PT Elang Mahkota Teknologi (EMTK), a company affiliated with Indonesian conglomerates Eddy K. Sariaatmadja and Anthoni Salim, has expanded its stake in PT Bukalapak.com  (BUKA) by acquiring 9.83 billion shares.

This purchase, representing 9.54 percent of Bukalapak's total issued and paid-up shares, amounted to an investment of Rp1.17 trillion (US$75 million), with each share priced at Rp120.

This strategic investment, completed on October 9, 2024, strengthens EMTK's direct ownership in Bukalapak. Prior to the purchase, EMTK directly held 850 million shares, or 0.82 percent of Bukalapak.

Following the acquisition, EMTK now directly controls 10.68 billion shares, or 10.36 percent of the company's total shares. Through its subsidiary, PT Kreatif Media Karya, EMTK also indirectly owns 24.62 percent of Bukalapak.

Titi Maria Rusli, EMTK’s Corporate Secretary, confirmed the transaction, noting that the investment is intended for long-term growth.

“The status of the shareholding is direct ownership,” she said in a disclosure to the Indonesia Stock Exchange (IDX), on Thursday, October 10, 2024.

The IDX has requested further clarification from Bukalapak regarding this corporate action. Cut Fika Luthfi, Corporate Secretary of Bukalapak, confirmed the transaction on October 9, 2024, explaining that EMTK, as the controlling shareholder of PT Kreatif Media Karya, had acquired the shares directly.

This transaction occurred amid market rumors that Chinese e-commerce giant Temu is considering acquiring Bukalapak.

Despite these speculations, Temu has reportedly faced challenges entering the Indonesian market, having been denied operational permits three times.

On the same day, Bukalapak recorded a significant crossing transaction worth Rp2.08 trillion in the negotiation market, with shares traded at Rp155, above the market range of Rp132-150 per share.