Webull Corporation Thailand has completed its acquisition of Pi Securities, while a unit of Indonesian conglomerate Emtek Group has increased its stake in Bukalapak to 45.68%.
Webull acquires Thailand’s Pi Securities
Webull Corporation Thailand has completed its acquisition of Pi Securities, as the digital brokerage expands into wealth management and other investment services.
Webull Thailand completed the acquisition on Aug. 31 after receiving approval from Thailand’s Securities and Exchange Commission, according to a company statement.
Webull acquired a 90.98% stake in Pi Securities from Country Group Holdings (CGH), its controlling shareholder, for about $90 million. It separately bought another 8.38% stake from a second shareholder for $10 million, taking its total ownership to about 99.36% for an aggregate $100 million.
The deal, first announced in June, gives Webull access to Pi Securities’ more than five decades of experience in Thailand’s capital markets, including equities and derivatives, wealth management and depositary receipt issuance. Pi Securities has consistently ranked among Thailand’s top five brokers by trading volume on the Thailand Futures Exchange.
Webull plans to combine Pi Securities’ local research and investment expertise with its own technology, data and AI capabilities. The company said it expects the combination to support expansion in research, investment consulting, wealth management, and other specialist teams.
The acquisition marks a shift in Webull’s Thailand strategy from its initial focus on digital retail investing towards a broader platform covering retail, wealth management and cross-border investment.
Emtek unit increases stake in Bukalapak to 45.68%
Indonesian conglomerate Emtek Group, through its subsidiary PT Kreatif Media Karya (KMK), an existing shareholder of Bukalapak, has increased its stake in the Indonesian e-commerce company to 45.68%.
According to its disclosure to the IDX, KMK bought 803.29 million Bukalapak shares at 126 rupiah apiece on Sept. 4 for investment purposes. The transaction was worth 101.21 billion rupiah ($5.76 million).
The purchase lifted KMK’s stake to 45.68% from 44.90%. KMK is classified as a controlling shareholder and said it intends to retain control.
KMK’s latest purchase follows a series of stake increases by Emtek in Bukalapak. In February 2025, KMK had increased its stake in Bukalapak to 34.05% from 24.61% through a transaction worth $79.6 million.
KMK is Emtek’s digital business arm whose core products include BlackBerry Messenger, news platforms Liputan6.com and Bola.com, and the video streaming service Vidio.com.
Separately, Bukalapak commissioner RD Adi Wardhana Sariaatmaddja, who is the head of KMK, reported buying 635 million Bukalapak shares at 124 rupiah apiece on Sept. 4, in a transaction worth 78.74 billion rupiah ($4.48 million), lifting his stake to 1.53% from 0.84%. The purchase was made indirectly through PT Kreasi Mas Prospera.
