By Fransiska Nangoy
A successful transaction could become the biggest acquisition of an Indonesian firm on record.
Danamon’s shares rose 16.7 percent in early trade on Wednesday to 7,000 rupiah per share.
Indonesian laws restrict share ownership in the country’s banks by a single entity to 40%. However, approvals for a majority stake may be granted on a case-by-case basis.
The announcement comes barely two months after JustCo closed a Series B funding from Thailand’s largest property developer, Sansiri.
The new company, called PT Surya Internusa Timur (SIT), has an initial registered capital of $15 million.
Under the new deal, Inalum will seek to acquire London-based Rio Tinto Group’s joint venture interest in Grasberg by March.
Grab and Ovo have another common link: The Riady family. The Riady family, which owns the Lippo Group, has invested in Grab through Venturra.
It acquired Kartuku, Midtrans and Mapan marking the largest exit in Indonesia’s nascent startup ecosystem so far.
PT Samudera JWD Logistics is a JV between Thai listed JWD InfoLogistics and Indonesia’s shipping group PT Samudera Indonesia Tbk.
The latest developments in the consumer internet space in Indonesia has seen ride-hailing transportation app Grab and its Indonesian unit Kudo form a strategic partnership with mobile payment and transaction app PayTren to further penetrate the country’s middle-class market segment, while digital solutions provider M Cash Integrasi has launched a partnership program… Read more »