Connect with us

Hi, what are you looking for?

Brand

GoTo Indonesian Drivers To Receive Shares Worth $22 Million

GoTo will prioritise its full-time employees, customers, and merchants in buying the shares during the book building period.

GoTo Indonesian Drivers To Receive Shares Worth $22 Million

GoTo Group is set to allocate series A shares worth 920 million to its driver partners. This will be facilitated by a program dubbed Gotong Royong Share. According to the price set for its IPO – US$0.024 or 338 rupiah– the total allocation is valued at around US$22 million (310 billion rupiah).

As per a statement, Indonesian drivers who registered between 2010 (the company’s inception) to December 2016 are eligible for up to 4,000 GoTo Series A shares, while those who registered between Jan 2017 and Feb 2022 are eligible for 1,000 shares. The value for these shares is US$98 (1.4 million rupiah) and US$24 (338 thousand rupiah), respectively.

However, the drivers have to wait for 8 months, starting March 30th, to receive the shares. This means that GoTo drivers will get their hands on the shares by November. Gojek drivers who work for GoBox, GoFood, GoSend, GoCar, GoRide can benefit from the program, but this will depend on how long they have been registered and how active they are.

Due to local regulations, Vietnam and Singapore Gojek drivers will not be able to apply for the shares, so they will get cash instead. GoTo will prioritise its full-time employees, customers, and merchants in buying the shares during the book building period.

An endowment fund was also set up by the super app to support its initiatives toward sustainability and improving the lives of GoTo ecosystem’s stakeholders. A total of 9.4 billion shares were allocated to the fund. The shares are valued at US$220 million.

Click to comment

Leave a Reply

Your email address will not be published.