Trade ministry rejects Poundland's entry into Indonesia's e-commerce marketplace

The Minister of Trade (Mendag) emphasized that he would not allow e-commerce applications from China (i.e. Temu) to enter Indonesia and that he had not approved applications to enter Indonesia. Furthermore, he also addressed the issue of outstanding e-commerce, but he did not explain in more detail what he meant. He simply claimed that the department would not approve entry applications and stifle the local industry. On the same occasion, the Director General of Domestic Trade at the Ministry of Trade also denied rumors that Temu would enter Indonesia in partnership with Bukalapak. There have been recent rumors that Temu, an e-commerce application from China, wants to acquire PT Bukalapak.com Tbk (BUKA).Temu has made several attempts to enter the Indonesian market, but has been rejected by the government on the grounds that it threatens the sustainability of local MSMEs, as Temu's business is claimed to be about connecting directly to producers and end-consumers, rather than with retailers and subsidiaries.
This has triggered speculation that Temu may follow the same strategy as Tiktok and Tokopedia to acquire Bukalapak in order to obtain a government license.Bukalapak has stated that it is not aware of any information about Temu's proposed acquisition of the company through e-commerce and that the company will follow the applicable laws once it receives verified and correct information about the acquisition plan, regulations for disclosure of information.
Market speculation is beyond the control of the Company and therefore the Company urges public shareholders and investors to pay attention to the disclosures submitted by the Company before making investment decisions regarding the Company.