EMTEK again buys shares in Bukalapak

PT Elang Mahkota Tinggi Tbk, known as EMTEK, is known to have bought shares of PT Bukalapak.com on Wednesday, June 6 yesterday. This purchase was made through its subsidiary, PT Kreatif Media Karya or KMK.

It was noted that KMK bought 724.30 million shares, equivalent to 0.7% of the total shares. The shares were purchased at a price of Rp317 per share, bringing the transaction value to Rp229.60 billion.

With this purchase, KMK owns 24.63% shares with direct ownership status. However, the reason for this purchase is not stated, it is known only as a form of direct investment.

According to a report from DailySocial, it turns out that EMTEK has invested in Bukalapak since 2014 with a share ownership of 19.68%. This funding activity continued until 2015 where Bukalapak received series B funding and was acquired by EMTEK.

At that time, EMTEK CEO Sutanto Hartono explained that the reason for the acquisition was because there were similarities in the company's vision and mission. He assessed that Bukalapak could develop a strong local ecosystem. The exact amount is not known, but it is said to have reached Rp439 billion.

At that time, EMTEK continued to add funds until its share ownership reached 49.08 percent in November 2015.