Kaesang-Affiliated Shrimp Company PMMP Struggles with Debt and Layoffs

PT Panca Mitra Multiperdana Tbk. (PMMP), a shrimp processing issuer affiliated with Kaesang Pangarep, is experiencing financial difficulties and has carried out employee layoffs. Kaesang, through PT Harapan Bangsa Kita, is recorded as holding 188.2 million PMMP shares, equivalent to 7.27 percent. Based on information disclosure on the Indonesia Stock Exchange (BEI), the company stated it is currently facing working capital constraints, leaving only one plant operational. The working capital required to run operations amounts to US$15 million. The management wrote that the termination of employment was due to a decline in production capacity. Since 2024 to date, a total of 37 staff and 79 daily workers have been laid off, while 82 staff members have resigned. The company also reported that its total bank debt as of 31 May 2026 reached US$160.1 million, approximately Rp2.8 trillion. The loans are spread across several banks, including US$53.1 million at Bank Permata, US$30.7 million at the Indonesia Eximbank, US$40.2 million at Bank Central Asia, US$7.2 million at Bank Maspion Indonesia, and US$5.9 million at Bank Resona Perdania. Meanwhile, based on unaudited consolidated financial statements as of 31 March 2025, PMMP’s total liabilities were recorded at US$259.8 million, exceeding its total assets of US$208.3 million.