GoTo Denies Merger Rumors with Grab Indonesia
Jakarta. Indonesia's tech company GoTo Gojek Tokopedia (GOTO) firmly denies the rumors circulating about a business merger with its competitor, Grab Indonesia.
Director of GoTo, Pablo Malay, said there have been no discussions or considerations regarding a merger at the moment.
"The controlling shareholders have not mentioned anything about a merger in their discussions," he clarified during an incidental public presentation on Wednesday.
Malay added that the company is currently focusing on achieving healthy growth by enhancing product innovation and operational aspects in on-demand services and fintech businesses. Regarding potential opportunities that arise, various factors need to be considered.
"This includes cost and benefit analysis, economic conditions, and the extent of its potential to enhance the company's value for its shareholders," he said.
Tokopedia-TikTok Merger
The company also provided an update on its strategic partnership plan with TikTok Indonesia. GoTo and TikTok are in the process of migrating their e-commerce applications, Tokopedia and TikTok Shop, following TikTok's acquisition of Tokopedia.
The formal merger of Tokopedia and TikTok Shop Indonesia under PT Tokopedia, jointly owned by GoTo and TikTok as strategic partners in Indonesia, took place in January. TikTok now holds a controlling stake of 75 percent, with an investment commitment of over $1.5 billion (Rp 24 trillion) to support Tokopedia's operations. This demonstrates TikTok's long-term commitment without further dilution of GoTo's ownership.
The Trade Ministry has given GoTo and TikTok Indonesia until April to complete the migration, a requirement mandated by Trade Minister Regulation No. 31/2023, stipulating the separation between social media and e-commerce.
In a public presentation on Wednesday, Nila Marita, GoTo's External Relations Director, stated that the integration and system migration processes have progressed well and are nearing completion.
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