Bukalapak Clarifications About Startup Caplok: Acquisition Of BTB Not 1 Billion US Dollars, But 1 Million US Dollars

Illustration. (Photo: Doc. Antara)

JAKARTA - The management of PT Bukalapak.com Tbk (BUKA) has opened its voice regarding the acquisition of PT Learning to Grow Sharing (BTB), which was widely discussed yesterday. The company emphasized that the acquisition value of BTB was not 1 billion US dollars, but 1 million US dollars.

In an information disclosure on the Indonesia Stock Exchange (IDX) website, quoted on Thursday 24 March, Bukalapak's Corporate Secretary Perdana A. Saputro emphasized that the acquisition of BTB by PT Kolaborasi Kreasi Investa (KKI) and PT Bina Unggul Kencana (BUK), two of the company's subsidiaries, occurred on November 4, 2021. The number of BTB shares purchased reached 11,340 worth 1 million US dollars instead of 1 billion US dollars.

"The information on the sale and purchase value of the shares is listed in the addendum to the conditional share sale and purchase agreement signed by the shareholders of BTB, KKI, and BUK on January 11, 2022. This information will be fully contained in the financial statements for the fourth quarter of 2021," said Perdana.

The incident, he said, had no material impact on the company's operational activities or business continuity.

Previously, PT Nilzon Kapital Advisor (Nilzon Capital), an investment and wealth advisory company registered and supervised by the Financial Services Authority (OJK), published an open analysis of BUKA shares. This analysis is the second analysis after having published a similar publication prior to the listing of BUKA shares on the Indonesia Stock Exchange (IDX).

In the 48-page analysis, Nilzon Capital highlights several things, including the management's decision to acquire startup BTB for US$1 billion, the end of the lockup period from pre-IPO investors, and a review of the relative valuation of OPEN. The analysis can be downloaded freely on the page nilzoncapital.com.

John Octavianus, principal advisor to Nilzon Capital, added that there was an interesting disclosure in Bukalapak's third quarter 2021 financial report that was not discussed much by analysts in securities, namely the acquisition of BTB.