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.
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