Morgan Stanley & Co International Plc has raised its stake in GoTo, crossing the 5% ownership threshold after buying nearly 3.8 billion shares in the Indonesian technology company.
In a disclosure with the IDX on Aug. 26, Morgan Stanley said it held 55.57 billion shares, or 4.8267% of voting rights, before the transactions. Its holding has now increased to 59.37 billion shares, or 5.1563%.
The increase of 3.80 billion shares comprised a purchase of 3.14 billion shares and another transaction involving 657.34 million shares. Both transactions were carried out at 23 rupiah ($0.0013) apiece and were stated to be for investment purposes. The prices were below the current market price, at 50 rupiah ($0.0028)
The two transactions were worth a combined 87.3 billion rupiah ($4.91 million).
GoTo’s shares have been stuck at 50 rupiah since May amid investor concerns over the potential impact of the Indonesian government’s proposed 8% commission cap on ride-hailing companies on the group’s earnings.
The stock is also set to be removed from MSCI’s Indonesia index at the end of August, following FTSE Russell, which removed GoTo from the FTSE Global Equity Index Mid Cap Index in the last week of June.
The filing classified Morgan Stanley’s ownership as direct and said it is not a controlling shareholder.
GoTo’s latest report, as of July 31, showed two shareholders with stakes above 5%: SoftBank Group, through SVF GT Subco (Singapore) Pte Ltd, with 91.10 billion shares, or 7.648%; and Alibaba, via Taobao China Holding Ltd, with 88.53 billion shares, or 7.432%. Together, they held 15.08% of GoTo, with other shareholders collectively holding 84.919%.
