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TECH is included in State Street ETF prior to 2022 year end
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Billy Andrian, CEO of PT IndoSterling Technomedia Tbk (TECH) (left), CTO of PT IndoSterling Technomedia Tbk (TECH) Yoas (center) and Ucu Komarudin, CEO of PT Technomedia Interkom Cemerlang.
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T IndoSterling Technomedia (TECH) shares have been included in the exchange trade fund (ETF) managed by the investment management giant State Street Corporation of the United States.
The stable and dynamic performance of TECH's shares in local exchange trading has seen it included in the S&P Emerging Broad Market Index (BMI) so that State Street Global Advisors (SSGA) trades TECH in the form of US$2 billion group ETFs (SPEM) and groups under US$2 billion (EWX).
An ETF is a type of mutual fund whose performance refers to a certain index and is traded like a stock on an exchange whose movements can be observed. SSGA is the investment management division of State Street Corporation, which is the fourth-largest asset manager in the world. At the end of 2021, SSGA managed nearly US$4.14 trillion in assets.
TECH's president director, Billy Andrian, said that the inclusion of issuers engaged in education technology in the S&P Emerging BMI radar until it was marketed by SSGA showed the magnitude of foreign assessment of TECH.
"The entry of TECH in an ETF traded by SSGA shows that TECH is engaged in educational technology through the Edufecta application, consistently working on the market potential of digitizing education in Indonesia," he said on Monday.
According to Billy, the inclusion of TECH in an ETF traded by one of the largest asset managers in the world is a promising sign for the business because the issuers that are included in the SSGA ETF share package are closely and continuously monitored.
As of Sept. 21, TECH was included in the ETF stock package consisting of various issuers of financial, information technology, communication services, industry, consumer, health, real estate and energy in Indonesia.
The company whose controlling stake is owned by Sean William Henley (SWH) is a subsidiary of the IndoSterling Group. TECH through PT Technomedia Interkom Cemerlang has developed Edufecta, a digital product that provides digitalization solutions for the world of education.
One of TECH's milestones is the collaboration with the Association of Indonesian Private Universities (APTISI) in an effort to accelerate the digitalization of private universities in realizing the Merdeka Campus Program developed by the Education and Culture Ministry.
Ucu Komarudin, CEO of PT Technomedia Interkom Cemerlang (Edufecta) said Edufecta contributes to making the management of campus and school more integrated and simpler for its users.
"In the midst of the demands for digitalization of the world of education, Edufecta is here to build an education pipeline to improve the quality of the academic path. It is also a solution to answer the challenges of an increasingly dynamic business world today and in the future," he said.
Continuing its mission, TECH through the Edufecta application is targeting the elementary and secondary education market in Indonesia, which is being pushed by government policies to immediately adopt the Merdeka Learning system.
