GoTo Adds Capital to Several Subsidiaries

PT GoTo Gojek Tokopedia Tbk (IDX: GOTO) announced the acquisition of shares in a number of subsidiaries to increase capital.

Based on information disclosure on the Indonesia Stock Exchange, PT Tokopedia took over as many as 58.400 new shares owned by PT Spirit Bambu Runcing (SBR) of 58.400 with a value of Rp. 58,4 billion.

Then, the Spirit of Bambu Runcing absorbed 18.400 new shares from PT Roda Bangun Selaras (RBS) worth Rp. 18,4 billion. And, Roda Bangun Selaras took a similar action against 18.400 new shares or Rp. 18,4 billion owned by PT Adi Sarana Logistik (ASL).

GoTo's Corporate Secretary R. A Koesoemohadiani said that all of these corporate actions were aimed at increasing capital for subsidiaries.

Meanwhile, in a separate disclosure of information, ASSA President Director Prodjo Sunarjanto Sekar Pantjawati said that this additional capital was needed so that Adi Sarana Logistik could make a positive contribution to the company.

For your information Adi Sarana Logistik is a subsidiary of PT Adi Sarana Armada Tbk (IDX: ASSA) with 40% share ownership. It should be noted that the shares of Adi Sarana Armada's subsidiary, namely: Anteraja and Autopedia, owned by the President Commissioner of GoTo Garibaldi 'Boy' Thohir.

Working capital in Vietnam

In addition, GoTo also announced that it had injected additional capital into its subsidiary in Vietnam, namely Go Car Technology Company Limited (GoCar Ltd) through Viet Lotus International Joint Stock Company (Viet Lotus) worth VND140,6 billion or equivalent to $6,2 million.

Currently, GoCar Ltd is wholly owned through the parent company Viet Lotus with 100% ownership, while Viet Lotus owns 49% shares held by GoTo.

Brief flashback, last year Gojek to divest its business in Thailand to AirAsia in order to be able to focus on Vietnam and Singapore market. at that time, Kevin Aluwi who is still the CEO Gojek said it could not fully commit to resource owned there.

Based on GoTo's annual report, GoCar services have launched in Vietnam in August 2021, while GoTaxi and GoCar XL services are available in Singapore in May and November 2021.

The OECD data noted that Singapore's economy led growth in Southeast Asia with GDP growth of 7,6% in 2021, while Vietnam's was 2,6% in the same period.

As is well known, GoTo has had the ambition from the start to strengthen infrastructure and ecosystem hyperlocal in Southeast Asia through its three subsidiaries, viz Gojek (ride-hailing), Tokopedia (e-commerce), and GoTo Financial (fintech).

With this strategy, GoTo strives to meet the needs of goods and services at an economical cost thanks to supply and demand which are close to each other. This is one of GoTo's strengths by optimizing its driver-partner, merchant, and logistics network.