PMMP Management Clarifies Kaesang Pangarep's Minority Shareholding
PT Panca Mitra Multiperdana Tbk (PMMP) has stated that PT Harapan Bangsa Kita—which is affiliated with Kaesang Pangarep—is not a controlling shareholder of the company. The firm owned by the eldest son of seventh President Joko Widodo is described merely as a minority shareholder of PMMP.
“[It is] a minority shareholder holding 7.27 per cent of PMMP, having purchased the shares through the capital market,” the PMMP board of directors wrote in an information disclosure on Friday, 10 July 2026.
The board stated that PT Tiga Makin Jaya is the controlling shareholder of PMMP with a 34.7 per cent stake.
In its clarification statement, PMMP said that as a publicly listed company it has an ownership structure compliant with capital market regulations and is managed according to Good Corporate Governance principles. All strategic and operational decisions are made by the company’s management in accordance with its Articles of Association and prevailing laws and regulations.
Previously, various reports emerged linking PMMP’s poor performance to Kaesang. Through an Indonesia Stock Exchange disclosure, PMMP said it is experiencing working capital constraints, leaving only one plant still in operation.
The working capital needed to run operations amounts to US$15 million. Since 2024, a total of 37 staff employees and 79 daily workers have been laid off, while 82 staff members have resigned.
“The terminations of employment were due to reduced production capacity,” PMMP management wrote, quoted on Wednesday, 8 July 2026.
Total 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 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 stood at US$259.8 million, exceeding its total recorded assets of US$208.3 million.
The PMMP board said 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. “These matters have no connection to the status of the minority shareholding held by the public,” the board wrote.