GIC Singapore Becomes Bank Jago's New Investor Through Rights Issue

By Editorial Team 26/02/2021
Digital bank
Summary

PT Bank Jago Tbk (ARTO) has returned with new investors. After hooking up with Gojek, this time, it is GIC Private Limited's turn. The Singapore government's sovereign wealth fund reportedly becomes ARTO's new shareholder through new shares issuance (rights issue).

According to Bank Jago's rights issue prospectus, the company will issue a maximum of 3 billion new shares with an exercise price of Rp 2,350 per share. From this corporate action, Bank Jago will receive fresh funds of up to Rp 7.05 trillion.

PT Metamorfosis Ekosistem Indonesia (MEI) and PT Dompet Karya Anak Bangsa (DKAB), two ARTO shareholders, have signed a confirmation agreement with GIC on February 18, 2021. They will transfer the remaining portion of Pre-emptive Rights (HMETD) to GIC with a total equivalent of 1,191,700,000 shares. GIC prepares funds of up to Rp 3.15 trillion for this transaction. After ARTO's rights issue, GIC will own 9.67 percent of shares.

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