Naver Pours 2.18 Trillion Rupiah to EMTEK, Opportunity for Digital Business Synery

PT Elang Mahkota Teknologi Tbk. (EMTEK) announced the Capital Increase without Pre-emptive Rights (PMTHMETD) by issuing 4.75 billion new shares with a nominal value of Rp20, - per share. At the Exercise price of Rp1,954 per share, the company's ownership sheet was purchased by Naver Crop., H Hodings Inc., and several institutions from Indonesia, including Allianz Life, Ashmore Asset Management, Manulife Aset Manajemen, Batavia Prosperindo, Elbara Perkasa, and Syailendra Capital.

The total value of this corporate action is around IDR9.29 trillion. In the release, the fundsis said to be used for investment and working capital in the company and its subsidiaries.

Specifically, Naver, as a technology giant from South Korea, has invested in the media conglomerate worth $150 million or equivalent to 2.18 trillion Rupiah. The company announced to the local media. It is interesting, because the two companies shared similar business, technology and digital media.