Heaptalk, Jakarta — PT GoTo Gojek Tokopedia has obtained approval from its shareholders to hold a US$200 million (around Rp3.2 billion) share buyback and make changes to the company’s leadership team.
The company’s stock buyback will be carried out by 12 months after the GMS date on June 11, 2024, and end on June 11, 2025. Shareholders’ approval of the share buyback proposal was based on the company’s analysis results regarding GoTo’s profitability level, which continued to improve last year, demonstrating its positive Adjusted EBITDA at US$4.8 million in Q4 2023. Moreover, the Group also successfully reduced its Adjusted EBITDA loss by 89% YoY to US$6.2 million in Q1 2024.
GoTo’s shareholders agreed that Patrick Sugito Walujo, the company’s CEO and President Director, would own Series B shares, ensuring that the company’s existing management is represented among the holders of Series B shares.
“We appreciate shareholders’ support and approval for all the agenda items in AGMS and EGMS, including share buyback intention and refreshed leadership structure. GoTo has evolved significantly over the past year, and we will continue our trajectory toward long-term sustainable growth,” Patrick added.
Shareholders also approved all proposed shifts to the Company’s Board of Commissioners and Board of Directors due to the completion of the terms of office of select members and the resignation of one member, Andre Soelistyo.
With the aforementioned changes, the new GoTo’s Board of Commissioners will be as follows, effective from the closing of the AGMS and EGMS 2024:
- President Commissioner: Agus Martowardojo
- Commissioner: Garibaldi Thohir
- Commissioner: Winato Kartono
- Commissioner: Wishnutama Kusubandio
- Independent Commissioner: Dirk Van den Berghe
- Independent Commissioner: Marjorie Tiu Lao
- Independent Commissioner: John Prasetio
Furthermore, the Board of Directors of GoTo Gojek Tokopedia includes:
- President Director: Patrick Sugito Walujo
- Vice President Director: Thomas Kristian Husted
- Director: Catherine Hindra Sutjahyo
- Director: Hans Patuwo
- Director: Nila Marita
- Director: Pablo Malay
Furthermore, approvals were also given for GoTo’s 2023 annual report, ratification of the Consolidated Financial Statements of the Company and its Subsidiaries for the financial year ending December 31, 2023, and approval of the salaries and benefits of the Board of Directors and honorarium and benefits of the Board of Commissioners.
“GoTo’s high-quality growth, combined with its commitment to cost discipline, enabled it to successfully achieve positive adjusted EBITDA in the fourth quarter of 2023, exceeding its target. I also highly appreciate the On-Demand Services (ODS) business achievement, which recorded a strong performance, maintaining positive adjusted EBITDA throughout 2023, before the allocation of corporate costs.”
