Rachmat Kaimuddin Resigned from Bukalapak

TheIndonesia.co - Chief Executive Officer PT Bukalapak.com Tbk Muhammad Rachmat Kaimuddin submitted the resignation from his position.

Bukalapak Corporate Secretary Perdana A Saputro in a letter to the Indonesia Stock Exchange (IDX) quoted in Jakarta, Wednesday, said that Bukalapak had received the resignation letter of Rachmat Kaimuddin as President Director on December 28, 2021.

"The resignation request will be made by taking into account the provisions of the company's articles of association and applicable laws and regulations," he said in the letter to the IDX and the Financial Services Authority (OJK) quoted by Antara.

The issuer codenamed BUKA did not explain the reasons for Rachmat's resignation as the company leader. "There is nothing that can materially affect the company's business activities and business continuity, the submission of this information disclosure is a fulfillment of obligations based on Financial Services Authority Regulation No. 31 and Article 8 paragraph (2) of Financial Services Authority Regulation No. 33/POJK.04/2014," said Perdana.

Previously, Bukalapak at the extraordinary general meeting of shareholders (EGM), Thursday, December 23, 2021, received approval from the shareholders for the change in the use of funds from the IPO. Rachmat, at that time, revealed that the management continues to review and examine the potentials and opportunities available related to the growth and development plans of the company and its subsidiaries in the future.

Meanwhile, after the IPO on August 6, 2021, on the IDX, Bukalapak managed to raise funds of up to IDR 21.9 trillion. According to the company, according to the press release on the results of the EGMS on December 23, 2021, the planned use of the IPO funds will be as follows:

• Approximately 33 percent will be used by the company for working capital.
• Approximately 34 percent will be used for the working capital of subsidiaries, namely:
  15 percent was allocated to PT Buka Mitra Indonesia;
  15 percent was allocated to PT Buka Usaha Indonesia;
  1 percent is allocated to PT Buka Investasi Bersama;
  1 percent was allocated to PT Buka Pengadaan Indonesia;
  1 percent was allocated to Bukalapak Pte. Ltd.; and
  1 percent is allocated to PT Five Jack.

Meanwhile, Bukalapak will use the remaining funds for growth and/or business development of the company and its subsidiaries. However, it is not limited to shares and/ or assets and/ or investment in shares purchase in one or more companies including in the context of joint venture agreements and other appropriate transaction methods, as well as repayment of loan facilities used for growth and/ or business development purpose.