Blibli to issue 4 billion shares as compensation to management, staff

Blibli’s delivery fleet / Photo credit: Blibli

Global Digital Niaga, the holding entity of Indonesian ecommerce firm Blibli, will issue up to 4 billion shares or 3.38% of the company, according to a recent filing to the Indonesia Stock Exchange.

This is part of Blibli’s management and employee stock option program, which provides compensation in the form of shares to the management team and employees.

The goal is to motivate and retain key employees, which in turn will improve the company’s performance, the filing said.

Blibli will request approval from independent shareholders through an extraordinary general meeting on June 19.

As of April 30, 83.68% of the company’s shares were held by Global Investama Andalan, an affiliate of local conglomerate Djarum Group, while the rest belonged to the public.

In the first quarter of this year, Blibli recorded a net loss of US$60 million, a 17% decrease from the same period in 2022.

See also: Why GoTo’s shares jumped following Q1 results, while Bukalapak and Blibli are flat