PT Telekomunikasi Selular, or Telkomsel, is still evaluating its\ninvestment in PT GoTo Gojek Tokopedia Tbk (GOTO).<\/p>\n
The subsidiary of PT Telkom Indonesia (Persero) Tbk (TLKM) has yet to\nmake a new decision regarding the direction of its shareholding in the\ntechnology company.<\/p>\n
Telkomsel\u2019s Director of Finance and Risk Management, Daru Mulyawan,\nsaid the company\u2019s investment in GoTo remains positioned as part of a\nlong-term strategic partnership.<\/p>\n
The statement was made in response to a question about the direction\nof Telkomsel\u2019s investment in GoTo, which noted that Telkomsel was\nsitting on a floating loss of around Rp5 trillion on the holding.<\/p>\n
\u201cWe wish to convey that Telkomsel\u2019s investment in GoTo is part of a\nlong-term strategic partnership focused on optimising synergy potential\nand creating value for Telkomsel,\u201d Daru said at the Public Expose Live\n2026 event on Monday, 7 September 2026.<\/p>\n
Daru said GoTo\u2019s share price movements cannot be the sole basis for\nassessing the benefits of the investment. According to him, the share\nprice reflects market dynamics, whereas the relationship between\nTelkomsel and GoTo also serves a strategic purpose.<\/p>\n
\u201cGoTo\u2019s share price movements reflect market dynamics and do not\nrepresent the strategic benefits of the partnership,\u201d he said.<\/p>\n
Daru added that Telkomsel will continue to evaluate the investment\u2019s\nperformance as well as the realisation of synergies with GoTo.<\/p>\n
\u201cGoing forward, Telkomsel will continue to conduct disciplined\nevaluations of investment performance and synergy realisation,\u201d he\nsaid.<\/p>\n
The evaluation covers the investment\u2019s performance and the\nsynergistic benefits expected from the two companies\u2019 strategic\npartnership. However, Daru did not provide figures on the value of\nsynergies realised so far, nor on targets for financial benefits from\nthe cooperation.<\/p>\n
Daru also announced no new decision regarding Telkomsel\u2019s\nshareholding in GoTo. As such, management has made no statement about\nplans to sell, increase, or reduce the investment.<\/p>\n
According to Daru, any investment decision will be made based on a\ncomprehensive review and applicable governance mechanisms.<\/p>\n
\u201cEvery investment decision will be taken prudently based on a\ncomprehensive study, following the principles of governance and the\napplicable approval mechanisms,\u201d he said.<\/p>\n
With that position, the GoTo investment remains part of Telkomsel\u2019s\nlong-term partnership strategy, while the company continues to evaluate\nits performance and synergy realisation.<\/p>\n
GoTo\u2019s share price movements are one of the factors the market\nwatches, as they can affect the value of Telkomsel\u2019s investment.\nHowever, Telkomsel\u2019s management stressed that share price movements do\nnot directly reflect the strategic benefits of the partnership.<\/p>\n
As of the Public Expose Live 2026 event, Telkomsel had not made any\nnew decision on the direction of its GoTo investment. The company also\ndid not say when the evaluation process would produce a decision on the\nshareholding position.<\/p>\n
Telkomsel holds 1.99 percent of GoTo\u2019s shares, equivalent to 23.7\nbillion shares, acquired at an average price of Rp270 per share. GoTo\u2019s\nshares are currently stagnant at Rp50 per share, with a sell queue of\n389,884 lots.<\/p>\n
Rp10.4 Trillion Net Profit<\/p>\n
PT Telkom Indonesia (Persero) Tbk (TLKM) posted consolidated revenue\nof Rp75.9 trillion in the first half of 2026, up 3.9 percent\nyear-on-year.<\/p>\n
According to the company\u2019s presentation at the Public Expose Live\n2026 on Monday, 7 September 2026, net profit attributable to owners of\nthe parent entity reached Rp10.4 trillion, an increase of 8.3 percent\ncompared with the same period last year.<\/p>\n
The company also recorded normalised net profit of Rp11.3 trillion,\ngrowing 6.2 percent year-on-year. That figure excludes non-operational\nadjustments and changes in the fair value of investments.<\/p>\n
On the EBITDA side, Telkom recorded Rp37.5 trillion with a margin of\n49.4 percent. Meanwhile, Telkomsel\u2019s EBITDA reached Rp26.1 trillion, up\n8.6 percent year-on-year, with a margin of 46.9 percent.<\/p>\n
Telkom\u2019s operating cash flow stood at Rp34.9 trillion, up 7 percent\nyear-on-year, while free cash flow to the firm (FCFF) reached Rp44.2\ntrillion, also up 7 percent year-on-year.<\/p>\n
Telkomsel, as the group\u2019s mobile business unit, booked revenue of\nRp55.6 trillion in the first half of 2026, growing 3.3 percent\nyear-on-year.<\/p>\n
Telkom Restructures Its Business<\/p>\n
Beyond the financial results, Telkom outlined developments in its\nTLKM30 organisational transformation programme.<\/p>\n
Telkom Indonesia\u2019s EVP of Shareholder Relations, Limiaty Purnomo,\nsaid the programme comprises four pillars: Operational Excellence,\nStreamlining, Unlock Value, and Modus Operandi Shift.<\/p>\n
Under the programme, Telkom has completed the divestment of two\nbusinesses, closed eight entities, and consolidated two business\nunits.<\/p>\n
The divestments of AdMedika and TelkoMedika generated approximately\nRp880 billion in cash, with pre-tax gains of around Rp530 billion.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/telkomsel-sticks-with-goto-stake-says-evaluation-ongoing-1788810614", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }