President Director and Commissioner of Mega Manunggal (MMLP) Resign

Jakarta — PT Mega Manunggal Property Tbk. (MMLP) announced the resignation of its top leadership and several other management personnel. According to Indonesia Stock Exchange (IDX) disclosures, the company has received resignation letters from Ashwin Bhat as President Director and Wibowo Muljono as President Commissioner of the company. Additionally, the company also received a resignation letter from Frans Surjadi from his position as Commissioner. Corporate Secretary Jeremy Muliawan stated that the resignation letters were received by the company on 5 March 2026.

For context, Ashwin Bhat, Wibowo Muljono, and Frans Surjadi were previously appointed to lead MMLP on 6 October 2025.

Previously, the MMLP management collectively resigned, submitting resignation letters on 22 August 2025. This action followed the Astra Group’s decision to acquire the listed property company through its subsidiary, PT Saka Industrial Arjaya (SIA). Those resigning consisted of five members, comprising two directors and three commissioners. These included Chief Executive Officer Hungkang Sutedja, Director Gomos Benjamin Silitonga, Chief Commissioner Paulus Ridwan Purawinata, Independent Commissioner Zainul Abidin Bin Mohammed Rasheed, and Independent Commissioner Ho Kee Sin.

According to IDX disclosures, their resignations will become effective on the date specified in the decision of the MMLP shareholders’ meeting that will approve the resignations.

PT Mega Manunggal Property Tbk. is a warehouse provider supporting industrial property needs, focused on providing office buildings and quality logistics warehouses across Indonesia. The company was previously controlled by Hungkang Sutedja, son of conglomerate The Ning King.

SIA will acquire 83.67 per cent of MMLP’s shares. The completion of this corporate transaction is based on a conditional agreement signed on 21 July 2025. Following this transaction, SIA will become the new controlling shareholder of MMLP and will implement a mandatory tender offer in accordance with OJK Regulation No. 9/POJK.04/2018 on the takeover of listed companies and applicable capital market regulations.