President Director of PT Telkom Indonesia (Persero) Tbk Ririek Adriansyah opened his voice regarding the alleged loss on the investment of his subsidiary, PT Telkomsel, into the shares of PT Goto Gojek Tokopedia (GoTo).
The investment caused debate because Telkom was reported to have recorded an unrealized loss of IDR 881 billion in its financial statements for the first quarter of 2022.
Ririek Adriansyah ensured that Telkomsel's investment in Gojek-Tokopedia (GoTo) was in accordance with the principles of good corporate governance (GCG).
This statement was made by Ririek after attending a meeting of the BUMN Investment Working Committee (Panja) with Commission VI of the DPR RI in Jakarta, Tuesday, June 14, 2022.
"So, Telkomsel's President Director and I gave an explanation covering Telkom's future plans for expansion and so on, as well as conveying Telkomsel's investment process in GoTo, which we believe has complied with various applicable GCG principles," Ririek said as quoted by Antara , Wednesday. (15/6/2022).
Ririek welcomed the members of the DPR Panja who gave him the opportunity to explain about the investment. He felt that the forum could be used as a place to answer various growing questions regarding Telkomsel's investment in GoTo.
Ririek emphasized that Telkomsel's investment in the platform did not involve the Ministry of SOEs.
"In general, investment is indeed implemented by Telkomsel and of course in Telkomsel there are also other shareholders, Singtel who is more experienced and also more independent," said Ririek.
"Then to the various processes, the team has verified it, taken it to the Telkomsel board of directors meeting, and arrived at the Telkomsel commissioner, then it reaches the shareholders, in this case Telkom and Singtel," Ririek explained.
He said that Telkom's investment decision through Telkomsel to GoTo shares had gone through procedures at the Ministry of SOEs.
"So this decision does not involve the Telkom Commissioner, let alone the Ministry of SOEs, it doesn't exist. That's the law," he added.
Ririek explained that his party also pays attention to the capital gap synergies value when investing in the digital sector. He revealed that in GoTo's investment, Telkomsel recorded income revenue of Rp. 473 billion in 2021.
"In the first quarter of 2022, there are already around Rp. 153 billion. This means, if you just multiply it by four, it's already around IDR 600 billion more, there has been a growth of around 25 percent compared to income revenue in 2021," explained Ririek.
Ririek ensures that this achievement shows that it is not true that investing in GoTo makes a loss. He said yesterday the share price of GoTo was Rp. 368 per share. When compared to when Telkomsel's investment was at Rp. 270 per share, so the funds became Rp. 2.8 trillion.
Ririek revealed that his party also provided an interim report to the Financial Services Authority (OJK), so that the company's progress could be known.
Ririek explained that the report specifically related to GoTo investment also included unrealized loss . Even so, he made sure he was still profitable.
“There are investors who enter after us, which is not yet the end of the year. That's the share price of IDR 375 per share, so that in 2021 we will record a fund release from IDR 270 to IDR 375 or equivalent to almost IDR 2.5 trillion," said Ririek.
"When GoTo's IPO price was IDR 338, it means it was lower than IDR 375, therefore in 2021 we will record an unrealized loss of IDR 821 billion in 2021. Actually, even Rp. 338 compared to Rp. 270 is still a profit,” he concluded.