStories) – As many as nine companies of State-Owned Enterprises (SOEs) will injecting capital to PT Fintek Karya Nusantara (Finarya), a financial technology company carrying the LinkAja brand. The investors will deposit the funds to Finarya in three stages, with a total value of Rp1.65 trillion or US$117.11 million.

Based on the disclosure information at the Indonesia Stock Exchange, in the first stage, PT Telekomunikasi Seluler (Telkomsel), an affiliate of PT Bank Mandiri Tbk (IDX: BMRI), a subsidiary of PT Bank Rakyat Indonesia Tbk (IDX: BBRI ), PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Asuransi Jiwasraya and financial company PT Danareksa will inject Rp665.26 billion or equal to 66,526 shares to the Finarya before July 31.

Then, in the second phase, the deposit is made not later than Oct. 31 worth of Rp186 billion on a par of 18,600 new shares. Three SOEs will participated in this phase, namely Telkomsel, affiliates of PT Bank Tabungan Negara Tbk (IDX: BBTN), and affiliates of energy company PT Pertamina.

In third phase will conducted on Dec. 31, with two scenarios. First scenario, seven SOEs will deposit at least 80,000 new shares or with a total value of Rp800 billion. Or, the existing shareholders have covered it.

It said, there will be additional SOEs that will become shareholders LinkAja, namely PT Jasa Marga Tbk (IDX: JSMR), PT Kereta Api Indonesia and port operator PT Angkasa Pura II.

At the end, Telkomsel will owned 25 percent shares of Finarya, Mandiri Group 19.71 percent, BBRI Group 19.71 percent, BBNI Group 19.71 percent, BBTN Group 7.12 percent, Pertamina Group 7.12 percent, Jiwasraya one percent, and Danareksa 0.63 percent.

Indonesian Vice President Jusuf Kalla has officially inaugurated Linkaja operation on Sunday (06/30). The operator of Linkaja has formally obtained a license from Bank Indonesia as an Electronic Money Publishing Company and Legal Entity Digital Financial Service Provider.

Finarya is  established by Telkomsel and other SOES on Jan. 21. LinkAja presents a variety of payment transaction services and features at more than 150,000 merchants and will continue to grow.

LinkAja is a cash withdrawal service without a debit card (only by using a smartphone) in more than 40 thousand Link of State Bank Association ATMs. In addition, LinkAja will serves the remittances of Indonesian Migrant Workers in Singapore, who want to send their money to their families in the country.

US$1: 14,200

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