EMTEK Adds Share Ownership in Bukalapak

Media conglomerate company PT Elang Mahkota Teknologi Tbk (IDX: EMTK) through its subsidiary PT Kreatif Media Karya (KMK) has again increased its share ownership in PT Bukalapak.com Tbk (IDX: BUKA). KMK purchased 724,30 million shares or 0,7% of the total shares on June 6, 2022.

Based on information disclosure on the Indonesia Stock Exchange (IDX), the shares were sold at a price of IDR 317 per share, bringing the transaction value to IDR 229,60 billion.

With this transaction, KMK now holds 24,63% from the previous 23,93% with direct share ownership status. It is not stated in detail about the reason for the purchase of these shares, but only for investment purposes.

Based on Bukalapak's Annual Report, the composition of Bukalapak's shareholders as of December 31, 2021 consisted of KMK (23,93%), API (Hong Kong) Investment Limited (13,05%), Archipelago Investment Pte Ltd (9,45%), and the public (53,58%).

EMTEK Investment

EMTEK first invested in Bukalapak by providing series B funding in February 2015. At that time, Sutanto Hartono, who served as CEO of EMTEK, said that the reason for his acquisition of Bukalapak was the similarity of vision and mission with the company. Bukalapak is considered to be able to develop the strongest local ecosystem.

As for that time, EMTEK entered as managing strategic partners by giving freshcashmoney to support Bukalapak's business development.

The nominal investment is not stated, but various sources state that EMTEK injected Rp439 billion into Bukalapak. Based on its financial reports, EMTEK has invested in Bukalapak since 2014 by annexing 459.200 shares or the equivalent of 19,68% share ownership.

EMTEK through KMK made several additional capital additions so that its share ownership in Bukalapak had increased to 49,08% in November 2015.

Financial performance

Based on first quarter financial performance 2022, Bukalapak recorded a net profit of Rp. 14,5 trillion from the same period last year which lost up to Rp. 323,8 billion.

Company marketplace it also recorded an operating profit of Rp14,42 trillion from a loss of Rp327,9 billion, mainly from the investment profit to PT Allo Bank Tbk (IDX: BBHI). Meanwhile, its revenue grew 86% to Rp787,9 billion, which was supported by the growth of Mitra's business line.

Breaking down based on business lines, Mitra is still the engine of Bukalapak's revenue growth with a contribution of IDR 471,8 billion in the first quarter of 2022 or growing 227% from the same period in 2021, which is IDR 144,3 billion.

Mitra Business also still leads the contribution to total revenue with a share of 60%, up from its contribution in the first quarter of 2021 which was around 34%. The number of Bukalapak Partners shot from the position of 6,9 million as of December 2020 to 13,1 million as of March 2022.