Patrick Walujo and Jerry Ng is reported will acquired 51 percent of publicly listed lender, PT Bank Artos Indonesia Tbk (IDX: ARTO) from the existing shareholders Hardy family - Photo: Special

JAKARTA (TheInsiderStories) – Two Indonesian businessmen, Patrick Walujo and Jerry Ng is reported will acquired 51 percent of publicly listed lender, PT Bank Artos Indonesia Tbk (IDX: ARTO) from the existing shareholders Hardy family. Based on the prospectus released today (08/22), both of them will absorb the share through rights issues program.

Ng, former of other lender PT Bank Tabungan Pensiunan Nasional Tbk (IDX: BTPN), will enter the bank through PT Metamorphosis Ecosystem Indonesia (MEI) and will owns 37.65 percent stake. While, the famous fund manager in the country, Walujo, to have 35 percent stake of the lender through WTT, a Hong Kong-based investment company.

In the announcement, three existing shareholders of Bank Artos, Arto Hardy, William Arto Hardy and Sinatra Arto planned to releases their shares via rights issue. Currently, Hardy family owned 80 percent of the bank shares and public 20 percent.

It said, the closing transaction depend on the acquisition permit from
Indonesian regulator. Based on the Government Regulation Number 28 Year 1999, if the creditor or minority shareholders did not raise objections on acquisition transactions within seven days before the extraordinary shareholders meeting, all creditors and minority shareholders are deemed to approve the deal.

While, regarding to Financial Service Agency (FSA) rule Number 9 Year 2018, the new shareholders obliged to carry out a mandatory tender offer to buy the remaining shares of Bank Artos after the completion of the acquisition.

Based on the prospectus, the management will proposed the approval from minority shareholders on Sept. 30. Then the lender will send the permit to FSA on Oct. 1 and its expecting to close the deal on Nov. 13.

Bank Artos established in 1992 in Bandung, West Java and has been listed its shares at Indonesia Stock Exchange (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.

“In connection with a significant cumulative price increase on the shares of Bank Artos, in the context of cooling down, the IDX considers it necessary to temporarily stop trading on August 20,” said IDX.

Patrick Walujo Co-Founder, Managing Partner and Member of the Investment Committee of Northstar Group

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 BTPN, after lead the bank for a decade. He was former of Indonesian Bank Restructuring Agency and has several positions at the Indonesian banks.

US$1: Rp14,200

by Linda Silaen, Email: linda.silaen@theinsiderstories.com