Monday, September 25, 2023

DBS Acquires TECH's Shares Amid Uncertainties in Technology Sector

December 3, 2022 | 4:20 pm
TECH chairman Sean William Henley. (Photo Courtesy of TECH)
TECH chairman Sean William Henley. (Photo Courtesy of TECH)

Jakarta. DBS Vickers Securities (Pte) LTD has loaded up on Indosterling Technomedia's shares which are listed in Indonesia Stock Exchange or IDX, according to a press release.

At the end of November, the Singapore brokerage company acquired 74.1 million shares of Indosterling Technomedia (TECH), equivalent to 5.9 percent ownership.

TECH is majority-owned by Indosterling Sarana Investa, led by Sean William Henley.

According to TECH chairman Sean William Henley, DBS's investment indicated a high level of confidence in TECH’s future despite threats of global recession and a wave of layoffs in sight.


“TECH is arguably not a typical startup company. We are still growing amidst the general weakness observed in other technology companies,” William said at TECH’s public expose in Jakarta on Wednesday.

Several technology companies have failed over the past 6 months.

According to William, TECH’s main strength lies in its products, which focus on business-to-business (B2B) as the backbone. 

"Most startups are highly dependent on investor funds in order to survive, while TECH B2B products were successfully absorbed by the market," he said.

Billy Andrian, CEO of TECH, said he is optimistic about conditions in the future with the company's assets and equity increasing compared to last year's numbers.

“We believe 2022 will be closed with a positive performance and even better results next year.”

The post-Covid economic recovery process has affected various sectors, especially the technology sector.

The public expose focused on subsidiaries under TECH, namely the integrated campus management system Edufecta (Technomedia Interkom Cemerlang) as well as F&B point-of-sales system KAWN (Technomedia Sarana Semesta).

Yoas, director of Technomedia Multi Sejahtera (KAWN), said KAWN has successfully integrated the BCA EDC system with QR Code System. It is also in the process to integrate with Accurate, one of the largest accounting system providers in Indonesia.

“The collaboration with BCA will add KAWN value to users, in line with the massive adoption of QR payment. KAWN has also collaborated with Accurate to develop an integrated accounting system," Yoas said.

TECH reported that its shares' stable and dynamic performance in local exchange trading has made it included in the S&P Emerging BMI Index.

State Street Global Advisors (SSGA) trades TECH in the form of $2 billion group ETFs (SPEM), and groups under US$2 billion (EWX).

An ETF is a type of mutual fund whose performance refers to a certain index.

It is traded like a stock on an exchange whose movements can be observed. 

SSGA is the investment management division of State Street Corporation, the world's fourth-largest asset manager.

By the end of 2021, SSGA managed nearly $4.14 trillion in assets.



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