Will DANA Acquisition Give Birth to Sinarmas-Ant Joint Venture?

By Editorial Team 10/08/2021
startup business
Summary

Sinarmas Group is reportedly finalizing the acquisition of DANA digital wallet. Currently, the majority shareholder of DANA is Emtek Group. A DealStreetAsia source said that Sinarmas would work closely with Ant Financial to develop DANA's business if the acquisition is completed.

Besides Emtek, Grab also has a stake in DANA. Grab holds a 49 percent stake in PT Elang Andalan Nusantara (EAN), which owns all PT Espay Debit Indonesia Koe (DANA) shares. Ant Financial, part of billionaire Jack Ma's Alibaba Group, owns DANA through API Investment Limited. API owns 45 percent of EAN's shares.

"Emtek Group has finalized the process of acquiring OVO shares while selling its shares in DANA because there is a regulation that prohibits shareholders from owning shares in more than two e-wallet entities," the DealStreetAsia source said, Monday (8/9).

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