JAKARTA. PT Bank Jago Tbk (ARTO) plans to issue 3 billion new shares through a rights issue, to raise funds to increase its minimum capital to Rp 3 trillion.

Astried Anggraini, Corporate Communication of ARTO, said that the plan had been agreed by the company's Extraordinary General Meeting of Shareholders (EGMS) held on Monday (5/10). Previously, at the end of March 2020, the company held a rights issue and managed to raise Rp 1.34 trillion.

"This shows the high commitment of shareholders in supporting the bank's strategic plan in the future, as a technology-based bank embedded in an ecosystem," Anggraini said in a press release received by idnfinancials.com.

However, ARTO's management has not provided an explanation regarding the timing, price of the shares, the ratio and the target for the proceeds from the rights issue that will be held. However, Anggraini confirmed that the proceeds from the rights issue would later be used to finance business expansion, investment in technology infrastructure, and human resource development. (KR/AR)