Indonesian media and technology giant Elang Mahkota Teknologi Tbk, or the Emtek Group, has increased its stake in the Southeast Asian super app Grab’s local unit and is now engaged in discussions on how the two can co-operate.
In a transaction dated June 30, the Emtek Group picked up 311.27 million new shares of PT Grab Teknologi Indonesia (PT GTI) — the legal name of Grab’s local unit — for $210 million, amounting to a 3.29% stake in the company, showed a company filing to the Indonesia Stock Exchange (IDX) on Friday.
The Emtek Group had entered PT GTI’s cap table in April this year with the acquisition of a minority stake in the unit, DealStreetAsia had reported. With the latest deal, Emtek has bolstered its total stake in PT GTI to 5.88% of the total paid-up and issued capital. Emtek’s stake is valued at $226.91 million, compared with a value of $16.91 million for its previous shareholding.
“The transaction will support the main business activities and strengthen the company’s position as a leading technology and digital company in Indonesia and enrich its digital ecosystem,” Titi Maria Rusli, corporate secretary of Emtek, said in a statement following the stake purchase.