Heaptalk, Jakarta — PT GoTo Gojek Tokopedia has obtained a fresh fund worth US$150 million (around Rp2.3 trillion), coming from the International Finance Corporation (IFC) at US125 million and a private investment firm Franke and Company worth US$25 million.
In more detail, the strategic partnership of Gojek’s parent company also covers non-financial components to support the company in its driver-partners’ transition to electric vehicles, improve operational efficiency, and integrate various sustainable business practices to realize a carbon-neutral business.
In response to this matter, the President Director of GoTo, Patrick Walujo, delivered, “We are proud to partner with IFC to make a significant impact on society and the planet. This partnership will further support GoTo’s business as we address the needs of users, driver-partners, and merchants.”
Also, IFC’s strategic investment in GoTo reflects a shared vision of improving Indonesia’s environmental, social, and governance (ESG) practices. The collaboration of these entities also encourages deepening financial inclusion, where 97 million people in the archipelago are still in the unbanked category.
“We appreciate GoTo’s leadership in responding to the challenge of climate change and its contribution to increasing employment opportunities and sustainable economic growth. This investment is an essential contribution to expanding these efforts while also emphasizing the power of digitalization in improving the standard of living of Indonesian people,” stated IFC’s Country Manager for Indonesia and Timor-Leste, Euan Marshall.
Performing a Private Placement
In this investment, GoTo Group will secure the fund through the issuance of new shares in the context of increasing capital without pre-emptive rights (PMTHMETD) and the distribution of structured debt securities to Bhinneka Holdings, in conjunction with an equity bonds issuance to IFC and Franke and Company with a value of US$150 million.
These equity bonds from Bhinneka Holdings can be exchanged for Series A Shares of the Company, which they will subscribe to at an exchange price of Rp135, which reflects a premium value of 50% of the weighted average cost of the Company’s shares in the last month. The equity bonds above have an interest rate of 5% per year, paid twice yearly.
In this case, Citigroup Global Market Limited and Goldman Sachs (Singapore) Pte acted as joint placing agents for issuing equity bonds issued by Bhinneka Holdings to investors. The funds raised from this private placement agenda have been approved through the General Meeting of Shareholders (GMS) 2023.
The fund will be used as working capital for the GoTo Group at 25% and its subsidiaries at 15%. On the other hand, the company will also channel the investment raised into PT Swift Logistic Solutions, PT Multifinance Anak Bangsa, and PT GoTo Solusi Niaga, with each value at 15%.
