SoftBank founder and CEO Masayoshi Son Japanese investment management giant SoftBank Group will not invest in Indonesia’s project to move the capital from Jakarta to the island of Borneo, founder and CEO Masayoshi Son confirmed on March 11. Vision Fund’s portfolio companies,” a statement said, but did not give reasons for exiting the co-creation of “Nusantara,” which will become Indonesia’s new capital. Dollar…
Masayoshi Son, founder and CEO of Japanese investment management giant SoftBank Group, confirmed on March 11 that it will not invest in Indonesia’s project to move its capital from Jakarta to the island of Borneo.
“SoftBank is handing over the project but continues to invest in Indonesia through the Vision Fund’s portfolio companies,” a statement said, without giving reasons for exiting the co-creation that will become Indonesia’s new capital, “Nusantara.”
In January 2020, Indonesia’s Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan stated that SoftBank has provided The project is worth up to 40 billion US dollarshowever, the Japanese company did not confirm this figure.
Steering Committee Member
Indonesian President Joko Widodo announced plans to move the Indonesian capital from Jakarta in 2019. Son was appointed to the project’s steering committee along with Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan and former British Prime Minister Tony Blair.
At the time, Son said he was interested in “new smart cities, the latest technology, clean cities and a lot of artificial intelligence.”
new investment focus
There has been speculation that SoftBank was hit by a slump in portfolio valuations early in the Covid-19 pandemic, forcing a sell-off in assets and, more recently, a slump in publicly traded tech stocks that forced it to reallocate investments. Invest..
However, SoftBank remains a major investor in Indonesia, holding stakes in companies such as internet group GoTo and Singapore-based e-commerce and ride-hailing firm Grab, which has a large presence in the country. Its second Vision Fund recently invested in Singapore-based Funding Societies, which operates digital lending services in Southeast Asia, with Indonesia as its main market.
