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Emtek to acquire Bank Fama in $63 million deal
The media conglomerate plans to diversify into finance.
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Illustration of a bank. (Shutterstock/Anton Violin)
M
edia conglomerate Emtek, through subsidiary PT Elang Media Visitama (EMV), will acquire small lender PT Bank Fama International (FAMA) in a Rp 908 billion (US$63.21 million) transaction, as the firm seeks to diversify into finance.
Emtek plans to acquire a 93 percent stake in Bank Fama, pending approval from an extraordinary shareholder meeting on Dec. 6, according to a joint announcement published on Friday.
The remaining 7 percent share will be held by PT Nusantara Berkat Agung. So far, little is known about this company, which is a shareholder of publicly listed e-commerce giant Bukalapak.
“The acquisition represents Emtek’s strategic investment plan that hopes to raise the company’s revenue in the future and the valuation of EMV,” Emtek said in the announcement.
Read also: Grab buys Tokopedia’s, Lippo’s shares in OVO
Bank Fama's acquisition comes not long after Emtek reportedly bought a 12.4 percent stake in e-wallet OVO from Singapore-headquartered Grab, which had to divest shares to meet foreign-ownership caps in Indonesia.
Big companies, including banks and tech unicorns, have been acquiring small banks in Indonesia this year to diversify into digital banking.
