Heaptalk, Jakarta — PT GoTo Gojek Tokopedia Tbk and TikTok announced the completion of the transaction to take over Tokopedia shares. With the completion of this transaction, the Tokopedia and TikTok Shop businesses officially merged under Tokopedia, whereby TikTok holds the majority of shares.
As Indonesia’s IDX disclosed (01/31), the completion of the GoTo and TikTok transaction involved a share transaction settlement, whereby Tokopedia issued new shares to TikTok Nusantara (SG) Pte Ltd, leading to TikTok Nusantara (SG) Pte Ltd holding a 75.01% stocks.
After completing the transaction with TikTok, GoTo shares reportedly surged by 2.27%. As many as 3.47 billion shares worth US$19.99 million exchanged hands in the early trading session on February 1st, 2024.
Previously, TikTok invested over US$1.5 billion in GoTo to provide future funding required by the business without additional dilution to GoTo. The partnership commenced with the Beli Lokal campaign last December, which has supported thousands of Indonesian merchants. This campaign has resulted in an increase in their sales of 125% during the campaign period.
“This achievement marks the completion of a partnership with TikTok that will continue to benefit Indonesia and its MSMEs. This partnership is also a significant step forward for the Group company. As our profitability and cash flow continue to improve, we will optimize our capital usage aligned with a newly developed capital allocation plan, including a share buyback initiative, subject to regulatory and shareholder approval,” GoTo Group’s CEO, Patrick Walujo, said.
GoTo Group claimed that the company showed a strong performance at the end of 2023, enabling it to achieve positive Adjusted EBITDA for the fourth quarter while exceeding the top end of its full-year Adjusted EBITDA guidance range.
As a part of the completion of this strategic acquisition, GoTo has appointed Vonny Ernita Susamto as Tokopedia’s President Director. Previously, she served in the Category Management team at ByteDance since 2021. Besides, GoTo Group appointed Melissa Siska Jumianto and Mengzhi Xu as Directors of Tokopedia. Before serving in her latest position, Melissa joined as COO of this e-commerce company from 2018-2023.
“We are proud to officially work with Tokopedia, its stakeholders, and employees. We perceive this moment as a significant milestone in our commitment to contribute to Indonesia, its MSMEs, and the country’s digital economy.” TikTok Indonesia’s Executive Director, Stephanie Susilo, said.
