Bukalapak addresses reports of Temu acquisition

Jakarta, Indonesia – E-commerce company Bukalapak has addressed reports of an alleged acquisition by Temu on the local e-commerce player. It is worth mentioning that various reports have stated that Bukalapak’s share price increased by over 22% in the past 5 days, from 120 rupiah on Oct 2, 2024, to 147 rupiah per share on October 8 over alleged acquisition talks.

In a letter to the Indonesian Stock Exchange (IDX) reviewed by MARKETECH APAC, Bukalapak stated that they are not aware of any information regarding its acquisition plans by TEMU.

“The increase in share price on October 7th, 2024 reflects the market’s reaction to unverified information regarding the Company’s acquisition plans, which has not been confirmed by the company’s management. Market speculation is beyond the company’s control,” wrote Cut Fika Lutfi, corporate secretary at Temu.

Bukalapak has advised public shareholders and investors to observe official disclosure of information by the company before making any investment decisions on the company.

It is worth mentioning that this news follows the Indonesian government mandate to ban Temu in the country in a bid to safeguard the standing of local SMEs in the country.