Indonesian tech unicorn GoTo is reviving plans to raise funds via a private placement of shares. Meanwhile, digital lender Bank Jago and e-commerce marketplace Bukalapak plan to raise capital via Management and Employee Stock Ownership Program (MESOP).
GoTo revives plans to raise funds via private placement
Indonesian tech giant GoTo plans to raise funds via a private placement of shares, according to its filing to the IDX.
DealStreetAsia had reported last year that GoTo plans to issue 118.43 billion shares in the private placement, representing a roughly 10% stake, at an undecided price. The size of the private placement is not changed, according to the IDX filing. GoTo had a market capitalisation of 13.5 trillion rupiah ($905.7 million) as on Wednesday’s close.
In the IDX disclosure, GoTo said it has not yet executed the private placement which was approved at a shareholder meeting on June 28, 2022 as it was looking for the best method for the private placement. One of the methods it is considering is issuing convertible bonds.
GoTo plans to use the money to support the working capital needs of the company and its subsidiaries, including PT Tokopedia, PT Swift Logistic Solutions, PT Dompet Anak Bangsa, PT Multifinance Anak Bangsa, and PT Multi Adiprakarsa Manunggal.
GoTo will hold another shareholder meeting on June 30, 2023 to get approval for the private placement. The implementation can be within a year after getting the nod.
Bukalapak and Bank Jago’s private placement
Bukalapak and GoTo-backed Bank Jago plan to raise funds from their respective Management and Employee Stock Ownership Program (MESOP), according to information on IDX website.
Bukalapak plans to issue 4 billion new shares, amounting to 3.9% of the company, in the second phase of the MESOP. In 2021, the company held the first phase of its MESOP programme issuing 5 billion shares, amounting to 4.9% of the company.
Meanwhile, Bank Jago will issue 250 million new shares, representing 1.8% of the company’s stake. The move aims to increase the productivity of employees, and also reward and incentivise them.
Both Bukalapak and Bank Jago will hold shareholders’ meetings on May 25, 2023 to get approval for the private placement. The price of the new shares, to be issued to the management and staff, will be determined by the company’s board of directors, the IDX filing said.
Following the private placement, there will be a change in Bukalapak’s shareholding structure. The stake of Indonesian conglomerate Emtek Group through PT Kreatif Media Karya will fall to 23.7% from 24.6%. Another majority shareholder, API (Hong Kong) Investment Limited’s ownership will be reduced to 12.5% from 13%
Bank Jago’s shareholding structure will also change. PT Metamorfosa Ekosistem Indonesia’s stake will fall to 29.28% from 29.81%. GoTo’s ownership through PT Dompet Karya Anak Bangsa will be reduced to 21% from 21.4%