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Ajaib Snags 24% Shares of Bank Bumi Artha, Entering the Digital Bank Business

The acquisition value has reached Rp746 billion, equivalent to 554.4 million shares

Corry Anestia - 23 November 2021

Ajaib signals to enter digital banking, following the steps of several large startups, such as Gojek and Akulaku. The recently labeled unicorn officially acquired 24% shares of PT Bank Bumi Arta Tbk (IDX: BNBA) for IDR 746 billion.

Based on the Indonesia Stock Exchange (IDX) disclosure, PT Takjub Finansial Teknologi (Ajaib) snags 554.4 million shares of Bank Bumi Arta at Rp1,345 per share. This transaction has been completed on November 17, 2021.

In its 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, diluting its ownership from 45.45% to 33.5%.

Moreover, Ajaib snags 166.32 million shares of Dana Graha Agung, from previously 630 million or 27.27% to 20.1% Meanwhile, Budiman Kencana Lestaro's shares were purchased for 110.8 million, making its ownership at 13.4% from 18.18%.

Following Gojek and Akulaku

There has been no further statement, either from Ajaib or Bank Bumi Arta, regarding the post-acquisition plan. However, looking at other's past corporate actions, Ajaib seems to be entering the digital banking business as many of giant startups has done, such as Gojek and Akulaku.

Gojek bought Bank Jago shares, while Akulaku entered Bank Neo Commerce. Both of these banks started as small banks, which were then 'transformed' by changing its 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 and bank guarantees.

ParentAcquisition/SubsidiaryTransformation
Sea GroupBank Kesejahteraan EkonomiSeabank
CT GroupBank Harda InternasionalAllo Bank
EMTEKBank FamaN/A
KredivoBank Bisnis InternasionalN/A
On the other hand, this corporate action also indicates the efforts of other companies speeding up to pursue core capital obligations of IDR 2 trillion by the end of this year as stated in POJK regulation No. 12.
Original article is in Indonesian, translated by Kristin Siagian
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