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Indonesia's GoTo rubbishes rumours on merger talks with Grab

Indonesian tech powerhouse GoTo Group has swiftly quashed speculations surrounding any ongoing discussions regarding a potential merger with its longtime rival, Grab.

While Grab and Gojek, now part of GoTo after merging with Tokopedia, flirted with merger talks about four years ago, no firm agreement materialised. Instead, Gojek joined forces with Tokopedia to establish GoTo.

Recent reports from Bloomberg suggested a rekindling of merger talks between GoTo and Grab, particularly under the leadership of CEO Patrick Walujo, who assumed the role in 2023.

However, GoTo swiftly refuted these claims in a filing with the Indonesia Stock Exchange, asserting that it was merely alerted to the news through media reports and denying any active discussions.

Underlining its robust financial standing, GoTo underscored its recent achievement of adjusted EBITDA profitability in the fourth quarter of 2023. Additionally, the company highlighted its collaboration with TikTok, foreseeing a direct contribution to its EBITDA outcomes.

"The company remains committed to sustainable growth and profitability, prioritising product innovation and operational excellence across our on-demand services and financial technology ventures, while also aiming to enhance shareholder value," GoTo stated in the filing.


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