DANA Acquisition: Is Alibaba-Sinarmas Building Financial Consortium?

By Editorial Team 26/01/2022
e wallet
Summary

Sinarmas Group, through PT Smartfren Telecom Tbk (FREN), reportedly will soon announce the acquisition of stakes in the DANA digital wallet. Currently, the Sinarmas Group is finalizing a transaction with PT Elang Mahkota Teknologi Tbk (EMTK).

EMTK owns a 49 percent stake in PT Elang Andalan Nusantara (EAN), which wholly owns PT Espay Debit Indonesia Koe (DANA). Meanwhile, through API Investment Limited, Alibaba or Ant Financial holds 45 percent of EAN's shares.

Smartfren Telecom President Director Merza Fachysz still refused to confirm this matter. "Wow, sorry I can't confirm it yet," he told Investor Daily.

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