Magical Acquires 24% Shares of Bank Bumi Arta, Signal Enters Digital Bank Business

Ajaib gave the signal to enter digital banking, as has been done by a number of large startups, such as Gojek and Akulaku. New startups get a degree unicorn officially acquired 24% shares of PT Bank Bumi Arta Tbk (IDX: BNBA) for IDR 746 billion.

Based on information disclosure on the Indonesia Stock Exchange (IDX), PT Takjub Finansial Teknologi (Ajaib) annexed 554,4 million shares of Bank Bumi Arta at a price of Rp1.345 per share. This purchase transaction was carried out on November 17, 2021.

In a statement, Ajaib acquired Bank Bumi Arta shares through PT Surya Husada Investment, PT Dana Graha Agung, and PT Budiman Kencana Lestari. In detail, Ajaib bought 277,2 million shares of Surya Husada so that its ownership was diluted from 45,45% to 33,5%.

Then, Ajaib annexed 166,32 million shares of Dana Graha Agung from the previous 630 million or 27,27% so that its ownership became 20,1% Meanwhile, Budiman Kencana Lestaro's shares were purchased for 110,8 million so that his ownership now becomes 13,4% from 18,18 .XNUMX%.

Follow the trail Gojek and Akulaku

There has been no further statement, either from Magic or Bank Bumi Arta, regarding the post-acquisition plan. However, if you look at past corporate actions, it seems that Ajaib will enter the realm of digital banking as has been done by a number of giant startups, such as Gojek and Akulaku.

Gojek buy shares of Bank Jago, meanwhile Akulaku Enter Bank Neo Commerce. Both of these banks both started as small banks, which were then 'conjured up' by changing their identities.

With Ajaib's position as a mutual fund and equity investment platform, this corporate action allows the company to increase the scalability of its services in Indonesia. Bank Bumi Arta is known to be a bank that offers business and consumer financing to bank guarantees.

On the other hand, this corporate action also indicates the efforts of other companies that are speeding up to pursue a core capital obligation of IDR 2 trillion by the end of this year as stated in POJK No. 12.