Emtek is No Longer the Parent Controller of DANA

In its disclosure to the public for the fourth quarter 2020 period, Emtek Group (Emtek) revealed that it is no longer the controlling shareholder for PT Elang Andalan Nusantara (EAN). Currently Emtek only owns 49% of EAN, down from 55% in the previous quarter.

PT Creative Media Karya (KMK), a subsidiary of Emtek, has sold 6% of EAN shares to an unnamed third party, on December 30, 2020 for IDR 76 billion.

With this step, information about EAN and its subsidiaries, including DANA and Doku, will no longer be included in Emtek's financial statements. Previously, the public could see information related to DANA, including the funds of DANA users and the number of assets.

EAN is a joint venture owned by Emtek and Alibaba. Alibaba previously owned a 45% stake in the company. Throughout 2019-2020, Alibaba (through API Hong Kong) has issued debt securities for EAN worth $110 million (approximately 1,6 trillion) which have been extended from 12 months to 24 months.

KMK, in February, also issued a convertible loan for EAN worth IDR 154 billion.

Emtek itself in April announced the acquisition of new funds worth 9 trillion Rupiah, of which $150 million (2,18 trillion Rupiah) came from Korean Naver.

Another update

Including the impact of the loss of Emtek's controlling nature at EAN is no longer being informed about Doku (PT Nusa Satu Inti Artha) updates. Emtek previously owned 50% of Doku's shares through PT Pariwara Digital Media (PDM). PDM is now consolidated under EAN.

Another update is the addition of Bukalapak shares in two stages. Nevertheless, Emtek's current percentage of Bukalapak shares (34,39%) is down (diluted) compared to the previous year due to the Series G funding round. Microsoft and Standard Chartered Bank.