Photographer: Dimas Ardian/Bloomberg via Getty ImagesIndonesian tech giant GoTo on Tuesday denied it is in merger discussions with Singapore-based ride-hailing rival Grab .
"The company would also like to emphasize that currently, the company is not having any discussion on such matters," said GoTo in a Tuesday filing.
"The company would like to emphasize that the company has an increasingly strong fundamentals and financial position," said GoTo.
The firm added that it has achieved "positive adjusted EBITDA target in Q4 2023, while exceeding the top end of its full year adjusted EBITDA guidance range."
Grab closed 1.2% lower on the Nasdaq on Tuesday amid a broader sell-off in U.S. markets.
Persons:
Indonesia's GoTo, Dimas Ardian, GoTo
Organizations:
ByteDance, Indonesia's, Bloomberg, Getty, Nasdaq
Locations:
Jakarta, Indonesia, Singapore, U.S