Grab to take majority stake in Indonesian OVO

SINGAPORE, Oct. 4 (Reuters) – Southeast Asian rideshare and payments company Grab has increased its stake in Indonesia’s electronic wallet OVO as part of the ownership restructuring, a deal pending from the regulator approval, the Indonesian company said in a statement.

Grab will own 90% of the company, up from 39% currently, according to a regulatory dossier submitted to Indonesian authorities.

Three sources told Reuters that Grab bought shares in Indonesian conglomerate Lippo, which started OVO, and e-commerce platform Tokopedia, which was finalizing its own merger with rival Gojek. Grab and Lippo declined to comment, while Tokopedia did not immediately respond to requests for comment.

Reporting by Fanny Potkin; Editing by Martin Petty

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