TRANSPORTATION BUSINESS - SINGAPORE. The share price of Indonesian tech giant PT GoTo Gojek Tokopedia has been affected by macroeconomic conditions, a free float of shares, and other factors out of the company's control, its president Patrick Cao said on Thursday.
Indonesia's biggest tech firm, which offers ride-hailing, e-commerce and financial services, has struggled with losses since it went public in April.
GoTo raised $1.1 billion from its IPO but its shares have plunged by 70% since and sank 6.5% on Thursday.
"Many of these variables are outside the control and knowledge of the company," Cao said, adding the company is confident that investors "continue to believe in the fundamentals and future growth opportunities of GoTo".
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Chief Financial Officer Jacky Lo said the company's balance sheet is "sufficiently healthy" and that GoTo may divest non-core assets from its investment portfolio.
The company cut 1,300 jobs or 12% of its workforce last month.
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