Kaesang-Affiliated Shrimp Company PMMP Struggles with Debt and Layoffs

PT Panca Mitra Multiperdana Tbk, a shrimp processing company affiliated with Kaesang Pangarep, is experiencing financial difficulties and has carried out layoffs of its employees. Kaesang, through PT Harapan Bangsa Kita, is recorded as holding 188.2 million PMMP shares, equivalent to 7.27 per cent.

According to a disclosure on the Indonesia Stock Exchange (IDX), the company with the ticker PMMP stated that it is currently facing working capital constraints, leaving only one plant still in operation. The working capital needed to run its operations amounts to US$15 million.

“The termination of employment with employees is due to declining production capacity,” PMMP management wrote, as quoted on Wednesday, 8 July 2026. From 2024 to the present, the number of employees laid off totals 37 staff members and 79 daily workers, whilst 82 staff members have resigned.

The company also reported that its total outstanding bank debt as of 31 May 2026 reached US$160.1 million, or around Rp2.8 trillion. The loans are spread across several banks: US$53.1 million with Bank Permata, US$30.7 million with the Indonesia Eximbank, US$40.2 million with Bank Central Asia, US$7.2 million with Bank Maspion Indonesia, and US$5.9 million with 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. That figure exceeds its total recorded assets of US$208.3 million.