JAKARTA - PT Bank Jago Tbk (ARTO) will issue 250 million shares through a management and employee stock ownership program (MESOP). Said number of shares is equal to 1.80% of its issued and paid-up capital post-MESOP, or 13.85 billion shares.

In the information disclosure quoted Wednesday (24/5), this program is expected to raise the management's ownership in the company. The proceeds of this corporate action will be considered as a component of its core capital, which will then be used to expand its business.

The program will be carried out in two stages. The first stage, in June 2023, will involve a maximum of 70% of the total option. Then, stage II will take place no later than June 2024 for the remaining options.

The issued and paid-up capital of ARTO will then increase IDR 25 billion, from IDR 1.38 trillion to IDR 1.41 trillion. As of now, its shareholder structure is made up of PT Metamorfosis Ekosistem Indonesia of 29.28%, PT Dompet Karya Anak Bangsa of 21.02%, Wealth Track Technology Limited of 11.48%, GIC Private Limited of 8.91%, Directors (Arief Harris Tandjung) of 0.33%, public investors of 27.20%, and MESOP shares of 1.77%. (LK/ZH)