Friday, January 21, 2022

Updated-1 Bukalapak, Grab unit between firms buying digital banking rights to Indonesia

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(Corrects paragraph 2 to remove the incorrect link about Traveloka involved in the rights issue)

JAKARTA, Jan. 5 (Xinhua) – Indonesian e-commerce firm Bukalapak.com and conglomerate Salim Group will subscribe to issue 4.8 trillion rupees ($ 335.55 million) of rights planned by digital lender Allo Bank to be launched next week. , said the bank.

Carro Automotive Market, a subsidiary of Grab and food delivery firm, and Growtheum Capital Partners will also be involved in the rights issue, the companies said in a joint statement with other investors and Allo Bank on Wednesday.

Allo Bank, which is controlled by Indonesian tycoon Chairul Tanjung, plans to sell a portion of its more than 10 billion shares for 478 rupees on Jan. 13-19, according to an Allo Bank rights issue prospectus presented to the stock exchange on Monday.

Tanjung’s Mega Corpora will raise its capital to the bank by Rs 1.3 trillion by issuing the rights, according to the prospectus, Bukalapak.com has agreed to buy Mega Corpora’s preferential rights for Rs 1.2 trillion, Salim Group’s Indolife Investama Perkasa and buys. 623 billion rupees worth of shares.

Mega Corpora has also sold its rights to Abadi Investments, H Holdings, Trusty Cars and CT Corpora.

In a joint statement, the companies did not disclose the size of each investment. Allo Bank’s fixed capital will exceed Rs 6 trillion after the rights are granted, the statement said.

They noted that the ecosystems of the companies involved give Allo Bank access to customers and merchants in retail, trade, shipping and delivery, travel and cars.

Allo Bank received a digital banking license last year and the number of digital lenders is growing, including the country’s largest creditors, Bank Central Asia and Bank Rakyat Indonesia’s digital units, as well as GoTo’s Bank Jago technology firm, fintech AkuLaku’s Bank Neo. Trade and Sea’s SeaBank Indonesia based in Singapore.

Southeast Asia is one of the fastest growing internet markets in the world, according to a report by Alphabet’s Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company. ($ 1 = 14,305,0000 rupees) (Interview with Gayatri Surayo, edited by Ed Davies)

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