Indonesia-focused online consumer finance platform Akulaku Inc. bought an 8.9% stake in PT Bank Yudha Bhakti Tbk from the bank's controlling shareholder, PT Gozco Capital, for 158 billion rupiah, DealStreetAsia reported March 22, citing local media reports.
Following the sale, Gozco Capital's stake in the bank dropped to 33.26% from 42.16%.
Akulaku plans to invest a total of 500 billion rupiah in Bank Yudha Bhakti in stages. It will serve as a standby buyer in the bank's planned rights issue in May.
As of March 22, US$1 was equivalent to 14,204 Indonesian rupiah.