JAKARTA – Shares of PT GoTo Gojek Tokopedia Tbk (GOTO) fell by 5.75% to IDR 82 per share as of 10.53 AM WIB today, following management's clarification regarding the acquisition by Grab Holdings Ltd.

“There have been no discussions held by the company regarding any deal with Grab,” said R. A. Koesoemohadiani, Corporate Secretary of GOTO, in an official statement.

According to IDN Financials data, GOTO shares surged by 7.41% to IDR 87 per share during Tuesday's (4/2) trading session. The rise came amid reports suggesting that Grab and GOTO were in acquisition and merger talks.

However, as previously reported by IDN Financials, rumors of a Grab-GOTO acquisition and merger also surfaced in 2024, which were similarly denied by GOTO management, with no deal materializing.

Despite the recent clarification, GOTO shares were among the most accumulated by foreign investors on Wednesday. Foreign investors recorded a net buy of 241.49 million shares, with a transaction value of IDR 19.71 billion.

Since the beginning of this year, GOTO's share price has increased by 16.90% or 12 points. However, since its listing on the Indonesia Stock Exchange (IDX), the ride-hailing company’s shares have dropped by more than 77% from its IPO price. (KR/ZH)