Astra Financial Acquires 49.56% Stakes in Bank Jasa Jakarta

PT Astra International Tbk (ASII) through its subsidiary PT Sedaya Multi Investama (Astra Financial) signed an agreement to purchase 49 percent of PT Bank Jasa Jakarta (BJJ) shares on July 1st. The purchase value of the shares reached Rp 3.88 trillion.

"The purpose of this proposed transaction is to develop the business and investment of Sedaya Multi Investama (SMI)," said ASII Corporate Secretary Gita Tiffani Boer in information disclosure on the Indonesia Stock Exchange, on Monday. After the transaction is completed, Astra Financial will own 49.56 percent of the total issued and paid-up capital in BJJ.

Astra's entry as a new BJJ investor follows the steps of its partner, WeLab Sky Limited, who had previously become an investor in the bank. The Hong Kong-based fintech bought 24 percent of BJJ's shares at Rp 3.46 trillion in December 2021. Astra said WeLab also proposed to increase its shares in BJJ to 49.56 percent. It means both Astra Financial and WeLab will be the new controlling shareholders of BJJ upon the completion of this transaction.