Grab Caplok 4 Percent Shares Emtek, OVO and DANA Will Merger?

SINGAPORE, KOMPAS.com – On demand transportation service providers from Singapore, Grab, was reported to have bought shares of PT Elang Mahkota Teknologi Tbk (Emtek).

Reporting from The Straits Times, Thursday (15/4/2021), the corporate action was a sign of a merger from the payment service companies of the two parties, namely OVO and DANA.

A source from The Straits Times said that Grab acquired around 4 percent of Emtek’s shares, with a valuation of IDR 4 trillion.

Also read: Going to IPO on the US Stock Exchange, CEO Grab: This is Proving that SuperApp’s Strategy is Working

Softbank reportedly supports Grab in the process of buying shares of the media and technology conglomerate.

For information, previously on April 5, Emtek just announced that it had completed funding of US $ 9.3 billion with a private placement scheme.

The investors are South Korean search technology company Naver Corporation and investment company H Holdings Inc. Both are currently estimated to own 8.4 percent of the total capital owned by Emtek.

“Grab buy via H Holdings,” said a source in The Straits Times who declined to be named.

Emtek in his explanation to the Indonesia Stock Exchange said that the purchase of shares with a private placement scheme would be used to develop the business and finance the company’s daily operations.

Also read: Now Paying SPP Money Can Use OVO, Here’s How

After private placement In the meantime, Emtek’s major shareholder experienced a dilution of share ownership value. For example, the share ownership of Emtek founder Eddy

Sariaatmadja slumped to 22.96 percent from 24.9 percent previously.
To note, the issue of the merger between OVO and DANA has been blowing since last September 2019. When it was reported, second digital wallet is currently in negotiation to reach a merger agreement.

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