In mid-February 2024, rumours began circulating about a potential merger between the giant on-demand service company GOTO Group (Gojek Tokopedia) and Grab, a Singapore-based company. This news stirred up many questions among shareholders and the broader community.
The Indonesian Stock Exchange (BEI) sought clarification regarding this merger rumour. I Gede Nyoman Yetna, Director of Company Valuation at the Indonesian Stock Exchange, stated that inquiries had been made to both parties concerning the speculation.
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“If this is merely a rumour, we will seek clarification. I refrain from commenting on mergers until they are officially submitted,” Nyoman stated at the Stock Exchange on Monday (12/2/2024).
On 19th February 2024, GOTO Corporate Secretary, R.A. Koesoemohadiani, swiftly refuted rumours about GOTO Group’s purported merger with Grab. “We have only become aware of these rumours through the media. It’s important to note that the company cannot officially comment on market speculations,” he stated in an official release on Monday (19/02/2024). Koesoemohadiani emphasized that there have been no discussions regarding this matter at present.
As of February 19, 2024, GOTO Group shares were valued at IDR 84 per share. Recently, GOTO shares experienced a surge of 7.14%, reaching the psychological threshold of IDR 90 per share at the beginning of the previous week’s trading session.
Before the speculation surrounding GOTO Group’s merger with Grab, GOTO had already forged a partnership with ByteDance (TikTok) through the acquisition of 75% of shares valued at IDR 23 trillion, while GOTO retained a 25% stake.
Towards the end of 2020, before the merger with Tokopedia, Gojek was reportedly engaged in discussions and exploring the possibility of merging with another entity. Eventually, Gojek decided to merge with e-commerce giant Tokopedia, forming GOTO Group and subsequently going public.
