Alibaba to invest more than 100 million USD in Indonesian company PT Smartfren Telecom | International

Hanoi (VNA) – Chinese tech giant Alibaba is set to invest more than $100 million in Indonesian listed telecom operator PT Smartfren Telecom, part of the Sinar Mas Group, a report has reported. published on financial news site DealStreetAsia.

Photo: Reuters

With this investment, Alibaba will boost its exposure to the Indonesian market by leveraging one of the country’s largest conglomerates and its vast ecosystem spanning communications and technology, paper, agribusiness, financial services and infrastructure.

Alibaba’s proposed investment in the Sinar Mas ecosystem follows the latter’s recent entry as a shareholder in fintech player Dana, a joint venture between Indonesian conglomerate Emtek and Ant Financial d ‘Ali Baba.

Smartfren and Alibaba are expected to announce the deal soon.

Smartfren posted profits of Rp24.98 billion ($1.7 million) between January and March, compared to losses of Rp396.83 billion in the same period last year.

Alibaba already has a presence in Indonesia through PT Akulaku Silvrr Indonesia, part of the Akulaku e-commerce and digital finance group. Akulaku controls 25.66% of Indonesian digital lender Bank Neo Commerce.- VNA


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