Entered the 10 Richest Indonesian People, It Turns Out This is the Source of the Treasure of Jerry Ng

Jakarta, CNBC Indonesia – Seasoned entrepreneur and banker Jerry Ng will be included in the Forbes 10 richest people in Indonesia by 2021. He is a newcomer to last year’s Forbes 10 richest people.

According to the latest Forbes report, Jerry Ng, who was previously ranked 44th as the richest person in Indonesia, is now advancing to 7th with a net worth of US $ 2.5 billion or the equivalent of Rp.35 trillion (exchange rate of Rp.14,000 / US $ 0 per April. 2021, a rapid increase from the September 2020 net worth of US $ 600 million or equivalent to Rp.8.4 trillion.

Jerry’s wealth in 2021, even beats the entrepreneur and founder of the Saratoga Group, Edwin Soeyadjaya with a net worth of US $ 580 million and founder of Medco Energi, Arifin Panigoro with a net worth of US $ 550 million.


So, where did the coffers of the former President Director of PT Bank BTPN Tbk (BTPN) come from?

Jerry Ng’s biggest source of wealth comes from Bank Jago (ARTO). He is the founder as well as the largest shareholder in the bank. Bank Jago’s share price has increased from Rp. 100 to Rp. 10,000 in a sector since the former Artos Bank company announced that it is implementing the neo bank (pure digital bank) concept.

Since last year, the shares of the issuer, which were acquired by Jerry Ng and Patrick Walujo, have continued to climb, especially since the beginning of this year.

Jerry entered ARTO through PT Metamorfosis Ekosistem Indonesia (MEI).

Apart from Jerry, his colleague, Patrick Walujo, entered through Wealth Track Technology Ltd (WTT), a Hong Kong-based investment company that controls 13.35%. Total of both. controlling Bank Jago by 51%.

Jerry and a number of parties acquired Bank Artos through MEI officially on December 26, 2019, as revealed in the IDX disclosure.

MEI acquired 454.15 million ARTO shares at a price of IDR 395 / share. The acquisition value is equivalent to Rp 179.39 billion. After the transaction, MEI owned 37.65% of shares in Bank Artos, before changing its name to Bank Jago in June 2020.

Then, in April 2020, Bank Jago completed the implementation of the issuance of new shares with Pre-emptive Rights (HMETD) or rights issue with a target fund of Rp 1.34 trillion. MEI increased the number of share ownership in ARTO by buying at a price of Rp 139 / share.

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Most recently, at the end of last March, MEI and WTT increased the company’s share ownership but the percentage of ownership shrank or was diluted.

In an announcement made by the Director of MEI, Anika Faisal, MEI bought 42.60 million shares of Bank Jago at a price of Rp 2,350 per share. This transaction value reached IDR 100.11 billion and was carried out on March 12, 2021.

With the purchase of these shares, the percentage of MEI’s share ownership in Bank Jago increased to 4,129,978,125 shares or the equivalent of 29.81% from the previous 4,087,378,125 shares or 37.65%.

Just an illustration, Bank Jago is a bank that focuses entirely on being a digital bank. Previously, this bank was established in Bandung under the name Bank Artos. Then, in 2019, Bank Artos was acquired by WTT and Jerry Ng through MEI and changed its name to Bank Jago.

Then, Gojek through PT Dompet Karya Anak Bangsa, also becomes a shareholder of the company with an ownership of 22.16%.

Meanwhile, ARTO listed its initial shares on the Indonesia Stock Exchange on January 12, 2016 with an IPO price of IDR 132 per share.

Jerry Ng is not a new name, both of them have been poor across the national financial industry and even abroad.

Jerry previously headed BTPN as managing director for a decade and managed to increase the bank’s total assets to 10 times

However, he decided not to continue his career at BTPN after the bank merged with PT Bank Sumitomo Mitsui Indonesia.

In 2003, Jerry also had a career at Bank Danamon but left in September 2007. He was also noted to have worked at PT Bank Central Asia Tbk and the Astra Group. He has held a number of important positions such as Deputy President Director at PT Bank Universal, President Director at PT Federal International Finance (FIF), and a Commissioner at PT Astra Colonial Mutual Group Life.

[Gambas:Video CNBC]

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