Jakarta. Indonesia’s leading technology company Elang Mahkota Teknologi, known as Emtek Group, remains hopeful that Super Bank Indonesia (Superbank) will go public in the near future.

Emtek Group through its subsidiary Elang Media Visitama owns a 39.2 percent stake in Superbank, which earns it an influential voice to initiate the initial public offering.

"The IPO is our common goal. But of course, before we move to that direction we need to build sound business fundamentals for Superbank – with growth and the ability to deliver profit and achieve certain targets," Emtek Vice President Sutanto Hartono said in his public filing on Thursday.

"It’s a bit premature to discuss the IPO before the official launch [of Superbank],” he added.

It was reported last year that Superbank -- then Bank Fama International -- planned to offer its shares to the public to become a listed company in the Indonesia Stock Exchange. 

The registration to Financial Services Authority (OJK) on the IPO plan happened in 2021, but it was canceled by the previous shareholders before the capital raise.

Emtek also owns several major television networks, video sharing platforms Vidio and Rans Entertainment. 

Vidio and Rans will go public when the capital market in the technology sector becomes more favorable, Sutanto said.
 
"There is a contraction in the capital market with regard to the technology sector. We consider that the market condition is not favorable yet for an IPO in the near future," Sutanto said.

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