GIC will spend as much as 3.15 trillion rupiah to acquire about 9 per cent of Bank Jago's enlarged capital through a rights issue slated for March, according to a prospectus filed to the stock exchange by the Jakarta-based bank.
The proceeds from the rights issue will be used to boost Bank Jago's capital to about 8 trillion rupiah, from about 1 trillion rupiah currently. Bank Jago recently entered into a strategic partnership with ride-hailing and digital payment services firm Gojek. Indonesia's financial watchdog OJK is set to outline by the middle of this year how digital banks should operate in the country, Anung Herlianto, its executive director of banking research and regulation, told The Straits Times earlier this month.
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