Naver Acquires Emtek Shares. Preparing for Digital Bank?

Summary

PT Elang Mahkota Teknologi Tbk (Emtek) completed non-preemptive rights additional capital sales or private placement. The EMTK stock-coded company issued 4.76 billion new shares for Rp 1,954 each, raising Rp 9,3 trillion.

Naver Corporation Holdings Inc became one of Emtek's new shareholders after investing US$150 million or around Rp 2,16 trillion in the private placement, Yonhap News reported. Apart from Naver, investors involved in the transaction are H Holdings, PT Asuransi Allianz Life Indonesia, PT Ashmore Asset Management Indonesia Tbk, PT Manulife Aset Manajemen Indonesia, PT Batavia Prosperindo Aset Manajemen, PT Elbara Perkasa, and PT Syailendra Capital.

"Proceeds received by the company after deducting costs related to the private placement will be used for investment and working capital for the company and its subsidiaries," said EMTK management in information disclosure on the Indonesia Stock Exchange (IDX).

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