JAKARTA. PT Bukalapak.com Tbk (BUKA), an e-commerce company debuted on Indonesia Stock Exchange (IDX) in 2021, will close down some of its business lines to restructure the company.

Cut Fika Lutfi, Corporate Secretary of BUKA, mentioned that the plan had been discussed by the board of directors and commissioners on August 30, and approved independently by the board of commissioners on October 15, 2024.

“The Corporate Action Plan will be implemented in stages in accordance with applicable laws and regulations,” said Fika in the official statement.

As of now, the number of business lines to be closed down by BUKA has yet to be disclosed. However, Fika mentioned that the closing-down of several subsidiaries are expected for completion in H2 2025.

It is worth mentioning that the management of BUKA had admitted that the company’s business performance post-IPO has changed quite significantly. With the obtained extra capital, the company has spent quite a large sum of money to support the business, both organically and inorganically (through acquisition).

On the other hand, the management claimed that the wind-u of these business lines will affect the employees. “The Company acknowledges that this is a difficult situation for its employees and will ensure that all affected employees receive their rightful entitlements and compensation,” said Fika. (KR/ZH)