Indonesia’s Kresna to acquire stakes in Singapore-based DominoPos, MDAQ

President director Kresna Michael Steven.Photo from company website

Indonesia’s investment company, PT Kresna Graha Investama Tbk (KREN) is in the process of investing in Singapore based DominoPos Pte Ltd, a software development for mobile payment & CRM domain firm and MDAQ Pte Ltd, a financial technology firm, said a company official late Thursday.

Michael Steven, president director of Kresna said, the company will acquire some shares of DominoPos and MDAQ. He declined to disclose the funding outlay for both the deals because the legal process is still being carried out.

“The potential amount of shares to be purchased is about 20 per cent or below it,” Michael said.

He said MDAQ technology can be used in the capital market. Their technology allows foreign investors who want to invest in Indonesia capital market to directly buy shares in a different currency.

According to him, the Australian Stock Exchange (ASX) has been using this technology. KREN management will offer this technology to the Indonesia Stock Exchange (IDX), he added.

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The process of acquisition of shares in the two companies is likely to be completed within the next two months. He expects the business start-up to bomost the company’s performance in the long term.

Recently, KREN acquired the local e-commerce company, called PT Artha Digital Media (DAM), which engages in payment solution.

Currently, Kresna has two subsidiaries in the field of financial services, namely PT Kresna Securities and PT Kresna Asset Management. 

Previously, John Suryandi, managing director of Kresna, said that Kresna’s cash and cash equivalents are considered sufficient to fund the shares purchase. To fund the plan, the company would launch rights issue, convertible bond and other means.

As of end June 2015, Kresna’s cash and cash equivalents amounted to Rp63.74 billion. Kresna has also established a subsidiary called PT Kresna Usaha Kreatif, that will engage in creative business including managing the group’s e-commerce business.

Steven said that the group has mandated PT Kresna Securities to prepare initial public offering (IPO) of two subsidiaries PT Kresna Life Insurance & Pension Fund and PT Kresna Usaha Kreatif.

The company mulls a plan to offer 20 per cent to 30 per cent shares to the public through IPO.He said the IPO is targeted to be realized in the fourth quarter of 2015, or no later than the first quarter of 2016.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.