“Indonesia’s plan to take a share in the Grab-GoTo mega-merger would place the state at the nerve centre of South-east Asia’s most influential digital platforms, with potential veto rights.”
“Analysts said that this push, channelled through the sovereign wealth fund Danantara, could signal Jakarta’s intent for tighter government control over critical tech assets, particularly platforms that millions depend on each day for ride-hailing, food delivery, payments, logistics and e-commerce.”
“On Nov 7, Indonesia’s State Secretary Prasetyo Hadi confirmed Danantara’s involvement in the proposed merger between GoTo Gojek Tokopedia, Indonesia’s largest publicly listed tech company, and Singapore-based Grab Holdings.”
“The renewed merger plans have raised monopoly concerns, as the deal would combine the region’s two dominant ride-hailing and food-delivery companies. Data analytics firm Euromonitor International estimates that a combined entity would command more than 91 per cent market share in Indonesia and 90 per cent in Singapore.”
“Euromonitor noted that the merger would further consolidate South-east Asia’s ride-hailing market, creating a dominant player with about 85 per cent of the region’s US$8 billion gross merchandise value.”
https://www.businesstimes.com.sg/international/asean/jakartas-golden-share-grab-goto-deal-signals-state-tightening-oversight-critical-tech-assets