Shares of PT GoTo Gojek Tokopedia Tbk (GOTO) jumped 8.20% to Rp 66 per share by 10:00 WIB following news of a potential merger with Grab, as reported by the Presidential Office. Trading volume reached 4.68 billion shares with 18,750 transactions, totaling Rp 307.8 billion.

Government Confirms Talks on Merger and Regulations

State Secretary Prasetyo Hadi confirmed that the government is reviewing the Presidential Regulation on online ride-hailing services. He also acknowledged discussions about a possible merger between Grab and GoTo.

"One of them is the merger between GoTo and Grab," Prasetyo said at the Presidential Palace Complex in Jakarta on Monday, November 10, 2025.

Corporate and Stakeholder Involvement

Prasetyo explained that the final structure of the proposed merger is still being discussed. Several parties, including Danantara, are involved because corporate processes are part of the discussions.

"In this matter, various parties are involved, including Danantara, because there are corporate processes being discussed. So, we ask for patience," he stated.

Telkom and Telkomsel Investments in GoTo

Prasetyo did not provide details on the role of state-owned enterprises. Telkom invested in GoTo on May 18, 2023, acquiring 29,708 convertible shares worth US$150 million, equivalent to Rp 2.1 trillion.

Telkom’s subsidiary, Telkomsel, also holds 59,417 additional shares from stock options, valued at US$300 million or Rp 4.29 trillion. Together, Telkom and Telkomsel’s total investment in GoTo reaches US$450 million, or Rp 6.4 trillion.

GOTO Stock Performance Trends

As of October 31, 2025, GoTo’s ultimate beneficiaries are Andre Soelistyo, Kevin Bryan Aluwi, Melissa Siska Juminto, and William Tanuwijaya, controlling the company directly or through PT Saham Anak Bangsa.

In the past month, GOTO shares rose 12.96% to Rp 61 after staying around Rp 55-56. However, the stock has dropped 14.08% year-to-date and 81.95% since its IPO on April 11, 2022.

PHOTO: KUMPARAN/ADI SAPUTRA

This article was created with AI assistance.