GoTo Respects Tokopedia's Organisational Adjustment, Ensures Limited Impact

Jakarta (ANTARA) - PT GoTo Gojek Tokopedia Tbk (GOTO) respects any steps taken or to be taken by the management of PT Tokopedia regarding its organisational adjustment plans. Corporate Secretary of GoTo, R A Koesoemohadiani, confirmed that the financial and non-financial impact of these measures on GoTo will be limited. “Considering that in January 2024, the company’s ownership was diluted to 24.99 percent, the company no longer consolidates PT Tokopedia,” said R A Koesoemohadiani in an information disclosure to the Indonesia Stock Exchange (BEI) in Jakarta on Saturday. She explained that GoTo currently records its investment in PT Tokopedia using the equity method in accordance with Statement of Financial Accounting Standards (PSAK) 228 concerning investments in associates and joint ventures. Therefore, she continued, any possible financial impact on GoTo will only be limited to the share of net profit/loss from associates and joint ventures. “However, in connection with the matters described above, particularly regarding the news about the organisational adjustment plan by PT Tokopedia, based on the company’s estimation, there is no material impact on the company’s share of PT Tokopedia’s net profit/loss,” said R A Koesoemohadiani. She also confirmed that there will be no impact on the e-commerce service fees received by the company from PT Tokopedia. “Regarding non-financial aspects, the company also does not anticipate any material impact in connection with the circulating news,” she said. Given the limited impact on GoTo, she stated the company does not plan to take any special measures. “As of the date of this letter, GoTo has no immediate plans regarding its ownership in PT Tokopedia,” she said. Reports have circulated on social media that TikTok, through its Indonesian business entity PT Tokopedia, is carrying out layoffs affecting up to 90 percent of its employees. However, as of the time this report was published, there has been no official statement from the relevant parties confirming the validity of the circulating news. Tokopedia is currently controlled by TikTok Pte Ltd after GoTo divested its majority stake in early 2024.