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Deepti Sri · · 1 min readGrab buys 4% stake in Indonesian conglomerate Emtek for $274m, source says
“Singapore-based ride-hailing company Grab has bought a stake in Indonesian technology and media conglomerate Emtek, a signal that their digital payment firms – Ovo and Dana – may be merged,” The Straits Times reported, citing a person who helped with the transaction.
Details:
- Grab reportedly bought a 4% stake valued at over 4 trillion rupiah (US$274 million) in a private placement sale of Emtek shares. However, Grab didn’t respond to Tech in Asia’s query regarding the transaction.
- The report also states that Grab made the purchase via H Holdings. Proceeds from the transaction will be used to to expand Emtek’s business and help fund daily operations.
Context:
- After the share sale, the ownership stake of Emtek’s founder, Eddy Sariaatmadja, was diluted to 22.96% from 24.9%.
- Earlier this month, South Korean online platform Naver invested US$150 million in Emtek as it seeks new growth opportunities in Indonesia and the rest of Southeast Asia.
Edited by Collin Furtado
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