August 13, 2026 | 12:42 pm
TEMPO.CO, Jakarta – GoTo Gojek Tokopedia (GOTO) has responded to MSCI’s decision to remove the company’s stock from its Global Standard Index, saying the move was driven by technical factors related to its share price and liquidity rather than its business performance.
GoTo Head of Corporate Affairs Audrey Petriny said the company understood that the decision was disappointing for many GOTO shareholders.
“The decision is purely technical, following GoTo’s share price reaching the lowest tradable level of Rp50, accompanied by low trading volume, and was not caused by the company’s performance,” Audrey said in a statement on Thursday, August 13, 2026.
She said GoTo had instead recorded net profits for two consecutive quarters.
GoTo Reports Stronger Financial Performance
In the second quarter of 2026, GoTo posted Rp252 billion in net profit on Rp5.7 trillion in net revenue, according to Audrey.
The group’s adjusted EBITDA, which measures underlying operating profitability, also surpassed Rp1 trillion for the first time, she said.
GoTo said the financial results showed that the company’s removal from the MSCI index "was not a reflection of its underlying business performance."
MSCI Cites Low Liquidity
MSCI’s decision came as part of its August 2026 index review, which resulted in GOTO being removed from the Global Standard Index.
In its announcement on Thursday, MSCI cited the stock’s low liquidity as the reason for its decision.
“This treatment is applied due to potential index replication issues related to very low liquidity, resulting from trading at the minimum tradable price of Rp50 on the Indonesia Stock Exchange since the close of trading on May 13, 2026,” MSCI said in its announcement.
GoTo said index reviews are conducted periodically and that it would continue to maintain an active dialogue with MSCI.
“In the meantime, we will remain focused on managing the business to create value for all shareholders,” Audrey said.
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