MCAS Cooperation with Kejora Ventures
MCAS Cooperation with Kejora Ventures. Finance company, M Cash Integration Tbk (MCAS) signed a sale and purchase agreement with Kejora Ventures. MCAS sells about 10% of its shares in the Distribusi Voucher Nusantara Tbk (DIVA). MCAS Director, Suryandy Jahja, said MCAS sells some of its shares in DIVA to fund investment. However, management is not able to provide information on the number of injections of funds acquired by MCAS.
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In addition, divestment is also done to develop the business of DIVA, in cooperation with Kejora Ventures. MCAS can realize the investment made with quite significant profit, explained Suryandy.
Before the transaction occurs, the structure of the DIVA stock ownership is as follows. The largest shareholder is still owned by the public as much as 24.6%, then 1 Inti Dot Com has a share portion of as much as 21%. While Martin Suharlie has a share portion of 14%, Kresna Karisma Persada has 14.1% and MCAS has 12.3%.
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The management also opened the opportunity to inject fresh funds from Kejora Ventures to DIVA. Kejora Ventures & Partners will examine the possibilities to enlarge DIVA, certainly including giving fresh funds, obviously Suryandy.
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Just info, this buying and selling transaction is head through the InterVest Star SEA Growth Fund I, which is a fund manage jointly by Kejora Ventures and InterVest. The Fund is supported by a group of partners such as Korea Development Bank, Korea Venture Investment Corporation, NH Investment & Securities, Industrial Bank of Korea, and Barito Pacific Group.
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After the transaction, the fund representative will be appoint to sit on the DIVA board at the upcoming DIVA Extraordinary general meeting. Kejora and Intervest had a total combine fund of more than USD 1 Billion. They are venture capital firms that manage strategic and portfolio assets from industrial technology companies such as fintech, supply chain, and e-commerce.