Press Release - October 05, 2020

Bank Jago Ready to Issue New Shares to Strengthen Capital

Bank Jago Ready to Issue New Shares to Strengthen Capital Download image

PT Bank Jago Tbk (Bank Jago) held the Extraordinary Shareholders Meeting (RUPSLB) today to request approval for two agenda. First, adjustments to the authorized capital based on the results of the implementation of rights issue phase one and the restatement of the company's articles of association. Second, the plan to increase capital through the issuance of new shares with pre-emptive rights (Rights issue).

“The shareholders have given their approval on both agenda. We really appreciate it, especially regarding the plan to increase capital through the second phase of the rights issue. It shows the shareholders’ high commitment in supporting the bank’s strategy in the future as a technology-based bank embedded in an ecosystem,” said Bank Jago CEO Kharim Siregar.

Bank Jago has completed the first phase of the rights issue in April 2020 worth Rp 1.3 trillion. The proceeds from the issuance of the new shares are used to increase capital, increase business scale, recruit human resources relevant to the bank’s aspiration and investment in technology. The additional capital has also improved Bank Jago to be upgraded to the BUKU II Bank group.

Kharim explained that to in order to have high competitiveness and be able to adapt to changes due to the COVID-19 pandemic, banks are required to continue strengthen capital, increase business scale and build capable technological infrastructure. “Since COVID-19, we have witnessed the acceleration of technology adoption in meeting the needs of everyday life. We certainly want to be a part of the changing life of an increasingly digital society. We are fortunate to have investors who understand completely that technology-based banks need to be strengthened with optimal capital,” he said.

In the RUPSLB, the management explained that the number of new shares to be issued reached as many as three billion shares. As for the detailed information on the time schedule, share ratio, price and target of funds will be submitted after obtaining an effective statement from the regulator.

"The proceeds from the second phase of the rights issue will certainly be used to strengthen the capital structure so that it can meet the minimum bank capital requirement of Rp 3 trillion, finance business expansion, investment in Information Technology infrastructure and human resource development," he said.

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