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Jakarta, June 17, 2026 – GoTo Gojek Tokopedia, Indonesia’s largest tech conglomerate, has unveiled a bold plan to repurchase up to Rp3.5 trillion worth of shares in an effort to restore investor confidence and lift its stagnant stock price.
The move comes after the company’s shares have been stuck at the minimum tradable level of Rp50 popularly known as “gocap” for more than a month.
Stock Stagnation
GoTo’s prolonged slump has raised alarm among investors and analysts.
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Shares have failed to move beyond Rp50, the lowest threshold allowed on the Indonesia Stock Exchange (IDX).
This stagnation has cast doubt on whether the market is accurately reflecting the company’s fundamentals.
As of April 30, 2026, GoTo already held 39.29 billion treasury shares, representing 3.3% of its paid up capital.
The buyback program, pending shareholder approval at the June 18 meeting, would allow the company to purchase up to 10% of its capital, including those treasury shares.
Buyback Mechanics
Rp3.5 trillion, fully funded from internal cash reserves. Time line, June 19, 2026 – June 18, 2027.
PT Ciptadana Sekuritas Asia will execute the transactions on IDX.
If fully carried out, cash reserves would shrink from Rp21.75 trillion to Rp18.25 trillion, while equity would fall from Rp28.71 trillion to Rp25.21 trillion.
Management frames the buyback as a way to stabilize share price so it better reflects GoTo’s fundamental value.
Enhance capital flexibility by optimizing the balance sheet.
Support shareholder returns through potential long-term gains.
The company insists the program is not merely cosmetic but a strategic tool to reinforce investor trust.
Analysts caution that while buybacks can provide short-term price support, they do not directly address operational challenges such as profitability and growth.
The Rp3.5 trillion allocation also reduces GoTo’s cash buffer, potentially limiting its ability to invest aggressively in expansion or innovation.
Market skepticism remains: unless GoTo delivers stronger earnings, the buyback may not be enough to lift the stock from its “gocap” floor.
The buyback underscores GoTo’s urgency to defend its market valuation and reassure investors.
Whether this substantial capital deployment will succeed in reviving the stock remains uncertain, but it signals management’s determination to act decisively in the face of prolonged stagnation.
