GoTo Has No Plan to Sell Stake to TikTok
Jakarta. Tech company GoTo confirmed on Friday that it is in negotiations with ByteDance, the Chinese tech giant behind the video-sharing app TikTok, regarding potential collaboration in the e-commerce sector.
TikTok aims to re-establish its e-commerce service following its previous ban by the Indonesian government due to license violations as a social media company.
Media reports suggested TikTok is exploring a partnership with Indonesia's leading online trading platform, Tokopedia, which, together with the ride-hailing firm Gojek, forms GoTo.
Corporate Secretary of GoTo, RA Koesoemohadiani, clarified in a statement that the ongoing discussions do not involve any plans to sell a stake to TikTok.
"Regarding the speculated partnership between Tokopedia and ByteDance or TikTok, ongoing discussions focus solely on potential collaboration to advance the e-commerce landscape in Indonesia," Koesoemohadiani said.
She dismissed reports suggesting discussions included GoTo's proposal to sell a 50 percent stake to TikTok or any other investor.
"There are no intentions from ByteDance or TikTok to acquire a stake in our company, nor do we have plans to issue new shares," she said, adding that individual decisions by GoTo's investors to sell their shares to TikTok would stand independent of the ongoing discussions.
Indonesia's current regulations prohibit social media companies from venturing into e-commerce or social commerce.
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