Behind the Transfer of Grab Shares in OVO to Emtek

By Editorial Team 18/10/2021
digital payment
Summary

Grab's share ownership in OVO reportedly dropped to 79.5 percent from 90 percent after Emtek Group acquired about a 12.4 percent stake in the digital wallet service provider. Emtek becomes the new shareholder of OVO through Abhimata Anugrah Abadi. For the record, Emtek President Director Alvin Sariaatmadja owns a 99.5 percent stake in Abhimata Anugrah Abadi.

After the transaction, Grab now owns 79.5 percent of OVO shares, followed by Emtek (12.4 percent), IDE Teknologi Indonesia (3.2 percent), and a local investment company Cakra Finansindo Investama (4.7 percent) shares in OVO. Harumi Supit, OVO's spokesperson, said that the restructuring process for OVO had already been in accordance with existing regulations. "The result of tight coordination with regulators has reached the final point," Harumi told Katadata.co.id on Thursday.

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