JAKARTA. Jerry Ng and Patrick Walujo will officially become the controlling shareholders of PT Bank Artos Indonesia Tbk (ARTO) following their acquisition of 50% of the bank's shares through a rights issue.
According to the company's prospectus, after the rights issue Arto Hardy's ownership will be diluted from 39.51% to 24.5% while Sinatra Arto Hardy's and William Arto Hardy's stakes will each decrease from 13.5% to 1.5%.
Mr Ng will officially acquire a 37.65% stake in the bank through PT Metamorfosis Ekosistem Indonesia (MEI), while Mr Walujo will acquire a 13.35% stake through Hong Kong-based investment firm WTT. Both Mr Ng and Mr Walujo have been involved in several mergers and acquisitions.
In an acquisition design summary document published on Thursday (22/8), ARTO's management stated that MEI and WTT will take over 51% of the company's shares from the Arto Hardy family.
MEI, a management consulting company, was established in 2014 and starting from September 2, 2019 Mr Ng will become the company's majority shareholder with a 76.36% stake. Meanwhile, WTT is a Hong Kong-registered investment firm whose primary shareholder is Ares Wonder Group (AWG), an investment firm registered in Cayman Islands, an offshore tax haven, and controlled by Patrick Waluyo, who also founded and manages the Northstar Group.
A prominent banker, Mr Ng previously headed Bank Tabungan Pensiunan Nasional (BTPN) as its CEO for a decade, during which he successfully brought the bank's total asset value to surge 10 times higher.
Mr Waluyo had stints as an investment banker at Goldman Sachs & Co as well as an associate at Ernst & Young and is the founder of the Northstar Grooup, a private equity firm whose total managed assets are valued at US$ 2 billion and whose investments are valued at more than US$ 2.8 billion in Southeast Asia. He is also registered as a commissioner at PT Duta Intidaya Tbk and PT Delta Dunia Makmur Tbk. (AM/MS)