Shares of GoTo, hurt by the expiry of a lockup on major shareholders’ stakes that freed them to reduce their holdings, continued their plunge after a brief jump on Tuesday snapped 16 straight sessions of losses.
GoTo Group sold a stake in Indonesian convenience store operator Alfamart to focus on its main internet businesses and assuage investor concerns.
The Jakarta-based ride-hailing and e-commerce company sold the stock for a total of 1.5 trillion rupiah ($130.6 million), according to a statement Wednesday. GoTo made a “significant gain” on the minority investment, Chief Financial Officer Jacky Lo said.
