GOTO Stock Rises Amidst Rumored Merger with Grab

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Erlina Fury Santika 12/02/2024 19:50 WIB

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Yahoo Finance data shows that GOTO shares rose 2.38% in Monday's trading (February 12, 2024). The increase follows news of a merger with Grab.

GoTo Gojek Tokopedia (GOTO) Stock Price Movement (April 12, 2023 - February 12, 2024)

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GoTo Gojek Tokopedia (GOTO) Stock Price Movement (April 12, 2023 - February 12, 2024)

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Data compiled by Yahoo Finance shows that PT Goto Gojek Tokopedia Tbk (GOTO) shares closed at Rp86 per share on Monday, February 12, 2024.

This figure is up 2.38% from the previous two days, which were consecutively stagnant at Rp84 per share.

Although it shows an increase, the price remains low compared to previous movements, which reached Rp109 on December 1, 2023, and Rp147 on May 31, 2023.

Today's share strengthening coincides with circulating rumors of a merger between GOTO and the technology giant, Grab Holdings Ltd.

News of the merger emerged from a Bloomberg report stating that the merger is intended to stop years of losses and intense competition between the two companies in the online transportation service, also known as ride-hailing.

One potential option for Singapore-based Grab is to acquire GoTo using cash, shares, or a combination of both.

"These companies, which are also leading food delivery players in a region with more than 650 million people, are in preliminary talks about various scenarios," as quoted by Katadata from Bloomberg on Friday (February 9).

However, GOTO itself has refused to provide further information regarding the merger rumors.

"We do not comment on rumors circulating in the market. There are currently no discussions regarding this matter," said GoTo's Head of Corporate Communications, Sinta Setyaningsih, to Katadata on Monday (February 12, 2024).

If this merger agreement materializes, the valuation of GOTO and Grab is estimated to reach US$20 billion, or approximately Rp312 trillion (assuming an exchange rate of Rp15,630 per US$).

Not long ago, the company also finalized the acquisition of 75% of Tokopedia's shares by TikTok on Wednesday (January 31, 2024). The total transaction value reached US$2.18 billion, or approximately Rp34 trillion.

On the other hand, the Indonesian Business Competition Supervisory Commission (KPPU) warns that the impact of this potential merger could create a business monopoly.

"Currently, that's the information circulating. For such a transaction, there is certainly a potential for high market concentration in certain markets. To avoid a monopoly, such action should be avoided," said Deswin Nur, Head of Public Relations and Cooperation at KPPU, to Katadata on Monday (February 12, 2024).

(See also: Shareholder Composition of GOTO at the Beginning of 2024, Who is the Largest?)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."