Gojek Tokopedia (GOTO) Announces TikTok Has Completed Its Investment in Tokopedia

January 31, 2024, 06.30 PM | Reporter: Yuliana Hema

ILUSTRASI. Pedagang menunjukkan pesan pemeberitahuan dari TikTok di Pasar Tanah Abang, Jakarta, Senin (11/12/2023). TikTok resmi mengumumkan untuk membuka kembali fitur belanja di dalam aplikasi mulai Selasa 12 Desember yang bermitra bersama PT GoTo dengan menggelontorkan investasi senilai Rp1,5 miliar dolar AS atau sekitar Rp23,4 triliun. ANTARA FOTO/Cahya Sari/sgd/aww.

CORPORATE ACTION - JAKARTA. Technology issuer, PT GoTo Gojek Tokopedia Tbk (GOTO) on Wednesday (31/1), announced that TikTok Pte. Ltd. has officially completed its investment agreement of US$ 1.5 billion to PT Tokopedia.

"Today we have completed the transaction of cooperation with TikTok, which will continue to provide benefits to Indonesia and SMEs," said Patrick Walujo, CEO of GOTO Group, Wednesday (31/1).

As known, GOTO and TikTok also signed a shareholding agreement of PT Tokopedia in connection with additional investment.

PT Tokopedia issued new shares to be paid by TikTok worth US$ 840 million. Thus, TikTok officially holds 75.01% shares or equivalent to 38.18 million shares of Tokopedia.

Meanwhile, GOTO will own 24.99% shares of PT Tokopedia. As a result, with this investment, TikTok will become the new controller for Tokopedia.

TikTok also bought assets owned by Tokopedia in the form of business contracts and exclusive rights worth US$ 340 million. These assets will be used by TikTok to revive TikTok Shop in Indonesia.

At the time of completing the investment plan, Tokopedia will also receive a promissory note from TikTok worth US$ 1 billion. This figure is equivalent to IDR 15.53 trillion.

The promissory note can be used for Tokopedia's working capital needs in the future. However, management has not yet confirmed when the funds will be fully distributed.