Receh.in - Elang Mahkota Teknologi Tbk (EMTK), announced on Friday that it has completed an affiliate transaction worth IDR 3 trillion with its subsidiaries PT Vidio Dot Com (Vidio) and PT Omni Intivision (MOJI) or O Channel. The transaction is aimed at integrating the business activities of the entities within the group to increase productivity, improve customer service and enhance marketing and sales efforts for the latest content.
According to Emtek management, Vidio is an indirectly owned company, while MOJI is a direct subsidiary of Emtek. The transaction between Vidio and MOJI is based on a master license agreement and is classified as a continuing affiliate transaction and does not contain any conflicting interests according to POJK No. 42/2020. Additionally, the transaction is exempt from the requirement to obtain independent evaluations.
This is not the first affiliate transaction that Emtek has made, as it had completed a IDR 140 million transaction with PT Home Tester Indonesia (HTI) on January 11, 2023.
Emtek's total revenue for Q3 2022 was IDR 11.03 trillion, an increase from the previous year's revenue of IDR 9.59 trillion. The increase in revenue was also accompanied by a significant increase in net income attributed to the parent entity of IDR 5.54 trillion, compared to IDR 217 billion in the same period last year. As a result, Emtek's total liabilities and equity as of October 2022 was IDR 44.65 trillion, compared to IDR 36.16 trillion the previous year. On the other hand, Emtek's stock increased by 1.49% at the market close on Friday with a market capitalization of IDR 62.77 trillion and an average volume of 30.17 million and a ratio of 5.65.
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