Kalon acquires 71.69% stake in Mandom Corporation Japan; TCID's controlling status changes

Kalon Holdings, Co., Ltd. has completed the acquisition of 32,359,329 shares, or 71.69% of the capital of Mandom Corporation Japan (MCJ), on 4 March 2026. MCJ is the direct controlling shareholder of PT Mandom Indonesia Tbk (TCID) with a 65.23% stake. The completion of the transaction means Kalon is now the indirect controlling shareholder of the Company, according to TCID management in an information disclosure letter signed by Deputy Director Hideki Nakamura.

Kalon is a subsidiary wholly owned by Kalon J Group Holdings Co., Ltd., under Lumina International Holdings Limited. The ultimate beneficial owner of the structure is Dana CVC, managed by CVC Capital Partners plc, an investment firm listed on the Euronext Amsterdam exchange.

Despite the change at the controlling level, management emphasised that the direct shareholding structure of PT Mandom Indonesia Tbk has not changed.

“This change will not have a material impact on the Company’s operational activities, legal status, financial condition, or continuity of the business in the near term,” the management stated.