Singtel Alpha Investments acquires 16.26% stake in Indonesian bank

The shares were bought for $48.0m.

Singtel Alpha Investments Pte. Ltd., a wholly-owned subsidiary of Singapore Telecommunications, acquired a 16.26% stake in PT Bank Fama International for $48.0m (IDR 500b).

The total number of new shares acquired was 2.4 billion.

In a bourse filing, Singtel said the acquisition was funded via internal sources and was done to “pursue banking opportunities in Indonesia.”

“This latest investment in digital banking is consistent with Singtel’s strategic reset of riding digital growth trends to build sustainable new businesses across Asia, particularly in markets where the Group has a strong presence,” Singtel said.

Fama is majority-owned by a subsidiary of Elang Mahkota Teknologi Tbk, an IDX listed conglomerate in Media and Technology.