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Business deals

Grab stake in Indonesia's Ovo reduced with help from new investor

Move helps Singapore superapp comply with regulation governing local ownership

Singapore's Grab is a major investor in Indonesian e-payment service Ovo. (Photo by Kosaku Mimura) 

JAKARTA -- Singapore superapp Grab has managed to bring in a prominent Indonesian businessman as a new investor to its Indonesian e-payment service Ovo -- a move made to comply with a regulation covering a local share ownership requirement.

According to legal filings, Grab now holds 79.5% of shares in Ovo's parent company after the latter's new rights issue. That brings the Singaporean company's stake down from the previous 90% it had after purchasing shares earlier in the month from Tokopedia, local conglomerate Lippo Group and Japanese financial services company Tokyo Century.

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