JAKARTA (The Straits Times/ANN): Singapore-based ride-hailing company Grab has bought a stake in Indonesian technology and media conglomerate Emtek, a signal that their digital payment firms - OVO and DANA - may be merged.
Softbank-backed Grab bought a stake of around 4 per cent, valued at more than 4 trillion rupiah (S$366 million), in a recent private placement sale of Emtek shares, a person who helped with the transaction told The Straits Times.
On April 5, Emtek announced it had completed a 9.3 trillion rupiah private placement, with Naver Corporation, South Korea s largest web search engine, and an investment company called H Holdings Inc being the buyers of the shares that represent about 8.4 per cent of the company s enlarged capital.
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