TLKM?

Indonesia’s investment landscape is abuzz with speculation surrounding Telkom Indonesia (TLKM)‘s stake in tech giant GoTo Gojek Tokopedia (GOTO). Reports from leading financial publication Kontan indicate a significant shift may be on the horizon, with a potential buyout of TLKM’s GOTO shares emerging as a strategic exit. This move, if realized, carries profound implications for both companies and the broader Southeast Asian digital economy.

The Proposed Exit: A Strategic Unwind for TLKM

Market whispers suggest that the long-rumored merger between regional ride-hailing and delivery behemoth Grab and GoTo could serve as a powerful catalyst for TLKM’s exit strategy from its GOTO investment. According to Kontan’s sources, a sophisticated buyout mechanism is being orchestrated by early GOTO shareholders through a Singapore-based special purpose vehicle (SPV).

This reported transaction aims to acquire Telkom Indonesia’s GOTO ownership at a valuation close to its original 2020 investment of US$300 million, which translates to approximately IDR 4.98 trillion. For TLKM, offloading this stake could unlock substantial capital and allow a clearer focus on its core telecommunications operations amidst an evolving market.

Key Players Behind the Potential Buyout

The potential buyout is no small feat, and Kontan’s report names several high-profile figures as being involved in pooling resources for this ambitious plan. Among those rumored to be contributing are:

• Patrick Walujo, the current CEO of GoTo


• Erick Thohir, Indonesia’s Minister of State-Owned Enterprises


• Garibaldi Thohir, a prominent Indonesian businessman

While these names add significant weight to the speculation, it is crucial to note that none of the individuals mentioned have publicly commented on these reports, maintaining an air of strategic silence around the potential deal.

Investor Outlook: What This Means for Shares

For TLKM shareholders, a successful buyout could be perceived positively. It represents a disciplined unwinding of a non-core asset, potentially freeing up capital for strategic reinvestment or returning value to shareholders. The reported valuation near the initial investment also suggests a pragmatic approach to exiting rather than a distressed sale.

On the GOTO front, while the direct impact of an institutional investor’s exit might seem bearish, the context of a potential Grab-GoTo merger could overshadow it. Furthermore, a consolidation of ownership among early, committed shareholders via an SPV might signal a strengthening of strategic direction and long-term vision for the super-app giant. However, the exact terms and implications would only become clear upon official announcement.

The Road Ahead: Navigating the News Flow

As the market digests these compelling, yet unconfirmed, reports, investors are advised to monitor official statements closely. The convergence of a rumored Grab-GoTo merger and the potential TLKM exit from GOTO marks a pivotal moment for the Indonesian tech sector. This intricate dance of corporate strategy, investment unwinds, and potential consolidation demands vigilance from all market participants.

The coming weeks will undoubtedly bring further clarity, and the resolution of this intriguing storyline will offer valuable insights into the future trajectory of two of Indonesia’s most influential companies.