Jakarta, CNBC Indonesia – Media issuer of the Emtek Group owned by the Sariatmadja family, PT Elang Mahkota Teknologi Tbk (EMTK) injected PT Grab Teknologi Indonesia (GTI) worth Rp. 3.08 trillion or equivalent to US$ 210 million through the issuance of new GTI shares totaling 311.27 million shares.
Grab Teknologi Indonesia is an application company that manages GrabCar, GrabBike, GrabFood, GrabMart, Wholesale Services, GrabFresh, Grab for Business, GrabHealth, and Indonesia Bus Marketplace.
In the disclosure of information on the Indonesia Stock Exchange (IDX), the transaction will be carried out on June 30, 2021 with a nominal value of IDR 1,000 per share.
The company previously owned 244.57 million shares or Rp 244.57 billion or equivalent to Rp 2.68% of the paid-up and issued capital of PT GTI or 2.59% after the share placement.
“After the share placement, the company owns 5.88% of the total paid-up capital and is placed in PT GTI,” wrote Emtek’s Corporate Secretary, Titi Maria Rusli, quoted on Friday (2/7/2021).
Emtek’s management explained that the consideration for this transaction was to support main business activities and strengthen the company’s position as a technology and digital company and enrich its digital ecosystem.
Meanwhile, the effect of the transaction on the financial condition, the placement of these shares will reduce the amount of cash and cash equivalents of the company. However, this transaction will increase the company’s long-term investment.
This transaction value is equivalent to 24.9% of the company’s total equity, referring to the audited financial statements ending December 31, 2020.
Not only that, this transaction also received a fair assessment from KJPP FAST on June 25, 2021. The transaction value is still within the upper and lower limits of 7.5% of the market value of the share placement, which is normal for the company.
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