With IDR 422 Billion, Investree Officially Becomes New Investor of Bank Amar
Fintech company Investree Singapore Pte Ltd (Investree) has officially become a shareholder of the digital bank issuer, PT Bank Amar Indonesia Tbk (AMAR).
Based on the announcement made by the Director of Investree, Adrian Asharyanto, the company has purchased 10.9% stake in Bank Amar from the Tolaram Group.
The share purchase transaction was carried out on June 7, 2022 with an exercise price of IDR 280 per share. As a result, Investree spent IDR 422.02 billion.
“The purpose of the transaction is for investment purposes with direct share ownership status,” said Adrian, in his official statement, Thursday (9/6).
The purchase of shares by Investree is smaller than the original plan, which is 18.4% of Bank Amar’s shares owned by Tolaram Group Inc. as the controller.
The plan to enter Investree as a new investor in the bank codenamed AMAR was previously agreed upon in the signing of the share purchase transaction agreement between the two parties.
Investree Singapore is the parent group for financial technology (fintech) lending platforms in Southeast Asia for the micro, small and medium enterprise (MSME) segment.
The Investree Group also operates in Indonesia, under PT Investree Radhika Jaya (Investree). Tolaram Group’s share ownership will be diluted to 55% from the previous 60.38% stake.
Amar Bank Plans
Amar Bank also plans to increase capital with a pre-emptive rights (HMETD) scheme or rights issue. The company will issue a maximum of 3.59 billion new shares or 20.6% of the company’s current issued and fully paid capital.
Based on the prospectus released, the company set the nominal value of the rights issue at IDR 100 per share. Where every owner of 100 old shares of the company will get 26 Rights. Through this rights issue, the company targets to obtain fresh funds of IDR 1 trillion.
Meanwhile, Tolaram Group Inc. (Tolaram) as the main shareholder as well as the controlling shareholder owns 7.6 billion shares, and has the right to acquire 1.97 billion new shares.
Based on the statement of commitment in the rights issue of Bank Amar Indonesia on May 17, 2022, Tolaram will exercise all Preemptive Rights following Tolaram’s share ownership in the company.
If the shares offered in the rights issue are not entirely taken by the shareholders or holders of Preemptive Rights, the remainder will be allocated to other HMETD shareholders who subscribed to more than their rights as stated in the certificate of evidence.
“And if after the allocation of additional share subscriptions, there are still remaining shares, Tolaram will buy all the remaining shares a maximum of 2.18 billion shares with an exercise price of IDR 280 per share with a maximum value of IDR 612.76 billion,” the prospectus continued.
It is planned that the proceeds from the rights issue will be used to strengthen the capital structure and as additional working capital for the Company in the context of providing loans to customers which will be realized in stages.
Investree Distributes Loans through the eFishery Ecosystem
The joint funding financial technology platform (P2P lending) PT Investree Radhika Jaya (Investree) continues its commitment to encourage Indonesia’s marine and fisheries potential through lending to MSMEs in the eFishery ecosystem.
For almost two years in collaboration with the aquaculture startup, Investree managed to channel financing of Rp. 122.2 billion to 1,406 MSME farmers spread across the country as of May 2022.
Investree’s Chief Sales Officer, Salman Baharuddin, said that this collaboration started with Investree’s goal of increasing access to capital and reaching MSMEs from a unique sector and thick with the nuances of Indonesia as a maritime country.
In addition, Investree also actively participates in events held with partners to reach more MSME farmers. One of them, the Fisheries Millennials Startup Expo 2022, which was held by the Ministry of Marine Affairs and Fisheries on 30-31 May 2022, and participated in celebrating World Oceans Day 2022.
Through collaboration with eFishery, Investree disburses loans to eFishery partners including cultivators, agents, and business-to-business (B2B) consumers.