Jakarta, CNBC Indonesia – Emtek’s conglomerate group, PT Elang Mahkota Teknologi Tbk (EMTK) has raised its voice regarding the news that the Sinarmas Group plans to acquire the company’s digital wallet company, DANA.
EMTK’s Corporate Secretary, Titi Maria Rusli, in her explanation to the Indonesia Stock Exchange (IDX), said that the company is always open to exploring potential cooperation with partners or strategic partners.
“Including the Sinarmas Group which can support the company’s business development in the fields of media, technology, and digital. The company will disclose information to the IDX, OJK and the public in accordance with applicable regulations,” said EMTK management, Friday (26/11/2021).
Titi explained, currently there are no other facts that are material and can affect the survival of the company and can affect the company’s share price that has not been disclosed to the public.
Previously, CNBC Indonesia wrote in early August that the Sinarmas Group was reportedly in talks to acquire the digital wallet company DANA from the Emtek Group.
DANA is a digital wallet company founded in 2018. The main investor is PT Elang Sejahtera Mandiri with 49% ownership. Elang Sejahtera Mandiri is a subsidiary of PT Elang Mahkota Teknologi Tbk (EMTK), the parent of the Emtek Group. Meanwhile, the remaining 45% is owned by Ant Financial through API Investment Limited.
The news about this acquisition plan surfaced after Deal Street Asia said that Sinar Mas Group was in talks to acquire local digital wallet DANA according to three sources familiar with the plan.
The source wrote that if this acquisition materializes, the Sinarmas Group will partner with Ant Financial for the DANA business. Ant Financial is one of the unicorns from China known as Alipay, the largest player in the digital payment market in his country.
In addition to investing in DANA, Ant Financial also holds a 13.05% stake in PT Bukalapak.com Tbk (BUKA).
Bukalapak is the first e-commerce platform to be listed on the Indonesia Stock Exchange (IDX) last Friday (6/8) with the largest initial public offering (IPO) fund in BEI history, which is IDR 22 trillion. BUKA, which is also supported by Emtek, offered initial shares at Rp 850/share.
Sinar Mas Managing Director Gandi Sulistiyanto, when confirmed, refused to provide a more detailed answer regarding the Sinarmas Group’s plan to develop a digital wallet business in the country.
“We are not in a position to answer,” he told CNBC Indonesia, Monday (9/8/2021).
At this time, it is also unknown which Sinarmas Group entity will oversee this corporate action plan. However, currently the Sinarmas Group has obtained an electronic money license through Simas Pay which is managed by PT Bank Sinarmas. This is the second electronic money license obtained after previously PT Smartfren Telecom Tbk (FREN) obtained a license for the Uangku product.
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