Akulaku Immediately Own 20% of Bank Yudha Bhakti Shares

Startups Akulaku will control 20,11% of Bank Yudha Bhakti (BBYB) shares in stages. The company recently increased its share portion to 13,06% from before Present in several = 8,95%.

Quoted from Bisnis.com, Corporate Secretary of Bank Yudha Bhakti Andriyana Muchyana explained, Akulaku entered through the purchase of shares of PT Gozco Capital which originally controlled 41,04% of Bank Yudha Bhakti's shares.

"There's an agreement that was bought through secondary market and through rights issue," he explained.

Based on information disclosure on the Indonesia Stock Exchange, Gozco Capital released 320,43 million shares at a price of IDR 338 per share on April 30, 2019. After the corporate action, Gozco Capital's share ownership in Bank Yudha Bhakti became 28,24%.

Furthermore, Akulaku will continue to increase its share ownership by becoming a standby buyer for the Limited Public Offering II (PUT II) which the company will soon hold at the end of this month.

The company issued 499,6 million new shares at a price of IDR 100 per share. The total value obtained by the company from this action is IDR 168,86 billion. Akulaku will absorb all of these new shares, so that later share ownership will become 20,11%. Other shareholders who do not take their shares in accordance with their HMETD will be diluted by 8,11%.

As of April 30, 2019, the share ownership structure in the Bank consisted of Gozco Capital (28,24%), Asabri (21,91%), Adisarana Wanartha Life Insurance (5,45%), the rest was owned by the public with ownership of less than 5% as much as 31,34%.

Akulaku itself has been committed since the beginning to increase the bank's core capital up to IDR 500 billion this year, gradually through a number of actions rights issue held by Bank Yudha Bhakti.

After PUT II is completed, at the Extraordinary General Meeting of Shareholders (EGMS) the company will seek permission to issue new shares through PUT III. Most likely, Akulaku will re-enter as a standby buyer in order to realize this ambition.

In line with the addition of fresh capital, the company is optimistic that it can upgrade to a BUKU II bank with a core capital of Rp. 1 trillion to Rp. 5 trillion. From the company's publication in March 2019, the company has a core capital of IDR 502,91 billion.

Akulaku according to Startup Report 2018 has a valuation of over $500 million (over 7 trillion Rupiah) following the news of Alibaba's Series D funding earlier this year. Akulaku recently launched a product peer-to-peer lending affiliated with name my assets.