Morgan Stanley Amasses 21.9B GOTO Shares at Deep Discount Ahead of New IDX Price Floor

JAKARTA, Investortrust.id — Global investment bank Morgan Stanley and International Plc has significantly expanded its exposure to Southeast Asian tech major PT GoTo Gojek Tokopedia Tbk (GOTO), deploying Rp 547.98 billion (~$35.6 million) in a massive negotiated market transaction.

According to regulatory filings submitted to the Indonesia Stock Exchange (IDX) on Monday, Morgan Stanley scooped up 21.92 billion shares on September 2, 2026, at an execution price of Rp 25 per share—precisely half the current minimum trading floor enforced in the regular market.

The move raises Morgan Stanley’s total holding in GOTO to 87.48 billion shares, representing a 7.59% equity stake, up from 5.71%. The accumulation positions the firm just behind SVF GT Subco (7.65%) and slightly ahead of Taobao China Holding (7.43%), cementing its position among GOTO's core institutional owners.

The block trade marks Morgan Stanley’s second major negotiated transaction in recent weeks. In August, the bank acquired 3.75 billion shares at an even steeper discount of Rp 23 per share, worth roughly Rp 87.30 billion.

Capitalizing on the Regulatory Transition Window

Because the regular trading board on the IDX maintains an absolute minimum tick limit of Rp 50 per share, trades below that threshold must be conducted off-market through negotiated transactions.

The timing of the trade appears closely tied to evolving market structure rules. Exchange authorities had initially scheduled a structural overhaul to eliminate the historical Rp 50 floor this week, a move intended to unlock liquidity and allow sub-Rp 50 equities to find organic price discovery down to Rp 1 per share. However, regulators deferred implementation to the end of September.

By moving ahead of the regulatory implementation date, Morgan Stanley effectively locked in billions of shares at a steep discount via private settlement, ahead of any potential price volatility or liquidity shifts once the Rp 1 floor goes live on the regular board.

Corporate Governance Overhaul Looming

The institutional accumulation unfolds against the backdrop of senior leadership realignments within Indonesia’s flagship digital ecosystem.

On August 28, 2026, Vice President Director Catherine Hindra Sutjahyo formally tendered her resignation. GOTO confirmed it will seek shareholder ratification regarding board changes in accordance with financial regulations (POJK 33/2014 and POJK 15/2020) during an upcoming Extraordinary General Meeting of Shareholders (EGMS) scheduled for September 21, 2026.