This Bank Owned By Conglomerate Eka Tjipta Widjaja Will Invest IDR 359.53 Billion In DANA Digital Wallet

JAKARTA - Eka Tjipta Widjaja's banking conglomerate PT Bank Sinarmas Tbk (BSIM) plans to invest in PT Elang Andalan Nusantara, whose subsidiary is operated by digital wallet application provider DANA.

In an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Friday, March 4, the Board of Directors of Bank Sinarmas stated that the company had signed a conditional agreement for the investment plan by preparing 25 million US dollars or IDR 359.53 billion on Monday, 28 February.

"The investment plan can take place after the company gets investment approval from the relevant competent authorities," explained the Board of Directors of Bank Sinarmas.

The Board of Directors added that this investment plan was carried out as part of a digital business development collaboration. Meanwhile, management emphasizes that the plan will have no impact on the operational activities, law, financial condition or business continuity of the issuer or public company.

"This strategic collaboration is expected to have a positive impact on the development of the digital ecosystem and support the company's long-term business strategy," said the management of Bank Sinarmas.

On the same date, Monday 28 February, PT Dian Swastatika Sentosa Tbk (DSSA) also submitted an investment plan by the company's indirect subsidiary, PT DSST Dana Gemilang (DSST). In which, DSST has signed a conditional agreement to invest in PT Elang Andalan Nusantara, whose subsidiary operates DANA with an exercise price of a total investment plan of US$200 million or around IDR 2.87 trillion.

DSSA management stated that the completion of the investment plan will depend on the fulfillment of preliminary conditions. Upon completion of the investment plan, DSST will become one of the largest shareholders in DANA.