PT Panca Mitra Multiperdana Tbk (PMMP) has stated that PT Harapan\nBangsa Kita\u2014which is affiliated with Kaesang Pangarep\u2014is not a\ncontrolling shareholder of the company. The firm owned by the eldest son\nof seventh President Joko Widodo is described merely as a minority\nshareholder of PMMP.<\/p>\n
\u201c[It is] a minority shareholder holding 7.27 per cent of PMMP, having\npurchased the shares through the capital market,\u201d the PMMP board of\ndirectors wrote in an information disclosure on Friday, 10 July\n2026.<\/p>\n
The board stated that PT Tiga Makin Jaya is the controlling\nshareholder of PMMP with a 34.7 per cent stake.<\/p>\n
In its clarification statement, PMMP said that as a publicly listed\ncompany it has an ownership structure compliant with capital market\nregulations and is managed according to Good Corporate Governance\nprinciples. All strategic and operational decisions are made by the\ncompany\u2019s management in accordance with its Articles of Association and\nprevailing laws and regulations.<\/p>\n
Previously, various reports emerged linking PMMP\u2019s poor performance\nto Kaesang. Through an Indonesia Stock Exchange disclosure, PMMP said it\nis experiencing working capital constraints, leaving only one plant\nstill in operation.<\/p>\n
The working capital needed to run operations amounts to US$15\nmillion. Since 2024, a total of 37 staff employees and 79 daily workers\nhave been laid off, while 82 staff members have resigned.<\/p>\n
\u201cThe terminations of employment were due to reduced production\ncapacity,\u201d PMMP management wrote, quoted on Wednesday, 8 July 2026.<\/p>\n
Total bank debt as of 31 May 2026 reached US$160.1 million, or around\nRp2.8 trillion. The loans are spread across several banks: US$53.1\nmillion with Bank Permata, US$30.7 million with Indonesia Eximbank,\nUS$40.2 million with Bank Central Asia, US$7.2 million with Bank Maspion\nIndonesia, and US$5.9 million with Bank Resona Perdania.<\/p>\n
Meanwhile, based on unaudited consolidated financial statements as of\n31 March 2025, PMMP\u2019s total liabilities stood at US$259.8 million,\nexceeding its total recorded assets of US$208.3 million.<\/p>\n
The PMMP board said the circulating information regarding financing\nfacilities, credit restructuring and the company\u2019s financial condition\nis part of PMMP\u2019s corporate activities as a business entity. \u201cThese\nmatters have no connection to the status of the minority shareholding\nheld by the public,\u201d the board wrote.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/pmmp-management-clarifies-kaesang-pangareps-minority-shareholding-1783767241", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }