Indonesia's biggest technology company GoTo, which is backed by Abu Dhabi Investment Authority, is allocating more than $20 million in shares to its driver-partners before its $1.1 billion initial public offering.
The driver-partners of Indonesia’s most valuable start-up will receive the share grant under the Gotong Royong Share Programme, the company said on Monday.
GoTo Group, which went ahead with the listing plans despite global equities market volatility, last week priced its shares in the top half of its indicative IPO range. It will be one of Asia's biggest IPOs so far this year when it lists on the Indonesia Stock Exchange and the third-largest in the region in 2022 after LG Energy Solution and Jinko Solar.
Almost all driver-partners in Indonesia – including GoRide, GoCar, GoSend, GoFood and GoBox – will have the opportunity to participate in the IPO programme. The eligibility criteria are based on factors, including service category, the length of time they have been registered as a partner, and the driver-partner's active status, the company said.
Through this programme, each Indonesian driver-partner who registered between 2010 to 2016 has the opportunity to receive 4,000 of GoTo’s Series A shares, while those registered from 2017 to February 2022 can receive 1,000, it said.
In addition, GoTo established the GoTo Future Fund, an endowment that aims to support initiatives and solutions that benefit the lives of the company's stakeholders while also adhering to sustainability commitments of zero emissions, zero waste and zero barriers. The company has allocated about $216m in Series A shares to the fund.
GoTo was formed in May 2021 through the merger of the country’s largest start-ups, ride-hailing and food delivery firm Gojek and e-commerce leader Tokopedia, in an $18bn deal. The company has grown quickly amid the rapid expansion of Indonesia’s digital economy that is expected to reach $124bn in size by 2025, growing from $44bn in 2020, according to a study by Bain, Google and Temasek.
After the Jakarta listing, the company could consider a subsequent listing in the US, Andre Soelistyo, chief executive of GoTo Group, told The National in November.
“We'll start with the Indonesian stock exchange … we will do a subsequent dual listing,” he said at the time.
Adia, which operates on behalf of the Abu Dhabi government, has invested $400m to lead a pre-IPO fund-raising round, the sovereign wealth fund said in October last year.
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
Pathaan
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The Indoor Cricket World Cup
When: September 16-23
Where: Insportz, Dubai
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Killing of Qassem Suleimani
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UAE currency: the story behind the money in your pockets
KILLING OF QASSEM SULEIMANI
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
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