In the public disclosure of fourth quarter of 2020, Emtek Group (Emtek) revealed that it is no longer the controlling shareholder of PT Elang Andalan Nusantara (EAN). Currently, Emtek only owns 49% of EAN’s shares, down from 55% in the previous quarter.

PT Kreatif Media Karya (KMK), a subsidiary of Emtek, has sold 6% of EAN’s shares to an unnamed third party, on December 30, 2020 for IDR76 billion. 

Therefore, the EAN information and its subsidiaries, including DANA and Doku, will no longer be included in Emtek’s financial reports. Previously, DANA-related information is accessible for public, including DANA user funds and total assets.

EAN is a joint venture company owned by Emtek and Alibaba. Alibaba previously owned 45% of the company shares. During 2019-2020, Alibaba (via API Hong Kong) issued debt securities for EAN worth $110 million (approximately 1.6 trillion) which had been extended from 12 months to 24 months.

KMK, in February, has issued a convertible loan for EAN worth IDR154 billion.

This April, Emtek announced a new fund worth 9 trillion Rupiah, with $150 million (2.18 trillion Rupiah) of which came from Naver Korea.

Recent updates

The loss of Emtek’s main shares in the EAN also impacts in Doku (PT Nusa Satu Inti Artha) to no longer have updates. Emtek previously owned 50% of Doku’s shares through PT Pariwara Digital Media (PDM). PDM is now consolidated under EAN.

Another update is the addition of Bukalapak shares through two stages. However, the percentage of Bukalapak shares owned by Emtek is currently (34.39%) down (diluted) compared to the previous year due to the Series G funding round. Bukalapak has at least two funding announcement, led respectively by Microsoft and Standard Chartered Bank.

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Original article is in Indonesian, translated by Kristin Siagian