Heaptalk, Jakarta — PT GoTo Gojek Tokopedia revealed multiple critical moves in the Annual General Meeting of Shareholders (AGMS) on June 11th, 2024. One agenda item covers the previously submitted share buyback intention and amendments to the composition of GoTo’s Board of Commissioners and Directors.
Based on the information openness, GoTo’s company will seek approval from shareholders for its share buyback scheme worth US$200 million, approximately Rp3.2 trillion. The company’s Board of Commissioners and Director will periodically review this plan and make adjustments if necessary.
“With cash flow continuing to improve and significant value in our shares, we believe that a share buyback is a wise move, as we strive to ensure that the company’s resources are utilized efficiently,” President Director of GoTo, Patrick Walujo, said.
As part of the GMS agenda, the company strengthened the leadership structure by proposing that John Prasetio obtain shareholder approval as an Independent Commissioner. Furthermore, William Tanuwijaya and Melissa Siska Juminto’s terms of office as Board of Commissioners and Directors have ended. Andre Soelistyo will step down from the Board of Commissioners and focus on other fields.
As part of the GMS agenda, the company also proposed Patrick Walujo, President Director, as a prospective Series B shareholder for independent shareholder approval.
“As an initial investor, Patrick provides insight as a shareholder in forming the company’s strategic policies and plays a leadership role in GoTo management. Under his leadership, GoTo has created long-term fundamental value, such as achieving a positive EBITDA target in Q4 2023 and strategic collaboration steps with TikTok.” GoTo’s Management said.
On the other hand, this behemoth digital ecosystem also successfully reduced its Adjusted EBITDA loss by 89% YoY to US$6.2 million in the early quarter (Q1) 2024. Meanwhile, as cited in the company’s financial report, the Group obtained gross revenue by 18% YoY to around US$258 million. The Group revealed that user growth, BNPL in e-commerce, and accelerated integration and payment adoption associated with TikTok significantly contributed to the results.
