Media Conglomerate Emtek Acquires 93% of Bank Fama

Indonesia’s media mogul Eddy Sariaatmadja further expands his business and influence after acquiring PT Bank Farma International.

Bank Fama agreed to divest 93 percent of its shares to one of Emtek group’s business units PT Elang Media Visitama (EMV) on Wednesday, December 22.

Emtek’s corporate secretary Titi Maria Rusli said in a statement that the group bought 9,08 billion shares from Bank Fama, or equals to Rp 908.95 billion (US$64.89 million).

“The acquisition is funded with EMV’s internal funds,” Rusli said in a statement on Friday, December 24, as reported by Warta Ekonomi.

EMV will acquire the total shares from four different holders: Junus Jen Suherman (4,428,701,427 shares), Edi Susanto (1,704,285,876), Dewi Janti (1,704,285,876), and PT Surya Putra Mandiri Sejahtera (1,252,230,621).

Emtek, or Elang Mahkota Teknologi, is one of the biggest media companies in Indonesia. It’s the parent company for a number of renowned subsidiaries, including SCTV, Indosiar, Vidio.com, and Bukalapak.