JAKARTA (TheInsiderStories) – An online media from South Korea, Naver Corporation, announced today has made a strategic investment of US$150 million in PT Elang Mahkota Technology Tbk (IDX: EMTK). The company wants to strengthen its foothold in the Southeast Asian market, especially in e-commerce, web comics, content, and cloud technology.
“We hope our strategic partnership with EMTEK will create synergy in various areas,” said the investment head, Lee Jung-an on Wednesday (04/07).
The latest move followed its investment in Singapore-based online marketplace platform Carousell in 2020 and in Indonesian e-commerce provider Bukalapak in 2019. The internet company has popular messaging app LINE under its wing, which has 81 million users in the region. While, LINE Webtoon ranked as the top application in Indonesia and Thailand in terms of sales in Google’ Play store.
In Indonesia, Carousell, a used-for-sale trading platform, has about 8.8 million listings, with an average of about 100 pre-loved items being registered to the platform in a minute. The classifieds startup aims to provide its investors an exit by 2024 and could be trying for a valuation of at least $1.13 billion from now $900 million.
In 2020, the nine-year-old startup saw partial returns from the $80 million deal with a consortium led by Naver. The exit options include an initial public offering, trade sale, secondary sale, or share buyback.
While in Indonesia, the media company also called EMTEK has completed the private placement and raised Rp9.29 trillion ($640.69 million). Beside Naver, other investors involved in the transaction are American-based H Holdings Inc., and other well known local investors. Earlier, the issuer owned by Sariaatmadja family,issued 4.75 billion new shares with an exercise price of Rp1,954 a unit.
The shareholders not execute their rights diluting by 8.88 percent. After the transaction, Eddy Sariaatmadja’ ownerships in EMTEK decreased from 24.9 percent to 22.96 percent, Susanto Suwarto from 12.61 percent to 11.63 percent, PT Adikarsa Sarana 11.53 percent to 10.63 percent, Anthoni Salim from 9.08 percent to 8.38 percent, Pieter Tanuri from 8.84 percent to 8.15 percent, Archipelago Investment Pte. Ltd., from 8.06 percent to 7.43 percent, and PT Prima Visualindo from 7.49 percent to 6.9 percent.
The management said, the proceeds from the rights issue will be used for investment, expanding the company’ businesses, and to liquid the stock trading in the capital market.
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