Still Unrealized Loss From GOTO's Drop In Shares, Staff Of The Minister Of SOEs Says Telkomsel Hasn't Lost: This Is A Long-Term Investment

Staff of the Minister of SOEs Arya Sinulingga. (Photo: Doc. Antara)

JAKARTA - The investment of Telkom Indonesia's subsidiary Telkomsel in PT GoTo Gojek Tokopedia Tbk (GOTO) has been in the spotlight, after GOTO's stock was deeply corrected recently. As a result, Telkom suffers an unrealized loss from this investment.

In response to this, the Special Staff of the Minister of SOEs, Arya Sinulingga, denied that Telkomsel's investment in GOTO was a loss. According to Arya, the dynamics of rising and falling company shares in the capital market are natural. Including the plunge in GOTO's shares on the Indonesia Stock Exchange (IDX).

"There is a business there called investment, isn't it? So he, usually people, when investing there are two benefits, the first is through the business, the second is through the stock price. Meanwhile, Telkomsel is a long-time business, not a short-term one," said Arya to reporters, Tuesday, May 17.

Arya said that the cooperation between Telkomsel and GOTO is long-term. In fact, according to Arya, the investment value of the 11 business components reached USD 370 million or approximately IDR 5 trillion.

"There are 11 business components between Telkomsel and Gojek, the total is estimated at around approx., the business that is already running is USD 370 million, that's almost IDR 5 trillion more. That's Telkomsel's business there, this is the information we got," he explained.

With this long-term business, Arya ensures that Telkomsel will actually record profits. This assessment is based on the potential of 2.5 million Gojek drivers who are converted to Telkomsel customers.

"Just count how many business years are Telkomsel, if 2.5 million drivers use Telkomsel with spending 50.000 credits a day, try to calculate how much. Not to mention we use Go Shop, not to mention advertising and so on," he said.

Therefore, Arya said the public need not worry, Telkomsel as an SOE recorded a loss from its investment in GOTO. This is because Telkomsel does not trade shares. "Because Telkomsel has a business there, unless he is trading stocks. This is not a short time, this is a long time, he is long, this is a long business by Telkomsel," he explained.