Jakarta. Shareholders of technology company GoTo Gojek Tokopedia (GOTO) have approved a share buyback of 10.26 billion shares, representing 0.85 percent of the company’s capital. This initiative will be funded with $ 200 million (equivalent to Rp 3.2 trillion) from the company’s internal cash reserves.

The announcement was made during the Annual General Meeting of Shareholders (RUPST) and the Extraordinary General Meeting of Shareholders (RUPSLB) held on Tuesday.

Patrick Walujo, CEO of GOTO, expressed his gratitude for the shareholders' support and approval of all agenda items, including the share buyback plan and changes to the board of commissioners and directors.

“GOTO has made rapid progress over the past year and is in an increasingly strong position to drive long-term growth that is valuable for all stakeholders,” Patrick stated.

The buyback will be conducted over a 12-month period, from June 12, 2024, to June 11, 2025. The company will halt the buyback if management deems it necessary.

The approval of the buyback proposal is based on management’s analysis of the company’s improving profitability, as demonstrated by achieving a positive adjusted EBITDA in the fourth quarter of 2023.

“The primary consideration for the company in executing the share buyback is to provide better flexibility and options in managing capital and maximizing returns for shareholders,” management emphasized.

The company assured that the buyback would not affect its business activities and operations, given its sufficient working capital to sustain business activities.

In other decisions made during the RUPSLB, Patrick Walujo was authorized to own the company’s series B shares, and Sugito Walujo was appointed as a director authorized to hold series B shares.

Additionally, the meeting approved the reappointment of the board of commissioners members, including Dirk Van Den Berghe, Garibaldi Thohir (Boy Thohir), Wishnutama Kusubandio, and John A. Prasetio as independent commissioners, acknowledging their contributions to the company’s performance. The shareholders also accepted the resignation of co-founder Andre Soelistyo from his position as a commissioner of GOTO.

Regarding the board of directors, the RUPSLB approved the reappointment of Wei-jye Jacky Lo, Hans Patuwo, and Catherine Hindra Sutjahyo as directors.

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