OLX Autos Indonesia Looks for New Investors: Reports
Jakarta. OLX Group, an e-commerce and classifieds company that operates in over 30 countries including Indonesia, has announced layoffs of around 800 jobs globally and begun the process of selling its automotive business unit, OLX Autos, in several markets.
OLX Autos Indonesia confirmed the report and that it could be impacted by the current development as negotiations with potential buyers are underway.
“We will communicate further if we have the latest information,” OLX Autos Indonesia management said in a statement as quoted by Jakarta-based news website CNBC Indonesia.
“Early this year we made a strategic decision to cut off ties with OLX Autos business and have since begun negotiations with potential investors.”
According to the management, a separate business entity in every country is the best choice for OLX Group because every market has distinctive advantages.
Reports said that OLX global job reduction waves came just a few months after it confirmed plans to reduce its global workforce by 15 percent (1,500 jobs) in January.
Currently, OLX's strategy is to sell vehicles only in the existing market in Argentina, Mexico, and Colombia but will not be accepting new transactions, as written on the OLX Argentina website.
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