Akulaku to Acquire 20% of Bank Yudha Bhakti Shares

Akulaku fintech lending startup is to make gradual acquisition of over 20.11% of Bank Yudha Bhakti (BBYB) shares. The company just increased the stock to 13.06% from Present in several = 8.95%.

Quoted from Bisnis.com, Andriyana Muchyana as Bank Yudha Bhakti's Corporate Secretary said, Akulaku entered through the purchase of PT Gozco Capital which previously held 41.04% of Bank Yudha Bhakti shares.

"There are agreements through secondary market and rights issue," she added.

Based on the Indonesian Stock Exchange, Gozco Capital sold 320.43 million with Rp338 per share in 30 April 2019. After the corporate action, Gozco Capital stock in Bank Yudha Bhakti has risen to 28.24%.

Furthermore, Akulaku will continue to scale up the stock by going steadily for Limited Public Offering II (LPO) at the end of this month.

The company updated stock to 499.6 million worth IDR 100 per share. The action is worth IDR 168.86 billion. Akulaku is to collect it all to make 20.11% total shares. Other shareholders who are not claimed to have pre-emptive rights will be disillusioned by 8.11%.

As of April 30, 2019, the shareholders structure for Bank consisted of Gozco Capital (28.24%), Asabri (21.91%), Adisarana Wanartha Life Insurance (5.45%), and public for less than 5%, at 31.34%.

Akulaku has claimed its commitment to add up to the core capital up to IDR 500 billion this year, through some rights issue in gradual by Bank Yudha Bhakti.

After the LPO II, the company will ask for fresh stock through LPO III in the Annual General Meeting of Shareholders (EGMS). Akulaku has a big potential to enter as a steady buyer for its ambition.

Along with the fresh fund, the company is confident to take it to the next level with Rp 1 trillion to Rp 5 trillion core capital. From the company's publication in March 2019, they have Rp502.91 billion.

Akulakubased on Startup Report 2018, has over $500 million (more than 7 trillion Rupiah) after the Series D funding from Alibaba in early this year. Akulaku is said to launch a peer-to-peer lending product called my assets.

-Original article is in Indonesian, translated by Kristin Siagian