South Korea’s top search engine operator Naver Corp. is expediting search for new business opportunities in the vast Southeast Asian market with $150 million investment in Indonesia’s largest media conglomerate Elang Mahkota Teknologi Tbk (Emtek), the company announced on Wednesday.
The latest investment has led Naver to secure up to 2 percent stake in Emtek.
Emtek – founded in 1983 – is a technology, telecommunication, and media conglomerate in Indonesia with a market capitalization of $10.3 billion. It owns the country’s major over-the-top service platform Vidio and multiple terrestrial channels.
It also offers simple payment services, as well as e-commerce and information technology solutions such as cloud.
Lee Jung-an, head of corporate development and investments at Naver, expected the strategic partnership between the Korean tech giant and Emtek will create great synergy in diverse areas – especially in commerce, content, and cloud sectors.
The investment is seen as part of Naver’s grand move to aggressively expand its presence in the global market kicking off with Southeast Asia with massive population.
In 2018, Naver invested $150 million in Malaysian mobility company Grab, and in 2019, $30 million in Vietnam digital entertainment firm Pops Worldwide, $20 million in Indonesian online grocer HappyFresh, and $50 million in Indonesian e-commerce startup Bukalapak.
Last year, the Korean company also invested $80 million in Southeast Asia’s biggest secondhand marketplace Carousell.
Shares of Naver closed Thursday 0.78 percent lower at 381,500 won ($341.23).
By Lee Yong-ik and Lee Eun-joo
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]