02 August 2022

Chinese tech behmoth Alibaba is to invest north of US$100m in Indonesia-listed telecommunications operator PT Smartfren Telecom.

According to reports, Alibaba's proposed investment in the telco - part of the Sinar Mas Group - is expected to be announced imminently.

Smartfren recorded profits of Rp24.98bn (US$1.7m) between January and March, compared to losses of Rp396.83bn in the same period last year.

The Chinese buyer already has a presence in Indonesia via PT Akulaku Silvrr Indonesia, part of the e-commerce and digital finance Akulaku Group.