GoTo attributes share volatility to index removals and trading rule change
The company says a lower exchange price floor enabled selling by investors after its removal from FTSE and MSCI indices.
PT GoTo Gojek Tokopedia Tbk (GOTO) has attributed volatility in its shares to technical trading factors rather than business performance. In a response dated 1 October 2026 to the Indonesia Stock Exchange (BEI), management linked the movements to two global index exclusions and a change in the exchange’s minimum share price.
Director and Corporate Secretary R.A. Koesoemohadiani said GoTo left the FTSE Global Equity Index Series (GEIS) Mid Cap Index on 22 June 2026 following the June review. Its listing on BEI’s Development Board meant it did not meet the index’s eligibility requirements.
GoTo was subsequently removed from the MSCI Global Standard Indexes on 31 August 2026 after the August review. The company attributed that decision to low trading volumes, with its shares at BEI’s minimum price of Rp50 since May 2026.
According to GoTo, the exclusions prompted selling by foreign institutional investors, particularly passive funds required to adjust their holdings to match the indices. Thin trading prevented those funds from selling on the regular market. BEI lowered the price floor for its regular and cash markets to Rp1 per share on 28 September 2026, allowing shareholders awaiting sales to sell, the company said.
Management said the share price did not reflect what it described as strengthening business fundamentals. It also outlined a buyback programme running from 19 June 2026 to 18 June 2027, with a maximum allocation of Rp3.5 trillion. Shareholders approved it on 18 June 2026; execution remains subject to management decisions, market conditions and other factors.
At an extraordinary shareholders’ meeting on 14 October 2026, GoTo plans to seek approval to cancel 32,186,417,802 Series A treasury shares repurchased between 12 June 2024 and 11 June 2025. It cancelled the employee, director and commissioner share-ownership programme originally intended for those shares. Subject to approval and completion of legal procedures, its issued and paid-up capital recorded on the exchange would fall within three months.
