Sinar Mas' Entities to Strengthen Digital Ecosystem in DANA

digital payment
Summary

Sinar Mas Group invested US$250 million into DANA digital wallet platform through three entities. After PT Dian Swastatika Sentosa Tbk (DSSA) announced a capital investment of US$200 million in the digital wallet, two other entities announced their investment. PT Sinar Mas Multiartha Tbk (SMMA) has invested in PT Elang Andalan Nusantara (EAN), shareholder of DANA management company. Based on the company's announcement, Sinar Mas Multiartha acquired stakes in EAN, valuing US$25 million or Rp 367 billion (assuming an exchange rate of Rp 14,700/US$).

Besides SMMA, Sinar Mas owns DANA through property developer PT Bumi Serpong Damai Tbk (BSDE), reportedly investing US$25 million in EAN. Bumi Serpong Damai Director Hermawan Wijaya said this strategic investment would give more value to stakeholders, especially shareholders, because it will strengthen the BSDE digital ecosystem. "In addition to increasing financial literacy and inclusion, [this investment] also provides a better digital experience for our consumers, so that it will strengthen BSDE's performance in the future," Hermawan said in an official statement Friday.

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