GoTo directors acquire 1 billion shares, totaling $140k

Photo credit: rafapress / Shutterstock

GoTo Group directors Catherine Hindra Sutjahyo and Hans Patuwo have acquired 1.06 billion company shares at a price of 2 rupiah (US$0.00013) each, according to a disclosure on the Indonesia Stock Exchange.

Neither of them owned GoTo shares prior to this transaction. Specifically, Sutjahyo now owns 0.04% of GoTo stock, with a total of 493.7 million shares purchased for 987.4 million rupiah (US$64,766). Meanwhile, Patuwo holds 0.05% of the company’s stock, equivalent to 574.8 million shares acquired for 1.1 billion rupiah (US$74,773).

Based on the disclosure, the company provides an option for employees, former employees, directors, and board members to own shares in the company held and managed by the GoTo Peopleverse Fund, which holds around 6% of its shares.

In the second quarter of 2023, GoTo recorded a net revenue of US$232 million, marking an 87% increase from Q2 2022. Its net loss improved by 56% over the same period.

The Indonesia-based company, which was formed after the merger of Gojek and Tokopedia, aims to achieve positive quarterly adjusted EBITDA in Q4 2023.

During its latest earnings call, new CEO Patrick Walujo said that GoTo is discontinuing its entertainment business as it is “no longer part of the core strategy.” The company has also laid off 24% of its staff over the past three quarters.

See also: Org Chart: The people leading GoTo Group

Currency converted from Indonesian rupiah to US dollar: US$1 = 15,246 rupiah.