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GoTo President Commissioner Becomes AnterAja Investor, Owns 10% of Shares

Previous investors did not take pre-emptive rights, as a result their shares were diluted

Conglomerate Garibaldi "Boy" Thohir adds to his investment portfolio. Most recently, Boy became an investor in the logistics company AnterAja. Boy Thohir himself is the President Commissioner of GoTo with Wishutama Kusubandio.

According to a disclosure on the Indonesia Stock Exchange, PT Tri Adi Bersama (AnterAja), a subsidiary PT Adi Sarana Armada (ASSA) issued new shares totaling 490.413 shares or equivalent to Rp70,55 billion. All of these shares were purchased by a third party, namely Boy Thohir.

"All pre-existing TAB shareholders will waive their pre-emptive rights to subscribe to shares on the issuance of the new shares," ASSA management wrote, Wednesday (13/4).

With the transaction, the share ownership of ASSA and other shareholders is diluted.

Prior to the transaction, AnterAja's shareholder structure was ASSA at 55%, PT Roda Bangun Selaras at 25%, and Time Prestige Investments Limited at 20%. After the transaction, the share ownership became ASSA 49,5%, PT Roda Bangun Selaras 22,5%, Time Prestige Investments Limited 18%, and Garibaldi Thohir 10%.

ASSA's Board of Directors confirmed that although ASSA's ownership was diluted, it remained the controller in TAB. “ASSA remains the controlling stake in TAB because ASSA is the largest shareholder in TAB.”

For the record, Tokopedia through PT Spirit of Sharp Bamboo (SBR) initially the initial shareholder in AnterAja was 25%. However, at the beginning of last year, it was transferred to PT Roda Bangun Selaras (RBS). The SBR is an affiliate of GOTO. In the GOTO prospectus, it was stated that SBR made a number of investments, one of which was to PT Wahana Teknologi Indonesia (WTI).

Then, WTI also made various investments, one of which was in Roda Bambu Runcing (RBS). Apart from AnterAja, RBS also invested in PT Adi Sarana Logistik (Titipaja) with a 40% stake.

AnterAja Performance

AnterAja is one of ASSA's business lines that provides a significant business contribution. In ASSA's financial report last year, it recorded revenue of Rp. 5,1 trillion, up 68% compared to 2020 of Rp. 3 trillion.

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The increase was driven by the significant growth of the business delivery express AnterAja which managed to achieve 248% revenue growth and has contributed to ASSA's profit. This increase in growth has made AnterAja contribute to 54% or Rp. 2,8 trillion of ASSA's total revenue.

“Since its inception, ASSA's revenue trend has always been dominated by the rental business, followed by sales of used vehicles until the first quarter of 2021. Then, since the second quarter of 2021, revenue from the logistics business line, which consists of ASSA Logistics Services and Anteraja, has managed to increase more than the revenue contribution from other business lines," said ASSA President Director Prodjo Sunarjanto as quoted from Investor.id.

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