The Business Times
business-time-50
HOCK LOCK SIEW

TikTok deal gives Tokopedia a third chance at success

google-preferred-sourceAdd BT as a preferred source
Claudia Chong

Claudia Chong

Published Wed, Dec 20, 2023 · 05:00 AM
    • By ceding operational control of Tokopedia to TikTok, GoTo is handing the reins over to a high-growth player with a stable of private equity investors ready to fund it.
    • By ceding operational control of Tokopedia to TikTok, GoTo is handing the reins over to a high-growth player with a stable of private equity investors ready to fund it. PHOTO: REUTERS

    AFTER several quarters of share price decline, Indonesia’s biggest tech company GoTo has found a way to boost its languishing e-commerce unit.

    On Dec 11, the group, which is listed on the Indonesia Stock Exchange, announced that it was effectively ceding operational control of Tokopedia to social media giant TikTok.

    Tokopedia and TikTok Shop Indonesia will merge under the Tokopedia name. TikTok will take a 75.01 per cent stake in the resulting entity, with GoTo owning the rest.

    Hock Lock SiewGoTo GroupTokopediaTikTok

    TRENDING NOW

    Eugene Lai (left) says that he was sharing a view with Tan Chian Khong that the board needed a refresh and that it was not an explicit direction to resign.

    CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh

    Allowing some older malls to evolve organically could help Orchard Road retain diversity, says one observer.

    Room for more offices, homes and green spaces to make Orchard Road more vibrant

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    The amendments "aim to protect the competitive process of takeover and merger transactions", says SIC.

    MAS revises takeover and merger code to enhance competition and disclosures

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More