Kejora Ventures has signed a sales and purchase agreement with PT M Cash Integration Tbk (IDX: MCAS) to acquire 10 percent of PT Distribusi Voucher Nusantara Tbk (IDX: DIVA) - Photo by the Company

Jakarta (TheInsiderStories) – Kejora Ventures joint with other foreign investors signed a sales and purchase agreement with PT M Cash Integration Tbk (IDX: MCAS) to acquire 10 percent of shares of PT Distribusi Voucher Nusantara Tbk (IDX: DIVA), it said on Tuesday (08/13). No further details on the transaction values of the deal.

But based on the latest price of DIVA at Rp4,000 (US$0.28) a shares and total shares 714.29 million shares, Kejora and its partners must spend around Rp285.72 billion to buy the 10 percent shares.

DIVA engaged in voucher distribution channel, while its holding, the provider of innovative digital self-kiosks and IT solution services its subsidiary of PT Kresna Graha Investama Tbk (IDX: KREN), an investment fund company.
Kejora purchase Distribusi Voucher shares through InterVest Star SEA Growth Fund I, a fund jointly managed by Kejora and South Korea’ InterVest. The fund is supported by a number of leading partners, including Korea Development Bank, Korea Venture Investment Corporation, NH Investment & Securities, Industrial Bank of Korea, and Barito Pacific Group. 
Kejora and InterVest are leading venture capital companies, which manage strategic assets and portfolio of technology companies in various industries, such as financial technology, supply chain, e-commerce, and human capital. The total assets under management of the two company are more than $1 billion.

MCAS’ director Suryandy Jahja said, with this transaction, he hope the company had more power to expand its business. He stated, “Its a strong evidence that we can create significant value from our various investments, and simultaneously enable Distribusi Voucher to become a complete digital company.”

Founding Partner Kejora Ventures Sebastian Togelang added, “We believe through this collaboration, we can drive the company’ growth significantly through synergies with our ecosystem and network throughout the world.”

On November 2018, DIVA has been listing at Indonesia Stock Exchange and raised Rp632.14 billion from the initial public offering (IPO). At the time the company listed 214.29 billion shares with initial price Rp2,950 per share.

Raymond Loho, President Director of DIVA said, the company aimed to empower small medium enterprises (SMEs) to go digital and increase their contribution to the Indonesian economy. He added, with 56.6 million existing SMEs, currently only 8 million SMEs are targeted to be digitized by 2020.

“Not to mention the low level of financial inclusion where the government aims to encourage 75 percent of Indonesia’s population to become a population with banking access in 2019,” said Loho.

Distribusi Voucher has been active since 2015. The current app portfolio contains 5 apps, all of which are listed in the category Tools. While its holding MCASH has listed at the IDX on Nov. 11, 2017.

US$1: Rp14,200

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