TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Singapore's Grab denies reports of talks with GoTo for potential deal
Singapore-based ride-hailing and delivery company Grab said on Monday it was not in any talks on a potential deal with smaller Indonesian rival GoTo.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
A Grab food delivery rider checks his bicycle outside a fast food chain in Singapore on Sept. 30, 2020. (AFP/Roslan Rahman)
S
ingapore-based ride-hailing and delivery company Grab said on Monday it was not in any talks on a potential deal with smaller Indonesian rival PT GoTo Gojek Tokopedia.
Reuters reported last month that Nasdaq-listed Grab was looking to strike a deal to buy GoTo in the second quarter and had hired advisers to work on the proposed deal, citing two sources with knowledge of the matter.
A deal could value GoTo at around US$7 billion, according to a separate source with knowledge of the matter.
"There have been media reports that we are engaged in discussions for a potential transaction with PT GoTo Gojek Tokopedia. The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements," Grab said in a stock exchange filing.
Bloomberg reported on Friday, citing unnamed sources, that Indonesia's sovereign wealth fund Danantara was considering a role in Grab’s planned $7 billion acquisition of GoTo.
Danantara's managing director of investment, Stefanus Ade Hadiwidjaja, told Indonesian online media outlet Tempo in a statement on Monday that there have been no such discussions.
GoTo, in a statement to the Jakarta bourse on Monday, reiterated its previous statements that there has been no agreement with any party about a potential transaction.
"We will continue to maintain a high hurdle rate when deploying our capital and will have a balanced approach to investing for organic, profitable growth and be highly selective on inorganic opportunities, in line with our capital allocation framework," Grab said in its filing.
"Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners," it added.
Media reports, citing unnamed sources, have appeared on and off for a few years about a possible merger between Grab and GoTo.
In a separate statement, Grab said its on-demand gross merchandise value grew 19 percent in April and May from a year earlier, while the number of mobility rides for April and May rose 23 percent.
Your Opinion Matters
Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.
Enter at least 30 characters
0
/ 30
Thank you
Thank you for sharing your thoughts. We appreciate your feedback.
