No Extension to the Mandatory Tender Offer, PIPA Prepares Rebranding and Rights Issue
JAKARTA, KOMPAS.COM – PT Multi Makmur Lemindo Tbk. (PIPA) has issued clarification regarding the progression of corporate actions and the company’s strategic plan following the expiry of the Mandatory Tender Offer (MTO) by PT Morris Capital Indonesia (MCI). The company confirms there are no plans to extend the tender period, even though the target ownership has not yet been reached.
In a letter replying to the request for clarification to the Indonesia Stock Exchange (BEI) on Friday, 6 March 2026, PIPA’s management conveyed several crucial points about the direction of the business going forward.
To date, PT Morris Capital Indonesia (MCI) as the controlling shareholder has no plan to extend the implementation of the Mandatory Tender Offer.
Several factors considered to influence the absence of tendering shareholders include shareholders’ preference to maintain ownership, a positive perception of the company’s future prospects, dynamic capital market conditions, and the offer price that may not meet expectations.
As a strategy, PIPA is developing a major plan including a name change, a new logo, and an addition to the Indonesia Standard Classification of Business Fields (KBLI). The rebranding aims to develop the company’s new business lines, while the KBLI addition seeks to broaden the scope of business activities.
The company targets obtaining approval from shareholders via a General Meeting of Shareholders (GMS) planned to be held before the end of the first half of 2026.
In addition to business development, PIPA confirms plans for a Capital Increase with Pre-emptive Rights Issue (PMHMETD) or rights issue. The planned capital increase through the HMETD mechanism will be adjusted to market conditions; therefore management will continue to explore alternative capital-raising mechanisms and/or other financing to strengthen the company’s financial structure.
Currently, the amount of funds and the schedule for implementation are still under internal review and will be announced after regulator and internal approvals are obtained.
In response to market monitoring by the Bursa regarding the Monthly Report on Registration of Securities Holders, PIPA explains that they are currently identifying and verifying data on ultimate beneficial owners at the individual level. The absence of specific individual names is due to the ownership structure still being in corporate form.
The company also confirms there is no other material information or events that could affect the price of the company’s securities that have not been disclosed to the public.