JAKARTA. Through PT Dian Swastatika Sentosa Tbk (DSSA), Sinar Mas Group will invest USD 200 million or IDR 2.8 trillion to acquire PT Elang Andalan Nusantara (EAN), a company that controlled the digital wallet application, DANA.
PT DSST Dana Gemilang, a subsidiary of DSSA, recently signed the joint investment agreement with EAN back on February 28, 2022. “After the investment plan concluded, DSST will be listed as one of the biggest shareholders in DANA,” Susan Chandra, Corporate Secretary of DSSA, announced.
It is yet to be clear how the shareholder structure of EAN would change after being acquired by DSST. However, Chandra stated that this takeover is intended as part of its digital business expansion collaboration.
“This strategic collaboration hopefully could positively affect the digital ecosystem developed established by the company and several stakeholders,” Chandra explained.
It is worth mentioning that all DANA’s shares are currently under the control of EAN. Furthermore, Emtek Group claims 49% of EAN’s shares, followed by Alibaba, through API Limited, of 45%.
DANA was introduced in 2018, and has been officially registered in Bank Indonesia as a digital wallet (e-wallet). In mid-June 2019, DANA reportedly secured 20 million users and facilitated 1.5 million transactions per day. (KR/ZH)