Jakarta. Indonesia Transport & Infrastructure, the Jakarta-listed company behind chartered airline Indonesia Air, plans to acquire a majority stake in Anterin Digital Nusantara, a motorcycle ride-hailing firm, for an undisclosed sum as part of the company's expansion.
The acquisition would also mark the entry of media tycoon Harry Tanoesoedibjo, who controls Indonesia Air through his MNC Media Group, into Indonesia's $6 billion ride-hailing market.
Wishnu Handoyo, Indonesia Air's vice president director, said in a statement on Wednesday that the airline has signed a term sheet for the acquisition and expects to complete the takeover by the end of next month.
"Anterin was created to change the current concept of motorcycle ride-hailing service," Wishnu said.
A smaller rival to Gojek Indonesia and Grab, Anterin differentiates itself from the giants by offering a monthly subscription to its drivers, instead of cutting fees from each ride they make.
Anterin also aims for a fairer pricing mechanism by letting drivers offer their own price and passengers to negotiate the fare on any trip.
Anterin is growing at a rapid pace. In less than a year, the service has more than 300,000 registered drivers and 530,000 customers in 51 cities throughout Indonesia.
It offers motorcycle ride-hailing and delivery services and intends to expand into taxi-hailing service, food delivery, transfer, car rental and helicopter charter.
The acquisition of an online motorcycle taxi service is one way Indonesia Air is expanding its business this year. The company will also develop private jet and air ambulance services, Wishnu said, as well as taking over aircraft maintenance company Global Maintenance Facility.
To fund the expansion, Indonesia Air will raise Rp 36 billion ($2.6 million) through a private placement. The company will sell 418 million new shares at an exercise price of Rp 50 per share to Marco Prince and 300 million shares to Charlton Group Holding.
Harry is an Indonesian media mogul with interests in television, online media, print newspaper and hotel chain. One of his companies, MNC Land, is developing a 3,000-hectare project in West Java.
Trump Organization, controlled by the family of United States President Donald Trump, agreed to manage a luxury resort complex and golf course in the project.