The communications state-owned company, PT Telekomunikasi Selular ( Telkomsel ) as a subsidiary of Telkom Indonesia ( TLKM ) which invested in PT Applications Karya Anak Bangsa (AKAB) or GOTO received the spotlight.
The reason is, the startup, which has now become one of the national giant companies, continues to show poor performance. This is indicated by the performance of GOTO's shares in the capital market.
As stated by the former Director of YLBHI, Agustinus Edy Kristianto, he admitted that he saw an irregularity after Telkomsel poured Rp. 6.3 trillion for investment in GOTO.
This is because Telkomsel initially made an agreement with PT Application Karya Anak Bangsa (AKAB) on November 16, 2020 in the form of an interest-free convertible bond investment of US$150 million (Rp2.116 trillion) with a tenor of 3 years before Gojek and Tokopedia finally merged to become GOTO.
“On May 18, 2021, GOTO and Telkomsel made a Share Purchase Agreement. The US$150 million (Rp2.116 trillion) was converted into 29,708 shares. The option to buy preferred shares is US$300 million (Rp4,290) trillion to 59,417.
He then said, observers then focused on the amount of investment money which reached Rp. 6.3 trillion. The reason is, now GOTO's shares have fallen more than 50% to the price of Rp. 194 during 11 April-13 May 2022.
"This has decreased by 42% compared to the IPO ," said Agustinus.
He said, from a business point of view, it was not an easy matter to rise from such a deep fall.
“If it's a 50% decrease then it takes at least a 100% increase to get back to square one. You can calculate yourself, what percentage increase does GOTO need to return to the IPO price?” Augustine asked.
This clearly has a negative impact on Telkom's financial performance as the parent company of Telkomsel.
"It is written in the company's financial statements for the first quarter of 2022, as of March 31, 2022, Telkom has recorded an unrealized loss of Rp.881 billion," he said.
Separately, Telkom Senior Vice President, Corporate Communication & Investor Relations Ahmad Reza believes. domestic technology industry is still promising.
In relation to the criticism that was made by Telkomsel at GOTO , Reza admitted that he did not care because fluctuations in stock prices were common.
"The dynamics of stock prices are a common occurrence. For example, last year, we recorded an unrealized gain on GoTo's investment of IDR 2.5 trillion. But now there can be unrealized losses," said Reza.
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