Astra Group will prevail over OLX’s shares through its two subsidiaries, PT Astra Digital Mobil (99.98%) and PT Astra Digital International (0.2%).
Heaptalk, Jakarta — PT Astra International Tbk (ASII) announced has officially accomplished the strategic acquisition of PT Tokobagus, generally known as OLX Classifieds. Astra Group takes a majority stock of 100% of OLX through the acquisition.
This action will be carried out through its two subsidiaries, PT Astra Digital Mobil (99.98%) and PT Astra Digital International (0.02%), with an undisclosed acquisition value.
The Director of Astra Gidion Hasan delivered the reason behind this acquisition. In the Group’s view, OLX which also the pioneer of digital classified ads has a solid user base and brand equity while its position is considered the foremost choice of people in the archipelago.
“The acceleration of the digital transformation is a part of the strategic move of Astra to be a sustainable company. This acquisition is expected to strengthen the Astra Group’s digital ecosystem in offering comprehensive solutions for customers and driving the automotive industry’s progress in Indonesia,” added Gidion.
According to a study by Google, Temasek, Bain & Company (2022), Indonesia’s digital economy is valued at US$77 billion in 2022. This result is expected to increase and reach US$130 billion in 2025, with a market share forecasted to be up to 40% in Southeast Asia.
Prior to this acquisition, Astra Group was affiliated with PT Serasi Autoraya, which operates the mobil88 platform. Also, as a part of supporting the development of Indonesia’s automotive industry, Astra Group has a second-hand car auction agency IBID and the used car sales and purchase platform Mobbi, which was released last year.
The business expansion of Astra Group into the used car buying and selling sector will increase competition from many players in the industry, including Carro, Carsome, Moladin, and Broom. With plenty of access to buying and selling second-hand cars, Industry Research predicts that the global used car market will attain US$1.093 billion in 2028, with a growth rate of 5.12% annually.
“We have managed to build the OLX digital classifieds platform to become one of the leading platforms in Indonesia. With its robust presence and comprehension of the Indonesian market progress, we believe in Astra the proper entity to elevate user experience and drive OLX business growth,” The Chief Executive Officer of OLX Group, Lydia Ventura Paterson, said.
After completing this strategic acquisition, Astra Group will announce the debut of OLX with its new identity as the new part of the company at the GIIAS 2023 event. By collaborating with Astra Financial, This automotive platform will present as a Trade-In-Partner at the GIIAS 2023 exhibition to proffer enticing programs.
