Rabu 31 Jan 2024 22:21 WIB

GoTo Group Announces Share Buyback Plan

This is done along with GoTo's profitability direction and cash flow improvement.

TikTok and Tokopedia officially cooperate.
TikTok and Tokopedia officially cooperate.

REPUBLIKA.CO.ID, JAKARTA -- PT GoTo Gojek Tokopedia Tbk explained a share buyback or repurchase plan. 

“We will optimize the use of capital and are drawing up a capital allocation plan for the future. The plan includes several initiatives including a possible buyback of shares, where this will depend on the approval of regulators and shareholders,” GoTo Group President Patrick Walujo said in an official statement on Wednesday (31/1/2024).

Baca Juga

GoTo and TikTok announced the completion of the cooperation transaction. Tokopedia and TikTok Shop Indonesia businesses have officially merged under PT Tokopedia which is jointly owned by GoTo and TikTok as strategic partners. TikTok became the controlling shareholder.

GoTo Group managed to record solid performance by the end of 2023. Thus, the company managed to achieve a positive adjusted Ebitda in the fourth quarter of 2023. The Company also managed to exceed its adjusted Ebitda performance guidance for 2023.

“Details regarding the performance will be provided at the company's performance exposure for the fourth quarter and fiscal year 2023, which will be announced in March,” the statement said.

Patrick said that cooperation with TikTok will benefit Indonesia and MSMEs. “Having successfully achieved positive adjusted Ebitda in the fourth quarter of 2023, we will accelerate our growth, one of them through support and cooperation with GoTo's profitability direction and cash flow improvements,” he said.

Stephanie Susilo, Executive Director of E-commerce TikTok Indonesia, said that this moment is an important achievement in realizing the commitment to contribute to Indonesia, MSMEs, and the growth of the digital economy.

Through this partnership, TikTok will invest more than $1.5 billion as a long-term commitment to support Tokopedia's business operations, without further diluting GoTo's holdings in Tokopedia.

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