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Indonesia’s GoTo Nearly Hit Limit in Stock Stabilisation Scheme | Technology News



JAKARTA (Reuters) – A total of 6 billion shares of Indonesia’s largest tech firm PT GoTo Gojek Tokopedia have been bought as of Friday, under a scheme to stabilise its share price, the company said in a filing to the Indonesian Stock Exchange.

Amid weaker Asian stocks this week, GoTo triggered such transactions for three days straight from Wednesday.

On Friday, GoTo’s shares fell as low as 330 rupiah per share, before closing the day at 340 rupiah.

The company debuted on April 11 after raising $1.1 billion in the world’s fifth-largest initial public offering this year, selling only 4% of its shares at 338 rupiah a piece.

Copyright 2022 Thomson Reuters.

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