State asset fund Danantara is considering increasing its stake in technology giant PT GoTo Gojek Tokopedia as it evaluates the company’s fundamentals and long-term prospects.  

Danantara currently holds less than 1 percent of GoTo’s shares after purchasing the stock through the bourse earlier this year. 

Danantara chief investment officer Pandu Patria Sjahrir said the investment vehicle was still evaluating the development of its investment in GoTo and had yet to determine the size of any additional stake. 

“We have already entered [the investment], but we will see how the investment develops going forward,” Pandu said in Jakarta on Monday as quoted by Kompas.com. 

He stressed that any decision to increase Danantara’s ownership in GoTo would be based on business considerations and the company’s fundamentals. 

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“We are looking at it purely from the investment and fundamental side. We have not considered what level [of ownership] we want yet, but we will assess the situation later,” he said. 

Danantara chief executive officer Rosan Roeslani previously said the agency planned to expand its ownership in GoTo gradually.