JAKARTA - The management of PT Elang Mahkota Teknologi Tbk (EMTK) mentioned the entry of Grab Holding Inc. (Grab) as a shareholder of the company can create investment opportunities. Grab's participation in this company is expressed in the form of investment through its affiliated company, Holding Inc.
Joining Grab as an issuer with the EMTK stock code is also in line with their business interests in the digital ecosystem in Indonesia. The corporate action of increasing capital without pre-emptive rights (PMTHMETD) or EMTK private placement is Grab's entry into the company owned by conglomerate Eddy Kusnadi Sariaatmadja.
Corporate Secretary of Elang Mahkota Teknologi, Titi Maria Rusli said that EMTK and Grab are investing a lot in the development of the digital ecosystem in Indonesia. Together with Grab, EMTK has also discussed several times to develop new business opportunities.
"When the company decided to issue shares to get additional capital to develop its business in the digital, media and health service sectors, Grab expressed its interest in participating, which was eventually realized through investment by H Holdings Inc.", said Titi, quoted in an information disclosure at the page of the Indonesia Stock Exchange (IDX), quoted on Wednesday, April 21.
Through this private placement, Holding Inc. entered as EMTK's new investor with Naver Corporation and a number of domestic institutional investors, PT Asuransi Allianz Life Indonesia, PT Ashmore Asset Management Indonesia Tbk, PT Manulife Aset Manajemen Indonesia, PT Batavia Prosperindo Aset Manajemen, PT Elbara Perkasa, and PT Syailendra Capital.
The private placement will be held on March 31, 2021. Grab through Holding Inc. officially holds 4.6 percent of the issued shares of EMTK. The amount is equivalent to 2.81 billion EMTK shares. This means that Grab is injecting fresh funds of around IDR 5.5 trillion into the holding company of PT Surya Citra Media Tbk (SCMA).
Titi hopes that a closer relationship between Grab and the company can create opportunities to invest in existing businesses as well as new businesses that intersect with the interests of the Company and Grab.
EMTK denied that OVO and DANA had joined forces
Even though the relationship with Grab has become more intimate, EMTK has denied that their digital payment companies, OVO and DANA can join forces. Titi said the news was called speculation.
Titi said the investment made by H Holdings Inc. EMTK said it had nothing to do with the news about the merger of the two payment companies.
"So far, the news of the merger between DANA and the digital payment company OVO is only speculation and the investment made by H Holdings Inc. in the company has nothing to do with the news of the merger of the two payment companies", said Titi in response to IDX's questions.
As is well known, Grab is one of the OVO investors. Meanwhile, PT Espay Debit Indonesia Koe (EDIK), which presents DANA products, is an EMTK association entity through PT Kreatif Media Karya (KMK).
In 2019, KMK still held 99.9 percent of EDIK shares. However, by the end of 2020, EDIK was no longer consolidated in the EMTK book. This is in line with the divestment of KMK's 6 percent stake in PT Elang Andalan Nusantara so that its ownership portion is no longer the majority because it has decreased to 49 percent.
Elang Andalan Nusantara is an affiliated entity of PT Kreatif Media Karya which holds the shares of Espay Debit Indonesia Koe through PT Elang Sejahtera Mandiri.
Company business direction
Titi said EMTK is targeting the development of the hospital business and digital economy over the next 3 years. Moreover, EMTK's capital grew thicker after obtaining funds from the proceeds from a private placement of IDR9.29 trillion.
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Furthermore, said Titi, the company also has an interest in digital publishing, video streaming platforms, electronic money payments, and e-commerce. As is known, EMTK has shares in Bukalapak.com, Vidio.com, Lakupon, PropertyGuru, to O-Shop and Kapanlagi.com.
These various digital businesses, said Titi, are still developing and require capital for the next few years for their development and growth.
"Given that the company has several strategic investments in the digital ecosystem, we are sure that there will be new opportunities in the digital economy that the Company can take advantage of by using the capital raised through private placement", she said.
Titi said, the company also did not rule out the opportunity to be related to the Grab business, or new opportunities that could be developed through the collaboration between Grab and EMTK.
In the health business, EMTK has also acquired the controlling stake in the management of Omni Hospitals PT Sarana Meditama Metropolitan Tbk (SAME). EMTK also injected capital for expansion and debt repayment of SAME.
Anthony Salim
Not only Grab but there is also one name that is still loyal to being one of EMTK's shareholders, namely
Anthony Salim. He has a total share of over 5 percent. Based on the report of the Indonesian Central Securities Depository (KSEI) as of April 16, 2021, the Indofood boss is still narrowing the portion of 8.38 percent.
The name Anthony Salim has been registered as EMTK's shareholder since at least 2018. The Securities Ownership Report of 5 percent or more published by KSEI in March 2018 shows that Anthony's ownership portion is stable at 9.09 percent.
As is known, in 1997, EMTK transformed into the entertainment and information industry. Initially, the company was founded on August 3, 1983, under the name PT Elang Mahkota Komputer, and was engaged in the business of providing computers.
Since its transformation, EMTK has been aggressively expanding its wings in the media world through a series of acquisitions. Unmitigated, the company under the control of Eddy Kusnadi Sariaatmadja also dared to take ownership of the Salim Group.
Then, in 2002, EMTK acquired the share ownership of PT Surya Citra Televisi (SCTV) through SCMA. Eight years later, the company decided to conduct an initial public offering (IPO).
A year later, EMTK's ambition to dominate the entertainment and information industry has not been stopped. The Company annexed PT Indosiar Visual Mandiri (Indosiar) by acquiring ownership of the Salim Group in PT Indosiar Karya Mandiri Tbk (IDKM).
Then, EMTK merged IDKM and SCMA in 2013. A sub-holding company in the content sector, namely PT Indonesia Entertainment Group, was founded two years later.
Binaartha Sekuritas analyst Nafan Aji Gusta Utama revealed that Grab's entry into the ranks of EMTK investors can provide fresh air in terms of innovation. This is because Grab has the power in digital technology, while EMTK has the power in the media and is starting to go digital.
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