GoTo to Issue 17.04 Billion New Shares in Private Placement

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JAKARTA – PT GoTo Gojek Tokopedia Tbk. (GoTo) has officially carried out a Capital Increase without Preemptive Rights (PMHMETD), also known as a private placement, by issuing 17.04 billion new shares.

According to information disclosed on the Indonesia Stock Exchange on Tuesday, October 10, 2023, GoTo's issuance of new shares through private placement has brought the total number of issued and fully paid-up shares to 1.2 trillion.

In this corporate move, the International Finance Corporation (IFC), a part of the World Bank Group, is among the investors. Notably, a US-based investment firm, Franke & Company, is also set to invest in GoTo.

The total investment in this corporate action amounts to US$150 million or approximately Rp2.3 trillion. According to the company's press release, IFC will provide US$125 million, while the remaining US$25 million will come from Franke & Company.

IFC's strategic investment in GoTo aligns with the vision of enhancing access and opportunities in Indonesia. It underscores the company's position in environmental, social, and governance (ESG) practices in the region, as well as IFC's global reputation as a supporter of best ESG practices.

Furthermore, the parties involved will collaborate to promote financial inclusion in Indonesia. This initiative is in line with data indicating that 97 million adults in the country currently lack or have limited access to banking services.

“This partnership will provide further support to GoTo's business as we continue to meet the needs and aspirations of our users, including consumers, driver-partners, and merchants,” said Patrick Walujo, Group CEO of GoTo, in a recent official statement.

The funds raised by GoTo from this corporate action, as previously approved through the Annual General Meeting of Shareholders (RUPST) for the year 2023, will be utilized for the working capital of the company and its subsidiaries.

Citigroup Global Markets Limited and Goldman Sachs (Singapore) Pte. jointly act as the joint placing agents for the equity-linked bonds issued by Bhinneka Holdings (22) Limited to investors.

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