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After raising stakes, Emtek Group is in talks to join forces with Grab Indonesia.
On an iPhone screen, the Emtek logo is visualized. DEALSTREETASIA/Ipsita Ray/Graphic
Cindy Silviana contributed to this article.
6th of July, 2021
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Elang Mahkota Teknologi Tbk, or the Emtek Group, an Indonesian media and technology conglomerate, has raised its interest in Grab’s local arm and is now in talks about how the two may work together.
According to a business filing to the Indonesia Stock Exchange (IDX) on Friday, the Emtek Group purchased 311.27 million new shares of PT Grab Teknologi Indonesia (PT GTI) — the official name of Grab’s local unit — for $210 million, amounting to a 3.29 percent ownership in the company.
According to DealStreetAsia, the Emtek Group entered PT GTI’s cap table in April this year by purchasing a minority position in the company. Emtek’s total investment in PT GTI has increased to 5.88 percent of the total paid-up and issued capital as a result of the recent deal. Emtek’s investment is worth $226.91 million, compared to $16.91 million for its previous holdings.
Emtek’s corporate secretary, Titi Maria Rusli, stated in a statement following the stake purchase, “The transaction would support the company’s core business activities and boost the firm’s position as a leading technology and digital corporation in Indonesia and expand its digital ecosystem.”
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