GOTO Shares Surge After Tokopedia-TikTok Merger
Jakarta. GoTo Gojek Tokopedia (GOTO) shares surged by 2.27 percent after the announcement of a completed strategic partnership with Bytedance's TikTok.
As many as 3.47 billion shares worth Rp 315.02 billion ($19.99 million) exchanged hands on the first trading session on Feb. 1, 2024.
On Thursday, GoTo announced the official merger of its e-commerce unit, Tokopedia, and TikTok Shop Indonesia under PT Tokopedia. The joint ownership by GoTo and TikTok as strategic partners in Indonesia resulted in TikTok holding the majority of shares.
The completion of the transaction involved a share transaction settlement, wherein Tokopedia issued new shares to TikTok Nusantara (SG) Pte Ltd, leading to TikTok Nusantara (SG) Pte Ltd holding a 75.01 percent stake. The total value of the transaction amounted to $2.18 billion (Rp 33.847 trillion).
Furthermore, GoTo Gojek Tokopedia had a strong performance in late 2023, achieving positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the fourth quarter and surpassing the performance guidance for adjusted EBITDA in 2023.
Detailed performance information will be revealed during the company's performance presentation for the fourth quarter and fiscal year 2023, expected to be announced in March.
Patrick Walujo, CEO of the GoTo Group, said the completion of the collaboration transaction with TikTok regarding Tokopedia is a significant step for the GoTo Group.
Patrick added that as GoTo aims for profitability and enhanced cash flow, they are planning to optimize capital usage, including initiatives like potential share buybacks, and pending regulatory and shareholder approval.
Tags: Keywords:Related Articles
GoTo Adjusts Business Model After Indonesia Caps App Commissions
GoTo backed Indonesia’s new rule requiring ride-hailing apps to give drivers at least 92% of fares earned.
Indonesia Plans E-Commerce Rule Revision After SME Complaints Over Fees
Indonesia is preparing new e-commerce rules after SMEs complained about rising marketplace administrative and logistics fees.
GoTo Falls Nearly 6% After Indonesia Moves to Limit Ride-Hailing Commissions
GoTo shares fall after Indonesia caps ride-hailing commissions, raising concerns over margins despite the firm’s first-ever profit.
GoTo, Grab Review Indonesia’s New Rule Raising Driver Pay Share
GoTo and Grab review Indonesia’s new rule raising driver pay to 92%, as firms assess impact on costs, pricing and industry sustainability.
GoTo Posts First Net Profit, Holds Guidance on Macro Concerns
GoTo posts its first net profit on strong lending growth, but keep its outlook unchanged as fuel price risks and weak demand cloud prospects
Few Platforms Meet Indonesia’s New Child Safety Law as Enforcement Begins
Indonesia says only X and Bigo Live fully comply with new child protection rules as enforcement begins, with major platforms still lagging.
Minister Warns of China’s Growing Grip on Indonesia's Digital Marketplaces
Indonesia considers measures to curb Chinese dominance in e-commerce and boost local products after ByteDance’s Tokopedia deal.
GoTo Narrows Net Loss by 77% in 2025 as Revenue Climbs
GoTo cut its net loss by 77% in 2025 as revenue rose 15% and costs stayed tight.
KPK Urges Finance Minister Purbaya to Report TikTok Gifts
KPK advised Finance Minister Purbaya Yudhi Sadewa to report or consult over virtual gifts sent during a TikTok livestream.
TikTok Seals Deal to Create US Entity, Averting Ban
TikTok finalized a deal to form a new U.S. entity, easing security concerns and avoiding a ban that threatened to shut down the app.The Latest
Indonesian Airlines Push for Zero Import Tax on Aircraft Spare Parts
Airlines are urging the government to eliminate import taxes on aircraft spare parts to reduce operating costs.
FWD Insurance Indonesia Appoints Jeffrey Woo as President Director
FWD Insurance Indonesia has appointed industry veteran Jeffrey Woo as president director after securing OJK approval.
W. Jakarta Immigration Chief Detained in Probe Into Foreign Residency Permit Corruption
The Corruption Eradication Commission has detained an immigration chief as it investigates alleged corruption in foreign residency permits.
Jakarta Stocks Plunges 5% Midday as Rupiah Hits Record Low at Rp 17,900
JCI plunged nearly 5% after the rupiah hit a record low against the US dollar, triggering a broad market selloff.
Rupiah Hits Rp 17,926 Against US Dollar Amid Oil Surge and Geopolitical Risks
Rupiah fell to Rp 17,926 per US dollar as rising oil prices, Middle East tensions, and strong dollar demand weighed on sentiment.Most Popular
