Indonesia: Bank Jago Eyes BFI Finance Shares?
Apr 16, 2021
The Insiders Stories
PT BFI Finance Indonesia Tbk (IDX: BFIN), not clarified the plans of local lender PT Bank Jago Tbk (IDX: ARTO) to acquire the company shares - Photo by World Economic Forum
JAKARTA (TheInsiderStories) – Publicly listed firm, PT BFI Finance Indonesia Tbk (IDX: BFIN), not clarified the plans of local lender PT Bank Jago Tbk (IDX: ARTO) to acquire the company shares. Recently, the digital bank backed by an unicorn, GoJek, and Singapore’ GIC, is reported eyeing the leasing company. “We cannot clarify the truth of the news,” said director of the issuer, Sudjono, in a disclosure information released today (04/16). BFI Finance is affiliated of Trinugraha Capital & Co., the company owned by Northstar Pacific, which is controlled by Patrick Walujo, together with senior banker, Jerry Ng and Thohir family. The consortium entered the financial company in 2011 under a consortium led by Garibaldi ‘Boy’ Thohir. The transaction values was Rp1.44 trillion (US$98.63 million) at that time. Last year, the Italian investment bank, Compass Banca CSpA and Star Finance S.R.L. has announced to bought 19.9 percent of the company shares. However, in May 4, 2020, the plans has aborted due to the COVID-19 pandemic which had an impact the unit of Mediobanca SpA’ businesses. Given these considerations, Compass and the Trinugraha consortium agreed to end the deal has been signed in August 2018. Since 2017, the three parties aimed to sell 43 percent stakes of BFI Finance . The value of the transaction is estimated more than Rp3.0 trillion, and has attracted interest from a number of potential investors from Japan, South Korea, and Europe. BFI Finance is an independent multi-finance company, specializing in credit for automotive, motorcycle and heavy equipment. This particular transaction is Thohir’ second investment, after founding PT Wahana Ottomitra Multiartha, widely known as PT WOM Finance Tbk (IDX: WOMF), in 1997. Thohir’ strong interest in the leasing firm is encouraged by promising macro-economy prospects of the consumer financing industry in Indonesia. At the moment, BFI Finance is being operated by an experienced management team, and happens to be the largest independent player in this sector. Thohir expects his long experience in this sector may yield his best contribution to the company. “Boy” Thohir is the President Director of PT Adaro Energy Tbk (IDX: ADRO), an Indonesia’ second-largest coal mining firm. He also serves as President Director of PT Trinugraha Thohir, President Director of PT Surya Eka Perkasa Tbk (IDX: ESSA), President Director of PT Padangbara Sukses Makmur and President Commissioner of PT Wahana Ottomitra Multiartha Tbk (IDX: WOMF). While, Walujo and Ng also hold Bank Jago shares through GoJek. Both are famous banker and has lot of experienced “do a deals” in Indonesia and global market. US$1: Rp14,600