GOTO Denies Plans to Merge with Grab

CORPORATE STRATEGIC - JAKARTA. PT GoTo Gojek Tokopedia Tbk (GOTO) has responded to news of a planned merger with Grab Holdings Ltd. In a disclosure of information, GOTO's management denied the news.  

GoTo's Corporate Secretary R. A. Koesoemohadiani stated that they only learned about the news related to the merger issue from the mass media. Through the disclosure of information on the Indonesia Stock Exchange, Diani, representing GOTO's management, emphasized that they basically cannot comment on rumors circulating in the market. 

"We also want to emphasize that at this time there are no discussions related to this matter," she wrote in a letter to the Indonesia Stock Exchange, Tuesday (13/2). 

Diani also affirmed that currently GOTO has increasingly strong fundamentals and financial position. This is in line with GOTO's achievement in achieving positive adjusted EBITDA in the fourth quarter of 2023.

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Furthermore, GOTO will also receive e-commerce service revenue every quarter from PT Tokopedia after the joining of TikTok and is expected to contribute to GOTO's performance. 

"GOTO will drive the development of product innovation and its operational excellence in on-demand services and financial technology," revealed Diani. 

Bloomberg reported that GOTO and Grab are back in talks to merge their businesses. However, this corporate action is still in the early stages of discussion. 

According to Bloomberg sources, the Singapore-based company will acquire GoTo using cash, shares, or a combination of both.