Company Owned By Conglomerate Eka Tjipta Widjaja Signs IDR 2.87 Trillion Investment In DANA Electronic Wallet After Emtek Left As Controller

JAKARTA - The entry of the Sinarmas Group into the DANA electronic wallet provider is not just a rumor. After the Emtek Group left as the controller of DANA, now the Sinarmas Group belonging to conglomerate Eka Tjipta Widjaja through PT Dian Swastatica Sentosa Tbk (DSSA) will hold an equity investment in PT Elang Andalan Nusantara, the electronic wallet provider.

The plan is that this corporate action will be carried out by a subsidiary of Dian Swastatica, PT DSST Dana Gemilang, an indirect subsidiary of Dian Swastatica. In an information disclosure on the Indonesia Stock Exchange (IDX), quoted on Wednesday, March 2, Corporate Secretary Dian Swastatica said, DSST Dana Gemilang has signed a conditional agreement to invest in Elang Andalan Nusantara.

Elang Andalan Nusantara is a company that fully owns PT Espay Debit Indonesia Koe, the company that operates the DANA electronic wallet.

The implementation price of the total investment plan is 200 million US dollars. By assuming the rupiah exchange rate of IDR 14,350 per US dollar, the investment value is equivalent to IDR 2.87 trillion. Susan said that the completion of the investment plan will depend on the fulfillment of the preliminary conditions stipulated in the equity participation agreement, including approval from the relevant authorities.

What is clear is that if the proposed transaction is completed, DSST will become one of DANA's largest shareholders. Susan said that this strategic collaboration is expected to have a positive impact on the development of the digital ecosystem owned by Dian Swastatica and various stakeholders.

Elang Andalan Nusantara was previously controlled by PT Elang Mahkota Teknologi Tbk (EMTK) aka the Emtek Group. Through PT Kreatif Media Karya, Emtek controls Elang Andalan Nusantara with a 55 percent share ownership.

In December 2020, Kreatif Media Karya sold 752,422 Elang Andalan shares to a third party. Thus, the number of shares of Elang Andalan that Creative Media Karya owns is only 6.14 million, or equivalent to 49 percent of the total shares of Elang Andalan. Thus, Emtek lost control of the Elang Andalan.