Indonesia's GoTo denies merger talks with ride-hailing rival Grab
Publishing timestamp: 2024-02-14 00:48:20
Summary
Indonesian tech giant GoTo has denied being in merger discussions with Grab, a Singapore-based ride-hailing rival. This denial comes after Bloomberg reported that the two companies had restarted talks for a potential merger. GoTo emphasized its strong fundamentals and financial position, stating that it had achieved its positive adjusted EBITDA target in Q4 2023. Grab's stock closed 1.2% lower on Nasdaq amid a broader sell-off in U.S. markets. GoToGroup, formed through a merger between Gojek and Tokopedia, recently announced a deal with TikTok to combine TikTok Shop Indonesia into an enlarged Tokopedia entity.
Sentiment: NEUTRAL
Tickers: A6I-FF,
Keywords: breaking news: technology, social media, business news, internet, goto ltd, technology, grab holdings ltd, asia economy,