ARTO flies 5,900%, Jerry Ng is included in the list of the richest Indonesian citizens

            The soaring share price of digital bank PT Bank Jago Tbk (ARTO) has made veteran entrepreneur and banker Jerry Ng among the 50 richest people in Indonesia according to Forbes in 2021. According to Forbes, Jerry Ng is ranked as the 12th richest person in the country in 2021 with a net worth of US$3.2 billion or equivalent to Rp45.92 trillion (assuming an exchange rate of Rp14,350/US$).

            According to Forbes’ explanation, the 56-year-old man’s coffers of wealth came from ownership of shares in Bank Jago. Jerry Ng and his colleagues officially acquired Bank Jago (formerly Bank Artos Indonesia) from the Arto Hardy family on December 26, 2019. This acquisition was carried out by Jerry through PT Metamorfosis Ekosistem Indonesia (MEI). Apart from Jerry, his colleague, Patrick Walujo, also entered ARTO through Wealth Track Technology Ltd (WTT), an investment company based in Hong Kong.

            The ride-hailing giant, Gojek, through PT Dompet Karya Anak Bangsa, has also become part of ARTO’s shareholder with 21.404% ownership since December 2020. Since it was officially controlled by Jerry Ng et al, ARTO’s share price has skyrocketed 5,955.66% to Rp16,775/unit as of Friday (4/2/2022). With this fantastic price spike, ARTO shares are now in the top 5 stocks with the largest market cap, reaching Rp232.09 trillion. Practically, ARTO’s shares are currently one level above the conglomerate Astra group PT Astra International Tbk (ASII) with a market cap of Rp221.65 trillion.

Feb 04, 2022, CNBC Indonesia