Two Indonesian businessmen, Patrick Walujo and Jerry Ng, are reportedly to acquiring 51% shares of Bank Artos Indonesia (ARTO) from the existing shareholders Hardy family. Based on the prospectus released today (Aug 22), both of them will absorb the share through rights issues program.

Ng, former of Bank Tabungan Pensiunan Nasional (BTPN), will enter the bank through PT Metamorphosis Ecosystem Indonesia (MEI) and will owns 37.65% stake. While, the famous fund manager in the country, Walujo, will have 35% stake of the lender through WTT, a Hong Kong-based investment company.

In the announcement, three existing shareholders of Bank Artos, Arto Hardy, William Arto Hardy and Sinatra Arto planned to releases their shares via rights issue. Currently, Hardy family owned 80% of the bank shares and public holds 20%.