GoTo Launches Employee Share Ownership Plan Ahead of IPO

Diana Mariska
PT GoTo Gojek Tokopedia Tbk, or GoTo. (Photo: GoTo)
PT GoTo Gojek Tokopedia Tbk, or GoTo. (Photo: GoTo) - Indonesian holding company PT GoTo Gojek Tokopedia Tbk has announced that it’s launching an employee share ownership program where it will allocate more than Rp310 billion (US$20 million) to drivers within its ecosystem ahead of the company’s initial public offering (IPO).

Under the Gotong Royong (Mutual Cooperation) Share Program, GoTo is set to distribute the company’s shares to eligible drivers in Indonesia.

“It has always been our dream to be able to share the benefits of our IPO with partners in our ecosystem. Through the Gotong Royong Share Program, we are able to show our appreciation to loyal driver-partners who have helped build GoTo from the very beginning and have journeyed with us through the ups and downs. GoTo wants everyone in our ecosystem to enjoy the fruits of our collective success so we can continue to grow together for the long-term,” GoTo Group’s CEO Andre Soelistyo said in a statement on Monday, April 4.

Drivers from different platforms across the ecosystem, including GoRide, GoCar, GoSend, GoFood, and GoBox will be included the program. And some of the factors that will define their eligibility are partnership duration and their active status.

Drivers that joined from 2010 to 2016 will have the opportunity to receive 4,000 shares, while those who joined from 2017 to February 2022 have the chance to get 1,000 shares.

The shares will be received by drivers after the eight-month lock-up period ended since GoTo’s effective statement date, as mandated by the Financial Services Authority (OJK), on March 30.

Meanwhile, aligning to applicable regulations, drivers in Singapore and Vietnam will also be rewarded in cash.

In order to improve financial literacy among drivers, GoTo will collaborate with financial and investment experts to hold training sessions on financial and investment management.

In addition to drivers, full-time employees are also provided the opportunity to become shareholders in GoTo, through the company's Long Term Incentive Plan Program which aims to attract and reward high-performing talent, and foster an ‘ownership mentality’.

Lastly, GoTo also announced that it has initiated GoTo Future Fund which is an endowment fund that aims to support initiatives and solutions that benefit the lives of stakeholders across the GoTo ecosystem, while also helping the GoTo Group toward its Three Zeros sustainability commitments (zero emissions, zero waste and zero barriers).

For the endowment fund, GoTo is allocating 9,350,044,200 shares worth of US$216 million.

Tag # gojek tokopedia # goto ipo # indonesia unicorn # indonesia startup # indonesia digital economy # digital economy

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