Bukalapak Is in Talks With Billionaire Salim’s Empire for Tie-Up

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Indonesian e-commerce company PT Bukalapak.com is seeking to partner with local billionaire Anthoni Salim’s business empire, which spans food, banking, retail and telecommunications.

“We’re currently in discussions for a number of potential partnerships,” Bukalapak President Teddy Oetomo said during a conference call with analysts Tuesday evening. The broad operational alliance could involve both Bukalapak and its shareholder Emtek Group, though nothing has been decided yet, he said.

Bukalapak counts Emtek, or PT Elang Mahkota Teknologi, as its biggest shareholder. Indonesia’s Sariaatmadja family owns 23% of Emtek, while Salim holds a 9% stake, according to the firm’s website. Salim Group’s assets include PT Indofood Sukses Makmur, one of the world’s largest makers of instant noodles, as well as one of the country’s biggest convenient store chains.

The move reflects a rush among Indonesian business tycoons to team up with homegrown technology giants to expand their ecosystems into e-commerce and financial technology. Djarum Group, one of the country’s largest business groups owned by the Hartono brothers, is weighing an initial public offering of its e-commerce unit Blibli, Bloomberg News reported.

©2021 Bloomberg L.P.

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