GOTO expects to elevate a dividend value from SLS to the other shareholders through the strategic acquisition between PAB and SLS.
Heaptalk, Jakarta — PT GoTo Gojek Tokopedia Tbk (GOTO), through its subsidiary company PT Paket Anak Bangsa (PAB), known as Gosend business unit, has officially acquired PT Swift Logistics Solutions (SWL) shares, with a total transaction worth Rp583.12 billion (US$37.9 million), or approximately 441,758 of SWL stocks (01/06).
Through this strategic acquisition, GOTO aims to gain numerous advantages for its business continuity, one of which is an increase in dividends from SLS in the future. For this reason, the company would also deliver profit growth and increase the investment that shareholders have performed, including public shareholders.
Afterward, the issuance of new shares to PAB, Swift Logistics Solutions will receive a premium on stock which is the difference between the total acquisition value of SLS and PAB worth US$37.9 million (Rp583.12 billion), with the total nominal of new shares worth Rp441.75 billion. As a result, the management of the company will record a nominal worth of Rp141.3 billion, or nearly US$9.2 million, in Swift Logistics Solutions’ financial report.
As reported in neraca.co.id, the Secretary of GOTO company, Koesoemohadiani, revealed PAB is a subsidiary company that this giant technology company owns at a minimum of around 99%, and SLS is a subsidiary that GOTO owns at minimum around 67%. Based on the company secretary Diani’s statement, this transaction would not impact the financial loss of GOTO company.
GOTO has appointed KJPP parties, Iskandar and Partners, as this transaction’s independent assessor. They are accessible to reveal reasonable opinions based on the analysis output during this transition.
“Through the PAB acquisition of Swift stocks, GOTO was able to improve the financial performance of SLS as a subsidiary company. Transaction risk is as follows when SLS performance is not achieved as expected, so that the company may experience losses on the investment that has been executed,” stated The Property or Asset Business Appraisers of KJPP, Iskandar, and Adhityo.
Established in 2020, Swift Solutions is a subsidiary of Tokopedia’s logistics sector which offers warehousing and shipping solutions. During its operations, this logistics company provides several services, including market integration, inventory accuracy, three-day delivery service throughout Indonesia, COD coverage, and same-day delivery.
Regarding business performance, according to the financial report that KAP Aria Kanaka and Partners audited as of December 31st, 2021, Swift Logistics Solutions contained an asset worth Rp186.58 billion.
Meanwhile, the company also noted a net loss worth Rp26.98 billion. The transaction value materiality demonstrated 0.12% of the total asset and the company loss and profit. As a result, the SLS has secured its business profit worth Rp32.42 billion, or the material transaction produced around 0.71% of the company’s income.
