Jakarta –
PT GoTo Gojek Tokopedia Tbk (GOTO) canceled plans for an initial public offering or initial public offering (IPO) international. This international IPO plan was previously submitted in the company’s IPO prospectus and has been approved by shareholders at the 2023 Annual General Meeting of Shareholders (AGMS).
If the company decides to carry out an international IPO in the future, the company will request shareholder approval again in accordance with applicable laws and regulations.
The company’s decision not to conduct an international IPO is because the company has solid cash and balance sheet, with cash, cash equivalents and short-term deposits worth IDR 25.2 trillion as of September 30, 2023. Net cash usage rate (net cash burn) decreased by 76% compared to the previous year, so the company has more than enough capital to carry out business activities and execute current plans.
“Therefore, the company announced today that it no longer plans to carry out an international initial public offering (IPO), which was previously stated in the Company’s IPO prospectus and has been approved by shareholders at the 2023 Annual General Meeting of Shareholders (AGMS),” read the statement. the company wrote, quoted Monday (30/10/2023).
For your information, the company reported an improvement in adjusted Group EBITDA of 74% year on year reached -Rp 0.94 trillion, driven by increased monetization and disciplined management of operating expenses. At the same time, GTV Group grew 5% compared to the previous quarter, showing the positive impact of the company’s innovation amidst increasingly fierce competition.
“GTV Group has returned to positive growth after recording two consecutive quarters of decline, driven by business unit growth e-commerce and On-Demand Services. This is due to the company’s strategy to expand its potential market (total addressable market or TAM) through the development of products and services that are able to answer the needs of consumers who are more sensitive to price (price conscious customers),” said GoTo Group President Director Patrick Walujo.
“This increasingly strong ecosystem synergy is our advantage amidst increasingly fierce competition. The GoTo Group will continue to adapt tactically to maintain our market leadership, while at the same time continuing to invest to support the company’s long-term business strategy,” he continued.
(acd/ara)
2023-10-30 10:28:45
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