Jakarta, CNBC Indonesia – Grab Indonesia’s parent company, Grab Holdings Inc. increased its shareholding in the digital wallet company OVO to 90% from the previous 39% through PT Bumi Cakrawala Perkasa.
“Grab Holdings Inc. increased its ownership of the Indonesian electronic wallet provider OVO to around 90% by acquiring shares from PT Tokopedia and Lippo Group,” citing Bloomberg, Monday (4/10/2021).
Singapore-based Grab also plans to go public through a merger with Altimeter Growth Corp by the end of this year.
Prior to this transaction, the Lippo Group previously held a 7.2% stake in OVO’s parent, Bumi Cakrawala Perkasa (BCP).
Grab is the largest shareholder of 39.2% and Tokopedia has 36.1% stake in BCP.
Another shareholder, Tokyo Century Corporation, owns 7.5%. The Sustainable Innovation Forum was recorded at 5%.
With this transaction, Grab is increasingly expanding its business ecosystem, not only based on ride-hailing, but also into financial services.
“Grab has grown beyond a ride-hailing service into a financial service and initially invested in Ovo as part of that effort,” the report said.
(hps / hps)