Grab buys 4% stake in Indonesian tech firm Emtek
Ride-hailing firm's estimated $366m purchase signals their digital payment firms - OVO and Dana - may merge
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Ride-hailing company Grab bought the stake in Emtek through investment company H Holdings, says the source. The Indonesian technology and media conglomerate announced on April 5 it had completed an $851 million private placement with Naver Corp, South Korea's largest web search engine, and H Holdings.
PHOTO: BLOOMBERG
Wahyudi Soeriaatmadja Indonesia Correspondent In Jakarta, Wahyudi Soeriaatmadja
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.
Singapore-based 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.
