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DBS acquired TECH shares amid uncertain conditions in technology sector
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Sean William Henly, chairman of TECH
T
he downward trend in Indonesia’s technology sector did not affect PT Indosterling Technomedia Tbk (TECH). DBS Vickers Securities (Pte) LTD has loaded up on TECH shares listed in Indonesia Stock Exchange (IDX).
At the end of November, the Singapore brokerage company had acquired 74.1 million shares of TECH, equivalent to 5.9 percent ownership. PT Indosterling Technomedia TBK (TECH) is majority owned by PT Indosterling Sarana Investa, led by Sean William Henley.
Sean William Henley, chairman of TECH, affirmed that DBS’ investment indicated a high level of confidence in the future of TECH despite the threat of global recession and a wave of layoffs in sight.
“TECH is arguably not a typical-startup company. We are still growing amid the general weakness observed in other technology companies,” said William Henley at PT Indosterling Technomedia Tbk (TECH) public expose in Jakarta, on Wednesday (30/11).
Several technology companies have failed in the last six months. He admits TECH’s main strength lies in TECH products, which focus on business-to-business (B2B) as the backbone. Most startups are highly dependent on investor funds in order to survive, while TECH B2B products were successfully absorbed by the market.
Billy Andrian, CEO of TECH, is optimistic about conditions in the future with the company's assets and equity increasing compared to last year. “We believe 2022 will be closed with a positive performance and even better results next year.” He mentioned the post-COVID-19 national economic-recovery process has affected various sectors, especially the technology sector.
In the public expose, the explanation was done for subsidiaries under TECH, which consists of Edufecta (PT Technomedia Interkom Cemerlang), an integrated campus-management system and KAWN (PT Technomedia Sarana Semesta) food-and-beverages point-of-sales system.
Yoas, director of Technomedia Multi Sejahtera (KAWN), stated KAWN had successfully integrated the BCA EDC system with a QR-code system and was in the process of integrating with Accurate, one of the largest accounting-system providers in Indonesia.
“The collaboration with BCA will add KAWN value to users, in line with the massive adoption of QR payment. Besides, KAWN has collaborated with Accurate to develop an integrated-accounting system.”
The stable and dynamic performance of TECH's shares in local-exchange trading has won it inclusion in the S&P Emerging BMI Index so that State Street Global Advisors (SSGA) trades TECH in the form of US$2 billion group ETFs (SPEM) and groups under $2 billion (EWX).
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. In the end of 2021, SSGA managed nearly $4.14 trillion in assets.
