Rumored GOTO Cancels Issue of Convertible Notes Worth 7 Trillion Rupiah

The GOTO Group reportedly canceled the deal to raise fresh funds through the issuance of convertible bonds worth $ 500 million (more than 7 trillion Rupiah). According to sources Bloomberg, GOTO abandoned the deal for months as it focused its attention on achieving its profitability targets.

The source also said that previously the target fund that GOTO was aiming for was $1 billion but it was reduced by half, until finally canceling the discussion with potential investors. Investor names that have actively discussed with GOTO include BlackRock, PAG, and IFC.

"Transportation provider and E-commerce Indonesia ultimately decided not to sell debt because it was worried it would send conflicting messages to investors," wrote Bloomberg.

Previously, GOTO management had informed investors that its cash and cash equivalents — of IDR 29 trillion ($2 billion) by the end of 2022 — were sufficient to achieve positive operating cash flow without additional external funding.