Singapore's SWF Reduces Shareholding In Bank Jago Owned By Conglomerates Jerry Ng And Patrick Walujo, Why?

Illustration. (Photo: Doc. Antara)

JAKARTA - Sovereign Wealth Fund from Singapore GIC Private Limited has reduced its share ownership in PT Bank Jago Tbk (ARTO). GIC sold 2.07 million shares of Bank Jago and released it to the market on Monday, May 23.

The sale was made when ARTO's share price plummeted this year. Based on data, ARTO's share price has fallen by 32 percent throughout May 2022 from IDR 11.650 to IDR 7.900 at the close, Tuesday, May 24. Meanwhile, year to date (ytd) ARTO's shares have fallen 50.6 percent from IDR 16.000 to IDR 7.900.

In GIC's official announcement on the Indonesia Stock Exchange (IDX) website, it was stated that with the sale, GIC's share ownership in Bank Jago was reduced from 1.278.260.418 to 1.276.184.518 shares. The percentage of ownership also decreased from 9.23 percent to 9.21 percent.

For information, Bank Jago's shareholders consist of PT Mefamofosis owned by conglomerate Jerry Ng as the owner of 29.806 percent of ARTO's shares. The rest is controlled by Swallow Track Technology with 11.686 percent shares, PT Dompet Karya Anak with 21.404 percent, and GIC Private Ltd with 9.23 percent shares.

Previously, GIC became a shareholder of Bank Jago through the Capital Increase Scheme by Giving Pre-emptive Rights II or rights issue in February 2021. At that time, the company spent around IDR 3.15 trillion to execute the Pre-emptive Rights of 1.19 billion shares.