Indonesia’s Express Transindo to Issue New Shares worth US$70.42M on Mid-May
Perusahaan pengelola taksi, PT Express Transindo Utama Tbk (IDX: TAXI) melaporkan kondisi terbaru perseroan di tengah pandemi COVID-19 dan beban utang yang melilit perusahaan - Photo by the Company


JAKARTA (TheInsiderStories) – Taxi operator PT Express Transindo Utama Tbk (IDX:TAXI) finally clarifies that as of today there was no acquisition plan offered by ride-hailing provider PT Go-Jek Indonesia or other parties. The company made the statement on market rumours that the ride-hailing firm was in talks to acquire the company’s shares, which triggered the company’s shares to surge in the past few days trading.

“The company, until today, are not aware of the acquisition plan from Go-Jek or other parties. The company has also asked the controlling shareholder and that the controlling shareholder has said the same thing,” the company said in a filing to the Indonesian Stock Exchange.

The company’s shares have surged to Rp220 per share, surged over 34 per cent just in few days, prompting the exchange to include the company’s shares trading into an ‘unusual market activity’ category on March 9. Since early this year, the company’s shares price has surged around 340 per cent from Rp50 per share.

The taxi operator, owned by the Rajawali Group, has been a target of acquisition. Last year, the company’s shareholder was reported to be in talks with potential investors, but there were no results.

The taxi operator’s financial performance has been hit by the rise of online taxis such as Uber, Grab and Go-Car, a unit of Go-Jek Indonesia. (*)