Singapore’s sovereign wealth fund, globalis considering selling a minority stake. BukalapakIndonesian e-commerce platform Deal Street Asia.
Talks are still in the early stages, and GIC has not yet decided whether it will hire bankers to handle the sale or handle it in-house.
When contacted by DealStreetAsia, both GIC and Bukalapak declined to comment on a potential sale.
GIC currently owns 9.44% of Bukalapak, according to the Indonesia Stock Exchange (IDX).
The beginning of the Wealth Fund investment The project in Bukalapak will be implemented in April 2021 in collaboration with Microsoft and Emtek, with a total value of US$234 million.
Bukalapak subsequently went public in July 2021, raising US$1.52 billion in its IPO.
GIC increased its investment by $95 million the day before the IPO, raising its initial stake to 11%.
Currently, Emtek is Bukalapak’s largest shareholder with a 24.62% stake through PT Kreatif Media Karya, while Ant Financial holds 13.04% through API (Hong Kong) Investment Limited.
Bukalapak Shareholders Source: Market Screener
In the first quarter of 2024, Bukalapak reported positive adjusted EBITDA for the first time, driven by strong revenue growth and effective cost management.
Adjusted EBITDA was Rp15 billion, a significant improvement from a loss of Rp209 billion in the same period last year.
The company expects its adjusted EBITDA to exceed Rs 200 billion for the full year.
Furthermore, Bukalapak reduced its net loss in the first quarter of 2024 by 96% to Rp39 billion, compared to a loss of Rp1 trillion in the first quarter of 2023.
GIC’s investment strategy in Indonesia involves holding significant minority stakes in various companies through Archipelago Investment.
In addition to Bukalapak, GIC also holds shares in several well-known Indonesian companies, including PT Abia Abian Tbk and Primaya Hospital.
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