Jakarta. Indonesian technology giant GoTo Gojek Tokopedia acknowledged on Thursday that its removal from MSCI's Global Standard Indexes was "unwelcome news" for shareholders, but maintained that the decision did not reflect the company's improving financial performance.

GoTo, which operates ride-hailing platform Gojek and has a major presence in e-commerce through Tokopedia, said it had delivered positive financial results for two consecutive quarters, recording a net profit of Rp 607.48 billion ($34 million) in the first half of 2026.

The company attributed its MSCI removal to technical market factors rather than its underlying business performance, pointing to GoTo shares trading at the Indonesia Stock Exchange's Rp 50 minimum price level and relatively low trading volume.

"We have taken note of MSCI's decision regarding GoTo's exclusion from its equity indexes, and we recognize that this is unwelcome news for many of our shareholders," GoTo Head of Corporate Affairs Audrey Petriny said in a statement.

Audrey said GoTo would maintain active communication with MSCI while continuing to focus on running its businesses and creating value for shareholders.

"Index reviews are conducted periodically, and we will continue to maintain an active dialogue with MSCI," she said. "In the meantime, we will remain focused on managing the business to create additional value for all shareholders."

GoTo reported total assets of Rp 47.47 trillion at the end of June.

The statement came after MSCI Inc. announced that it would remove GoTo and poultry and agribusiness company Charoen Pokphand Indonesia from its Global Standard Indexes, with the changes taking effect after the close of trading on Aug. 31.

Charoen Pokphand will move to the MSCI Global Small Cap Indexes, while GoTo was not included among the Indonesian additions to the small-cap category.

The latest review also removed nine Indonesian stocks from the MSCI Global Small Cap Indexes: Bank Jago, Bukalapak.com, Essa Industries Indonesia, MD Entertainment, Medikaloka Hermina, MNC Tourism Indonesia, Raharja Energi Cepu, Semen Indonesia and Transcoal Pacific.

MSCI indexes are widely followed by international institutional investors and index-tracking funds, making constituent changes potentially significant for affected stocks as portfolios tracking the indexes rebalance their holdings.

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