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View all search resultsGoTo shares soar as govt confirms Grab merger talks
The homegrown tech giant saw a surge in shares on Monday morning after the state secretary's statement on Friday, which revealed the government was discussing a potential merger between GoTo and rival Grab in relation to a new ojol regulation currently being drafted
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Drivers of on-demand transportation services companies Gojek and Grab wait for orders on June 24, 2020, along a sidewalk in Jakarta. (AFP/Adek Berry)
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T GoTo Gojek Tokopedia shares (GOTO) surged 9.80 percent to Rp 67 per share at the close of the trading session on Monday, after the government confirmed that talks were ongoing about the homegrown company’s potential merger with Singapore-based Grab, its rival in the local on-demand transportation market.
The rise in GOTO shares was one of the main contributors that kept the Indonesia Stock Exchange (IDX) Composite in positive territory throughout the day, before the benchmark index slipped 0.04 percent to 8,391.24 at the close of trading.
The company marked a rebound on the IDX despite GOTO trading mostly lower over the past week, following a statement from State Secretary Prasetyo Hadi on Friday about a potential merger between GoTo and Grab.
In his statement, Prasetyo said the government was discussing the move as part of an ongoing process for drafting a presidential regulation on online motorcycle transportation services, including future rules for the sector.
He said discussions were in an early stage and involved various stakeholders, including state asset fund Danantara and ojol (online motorcycle transportation) drivers, often dubbed “driver-partners”.
“It is still being refined, meaning it’s being completed with input from various parties, both from ojol driver-partners and app operators. Danantara is also involved because there’s a corporate process that forms part of the discussion,” Prasetyo said.
State-owned telecommunications company Telkom, a Danantara subsidiary, is one of GoTo’s shareholders.
