Sovereign Wealth Fund owned by the Singapore government, GIC Private Limited will become the new shareholder of PT Bank Jago Tbk (ARTO) through a limited public offering scheme through additional capital by providing HMETD (private placement) II.

Such is the addition of the company's brief prospectus published on Friday (26/2). Based on a statement letter regarding the limited public offering II of Bank Jago dated February 9, 2021, GIC stated that it would exercise the Preemptive Rights received from PT Metamorfosis Ekosistem Indonesia (MEI) of 1.086 billion HMETD (Rights) and PT Dompet Karya Anak Bangsa (DKAB) of around 104.800 million Rights.

Furthermore, GIC also stated that GIC had sufficient funds up to a maximum of US$225 million or equivalent to Rp3,150 trillion, assuming US$1 = Rp.14,000.

Taking into account the commitment of GIC and the structure of PMHMETD (private placement) II and by taking into account the exchange rate of the currency prevailing during the trading period, the amount of Rights exercised by GIC is 1.191 billion Rights originating from the transfer of Rights belonging to MEI and DKAB.

Meanwhile, Wealth Track Technology (WTT), the company's controlling shareholder, owns 1.449 billion shares to acquire 400.5 million new shares.

Bank Jago will offer a maximum of 3 billion shares with an exercise price of Rp2,350 per share. Thus, the amount of funds that the company will receive is around Rp7,050 trillion.

Bank Jago will use around 97 percent of the proceeds from this corporate action for business expansion, 2 percent for investment in information technology infrastructure, and the remaining 1 percent for human resources development.

Meanwhile, the exercise schedules are the distribution of Rights on March 9, 2021, the listing of Rights on the IDX on March 10, 2021, trading of Rights and exercising Rights on March 10-17  2021, allotment on March 22, 2021.