Jakarta, CNBC Indonesia – Two conglomerate groups in the country have begun to aggressively increase investment in digital companies that are part of their business portfolio. These two groups are media issuers, the Emtek Group owned by the Sariatmadja family, PT Elang Mahkota Teknologi Tbk (EMTK) and PT Astra International Tbk (ASII) belonging to the Jardine Matheson Group.
At the same time, namely June 30, both of them increased their investment in their target company. Emtek injected PT Grab Teknologi Indonesia (GTI) worth IDR 3.08 trillion or equivalent to US$ 210 million through the issuance of new GTI shares totaling 311.27 million shares.
Meanwhile, the Astra group increased capital to PT Astra Digital Arta or AstraPay in the amount of Rp 195.54 billion which was carried out through the acquisition of new shares by Astra’s subsidiaries, namely PT Federal International Finance (FIF) and PT Sedaya Multi Investama (SMI) on 30 June 2021.
This transaction resulted in a change in the percentage of share ownership in AstraPay.
Grab
Emtek’s management, in an information disclosure on the Indonesia Stock Exchange (IDX) stated that the capital injection transaction was carried out on June 30, 2021 with a nominal value of Rp 1,000 per share to GTI.
Grab Teknologi Indonesia (GTI) is an application company that manages GrabCar, GrabBike, GrabFood, GrabMart, Wholesale Services, GrabFresh, Grab for Business, GrabHealth, and Indonesia Bus Marketplace.
The company previously owned 244.57 million shares or Rp 244.57 billion or equivalent to Rp 2.68% of the paid-up and issued capital of PT GTI or 2.59% after the share placement.
“After the share placement, the company owns 5.88% of the total paid-up capital and is placed in PT GTI,” wrote Emtek’s Corporate Secretary, Titi Maria Rusli, quoted on Monday (5/7/2021).
Emtek’s management explained that the consideration for this transaction was to support main business activities and strengthen the company’s position as a technology and digital company and enrich its digital ecosystem.
Meanwhile, the effect of the transaction on the financial condition, the placement of these shares will reduce the amount of cash and cash equivalents of the company. However, this transaction will increase the company’s long-term investment.
This transaction value is equivalent to 24.9% of the company’s total equity, referring to the audited financial statements ending December 31, 2020.
Not only that, this transaction also received a fair assessment from KJPP FAST on June 25, 2021. The transaction value is still within the upper and lower limits of 7.5% of the market value of the share placement, which is normal for the company.
AstraPay
Astra added capital to AstraPay through the acquisition of new shares by Astra’s subsidiaries, namely FIF and PT Sedaya Multi Investama (SMI) on June 30, 2021.
“This transaction has no potential to disrupt the company’s business continuity,” Astra management wrote in an information disclosure on the Indonesia Stock Exchange (IDX), quoted Monday (5/7/2021).
In this transaction, AstraPay issued 1,955,350 new shares with a par value per share of Rp 100,000 and 398,500 shares were subscribed by FIF and 1,556,850 shares by SMI.
So after the transaction AstraPay shares were held by SMI at 72.75%, FIF to 25%, and the Federal International Finance Cooperative 2000 by 2.25%.
Previously, AstraPay’s shares were only held by FIF at 97.5% and FIF 2000 Cooperatives at 2.5%.
The transaction value is IDR 195,535,000,000, which is divided into IDR 39.85 billion paid by FIF, and IDR 155.69 billion paid by SMI. “The transaction was carried out on June 30, 2021,” wrote Astra’s management.
This transaction is carried out with the aim of providing financial support to AstraPay, which will be used by AstraPay for general corporate purposes.
“For FIF and SMI, the implementation of the transaction can provide financial benefits in the form of dividends as a return on investment in AstraPay,” Astra management wrote.
From the capital market, these two stocks moved opposite at the close of session I this Monday (5/7). EMTK shares closed up 0.40% at Rp 2,500/share, with an accumulative 9.17% increase in the last month. The transaction value of EMTK shares reached Rp 47 billion with a trading volume of 18.65 million shares.
ASII shares fell 0.80% at Rp 4,960/share with an accumulative correction of 5.52% in the last month. The transaction value of ASII’s shares reached Rp 58 billion with a trading volume of 11.51 million shares.
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