$1 Club, page-28375

On the topic of Grab / Singtel - Look what $35mil can buy you in INDONESIA ?
About 16% of an Indonesia BANK.
So anyone still think IOU spending $42mil in some one man show Malaysian company is a good idea?
Probably one of the most dumb move I have seen... IMO

Telecom firmSingapore Telecommunications(Singtel) and ride hailing and payments firmGrab Holdings Ltd.each bought 16.3% of Indonesia’sPT Bank Fama International to expand their offering into that nation, according to a Reuters report Friday (Jan. 21).

Indonesian conglomerateElang Mahkota Teknologi Tbk(Emtek), which remains the majority owner of PT Bank Fama International after the Singtel and Grab investments, said it sold part of the bank to “accelerate and expand business growth” of Bank Fama.

Emtek will own almost 63% of Bank Fama once it issues the shares to Singtel and Grab, it told Indonesian stock market officials, while an unnamed company will own about 5%.

Singtel and Grab each paid 500 billion rupiah ($35 million) for their shares, the report said.

Grab, which offers a ride hailing and food delivery service while operating a financial service business across Southeast Asia, confirmed to Reuters it had bought a minority stake in Bank Fama. Singtel announced Friday that one of its wholly owned subsidiaries had acquired 2.4 billion new shares in Bank Fama for $35 million.