New Owner of Indonesian Issuer Reveals Who the 'Bohir' Behind It Is

Jakarta, CNBC Indonesia - PT Mandom Indonesia Tbk. (TCID) announced an indirect change of controlling shareholders and also a change in the ultimate beneficial owner of the company. Citing information disclosed to the Indonesia Stock Exchange (BEI), the change of control was effected by Kalon Holdings, Co., Ltd. on 4 March 2026 of 32,359,329 shares or 71.69% of the issued and paid-up capital of Mandom Corporation (MCJ), a company listed on the Tokyo Stock Exchange’s Main Board. The transaction was carried out through a tender offer (TOB) and completed on 4 March 2026. At settlement and on the date of the information disclosure, MCJ still held 65.23% of the shares in PT Mandom Indonesia Tbk. “Thus, Kalon has become the indirect controlling shareholder,” the management wrote, on Thursday (5/3/2026). In its explanation, the company said Kalon is a subsidiary wholly owned by Kalon J Group Holdings Co., Ltd., whose entire shares are owned by Lumina International Holdings Limited (Lumina). Lumina’s shares, in turn, are indirectly owned by investment funds managed by a number of subsidiaries or general partners of CVC Capital Partners plc and its affiliates (collectively referred to as CVC). The fund is known as the CVC Fund. The ultimate holder or bohir of Kalon is the CVC Fund managed by CVC. CVC itself is listed on Euronext Amsterdam and does not have an individual beneficial owner nor a controlling shareholder. Management emphasised that the change does not have a material impact on the company’s operational activities, legal status, financial condition, or the group’s business in the near term. (ayh/ayh)