Approved! Mora Merges with Eka Mas, Prepares Buyback at Rp432 per Share

PT Mora Telematika Indonesia Tbk (MORA) has officially obtained shareholder approval to carry out a business merger with PT Eka Mas Republik (EMR) through an Extraordinary General Meeting of Shareholders (EGMS). According to the meeting minutes, the EGMS held on 26 March 2026 was attended by shareholders representing 80.61% of the total shares with valid voting rights. All major agendas related to the merger were unanimously approved by the shareholders. The approval encompasses the business merger, the signing of the deed of merger, amendments to the articles of association, as well as changes to the company’s management and controlling structure. In this corporate action, the company’s name will also change to PT Ekamas Mora Republik Tbk, in line with the integration of the two entities’ businesses. Additionally, the EGMS approved the change of controller from the previous PT Candrakarya Multikreasi to PT Innovate Mas Utama as part of the new post-merger structure. Buyback Prepared In line with the provisions of the Limited Liability Company Law (UUPT), the company is also preparing a share buyback scheme for shareholders who do not approve the merger action. In the disclosure of information, the company has set the buyback price at Rp432 per share. The maximum number of shares that can be bought back is 10% of the placed capital, or equivalent to around 2.36 billion shares, with total funds prepared up to approximately Rp1.02 trillion. If the buyback demand exceeds that limit, the excess shares will be purchased by a third party, namely PT Innovate Mas Utama as the standby buyer. Based on the disclosure document, the buyback application period runs from 1-10 April 2026, with payment scheduled for 17 April 2026. Meanwhile, the effective date of the business merger is targeted for 22 April 2026. Shareholders wishing to participate in the buyback are required to submit requests through the corporate action mechanism in the KSEI system and meet the established criteria. The EGMS also approved a reshuffle of the board of directors and commissioners. After the merger becomes effective, the position of President Director will be held by Timotius M. Sulaiman, while the Chairman of the Board of Commissioners seat will be filled by Arsjad Rasjid. These changes signify a full management restructuring as part of the post-merger business integration. With shareholder approval reaching nearly 100%, the merger between Mora and Eka Mas becomes one of the major consolidation actions in Indonesia’s telecommunications and internet sector in 2026, with significant implications for ownership structure, operations, and future business strategy.