GOTO Shares Have Dropped To Level Rp100, GoTo Gojek Boss Tokopedia Pasrah: Outside Of Company Control And Knowledge

Screenshot of President PT GoTo Gojek Tokopedia Tbk (GOTO) Patrick Cao. (Photo: Doc. Antara)

JAKARTA - President of PT GoTo Gojek Tokopedia Tbk (GOTO) Patrick Cao said the company will continue to focus on encouraging business growth even though GOTO shares have continued to fall in the last two weeks.

"The fluctuation of share prices like other public companies is part of a market mechanism influenced by various factors, including but not limited to macroeconomic conditions, capital markets, competitions, and company performance," Patrick said in a public expose quoted by Antara, Thursday, December 8.

According to Patrick, with the end of the period of ban on the transfer of GOTO shares or lockdowns, there was an increase in the number of stocks circulating in the market which resulted in an increase in share buying and selling transactions.

"This is because of several things, including early investors who entered lower stock prices which realized profits, ending the investment period for financial investors, and liquidity needs at the end of the year or other liquidity needs," Patrick said.

Patrick said that many of these variables are things that go beyond the company's control and knowledge. The company will also continue to focus on encouraging sustainable business growth through quality products and services.

"We will also increase engagement from quality users, as well as carry out business activities more efficiently to accelerate our steps towards profitability," Patrick said.

He added that the company continues to explore with potential new investors towards the opportunity for GOTO to enter into the global index in the first half of 2023.

"We are taking all these steps to provide benefits and long-term value for all stakeholders," Patrick said.

The GOTO period lockup has ended on November 30, 2022. Since the lockdown was lifted, GOTO shares have experienced selling pressure to touch lower auto rejection (ARB).

The price of GOTO shares traded on the Indonesia Stock Exchange (IDX) is currently in the position of IDR 100 per share, down far from the IPO price of IDR 338 last April.

The decline in GOTO shares has an impact on the decline in the Composite Stock Price Index (JCI). JCI is currently at the level of 6,800.