1. Startups

GOTO Announces Private Placement and Share Buyback Plan

PMTHMETD involves the issuance of 120,14 billion Series A shares, or the equivalent of 10% of paid-in capital

In an effort to strengthen the capital structure and support business expansion, PT GoTo Gojek Tokopedia Tbk (GOTO) announced plans to hold a General Meeting of Shareholders (GMS) on June 11 2024.

The main agenda is a discussion regarding Capital Increase Without Pre-emptive Rights (PMTHMETD) which involves the issuance of up to 120,14 billion Series A shares, or the equivalent of 10% of the company's fully paid-up capital.

Apart from that, GOTO also plans to buy back shares as part of its financial strategy to increase shareholder value and optimize company performance.

Funds raised from private placement will be used to support working capital needs, as well as the potential conversion of debt into shares in the future. This strategy is expected to strengthen GOTO's financial position in facing competitive market dynamics.

The plan to use funds from additional capital also includes developing operational capacity for several subsidiaries, such as PT Dompet Anak Bangsa and PT Multifinance Anak Bangsa, each of which will receive an allocation of 25% of the total funds obtained.

Further discussion regarding the new share price will be set at at least 90% of the average closing price on the Indonesia Stock Exchange (BEI) for 25 trading days before the effective date of share registration. The entire process of increasing capital and buying back shares has been prepared in accordance with Financial Services Authority (OJK) regulations, confirming GOTO's commitment to good corporate governance practices and corporate transparency.

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GOTO hopes that with this strategic step, the company can be more aggressive in market expansion and service innovation, while increasing investor and shareholder confidence in the company's long-term prospects.

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Disclosure: This article was produced with AI technology and supervision of the content writer
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