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Bukalapak president director Rachmat Kaimuddin resigns
The company disclosed in a statement published on the Indonesia Stock Exchange website that its top executive had tendered his resignation on Tuesday.
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The Bukalapak website is displayed on a laptop in this undated photograph. (Shutterstock/Herwin Bahar)
Rachmat Kaimuddin has resigned as president director of e-commerce platform PT Bukalapak.com.
In a statement published on the Indonesia Stock Exchange (IDX) website on Wednesday, the company disclosed that its top executive had tendered his resignation the previous day. It provided no reason for the resignation.
The statement adds that the move had “no material adverse effect” on the company’s business activity or sustainability.
In an email sent to media on Wednesday, Bukalapak vice president and corporate secretary Perdana Arning Saputro said the board of commissioners and management of Bukalapak “expressed their highest appreciation for Rachmat's contribution over the past two years”, and added that, “based on information from his resignation letter, Rachmat plans to serve his country by working for the government.”
Shares of the company, which is listed on IDX under the ticker symbol BUKA, had settled at Rp 426 (3 US cents) apiece after the morning trading session on Wednesday, down 0.93 percent from the previous closing price.
The company’s stock market valuation has roughly halved from the Initial Public Offering (IPO) price of Rp 850.
Critics have argued that the IPO of the homegrown unicorn – the first to list on IDX – was overhyped, but the company has defended its valuation based on business prospects in a country that has seen fast growth in online shopping.
