PMMP Management Clarifies Kaesang Pangarep's Minority Shareholding

PT Panca Mitra Multiperdana Tbk (PMMP) has stated that PT Harapan Bangsa Kita, an entity affiliated with Kaesang Pangarep, is not the controlling shareholder of the company. The company owned by the eldest son of the 7th President, Joko Widodo, is described as merely a minority shareholder in PMMP. “It is a minority shareholder with a 7.27 per cent stake in PMMP, which purchased PMMP shares through the capital market,” wrote PMMP’s board of directors in an information disclosure on Friday, 10 July 2026. The board stated that PT Tiga Makin Jaya is the controlling shareholder of PMMP, holding a 34.7 per cent stake. In its clarification, PMMP stated that as a public company, its ownership structure complies with capital market regulations and is managed based on Good Corporate Governance principles. All strategic and operational decisions are executed by the management in accordance with the company’s Articles of Association and prevailing laws and regulations. Previously, various news reports linked Kaesang to PMMP’s poor performance. Through an Indonesia Stock Exchange information disclosure, PMMP stated it is experiencing working capital constraints, resulting in only one plant remaining operational. The working capital required to run operational activities amounts to US$15 million. From 2024 to the present, the number of employees laid off totals 37 staff and 79 daily workers, while 82 staff members have resigned. “The termination of employment with employees is due to a reduction in production capacity,” wrote PMMP management. The total bank debt balance as of 31 May 2026 reached US$160.1 million, or approximately Rp 2.8 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 reports as of 31 March 2025, PMMP’s total liabilities were recorded at US$259.8 million. This value exceeds the total assets recorded at US$208.3 million. The board of directors stated that the circulating information regarding financing facilities, credit restructuring, and the company’s financial condition is part of PMMP’s corporate activities as a business entity. “This has no connection to the minority share ownership status held by the public,” wrote PMMP’s board of directors.