Kaesang Pangarep's Firm is Minority Shareholder in PMMP, Company States

PT PANCA Mitra Multiperdana Tbk (PMMP) has clarified that PT Harapan Bangsa Kita, a company associated with Kaesang Pangarep, is a minority shareholder holding 7.27% of its shares. PMMP stated that the controlling shareholder is PT Tiga Makin Jaya, which owns 34.7% of the company's stock.

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Is a minority shareholder of PMMP, holding 7.27 percent of the shares in PMMP, which purchased PMMP shares through the capital market.

The company, which is publicly traded, emphasized its adherence to capital market regulations and good corporate governance principles. Strategic and operational decisions are managed by its board according to the company's articles of association and prevailing laws.

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PT Tiga Makin Jaya is the controlling shareholder of PMMP with a share percentage of 34.7 percent.

This clarification comes amid reports linking PMMP's poor performance to Kaesang Pangarep. PMMP acknowledged facing working capital challenges, requiring $15 million to maintain operations. Consequently, only one plant is currently operational, and the company has implemented layoffs, with 37 staff and 79 daily workers terminated, and 82 staff resigning.

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The company is experiencing working capital constraints, resulting in only one plant remaining operational.

PMMP's financial statements reveal significant liabilities. As of May 31, 2026, total bank debt reached approximately $2.8 trillion (US$160.1 million), distributed across several banks. Unaudited consolidated financial reports as of March 31, 2025, showed total liabilities of US$259.8 million, exceeding total assets of US$208.3 million. The company's management stated that information regarding financing, credit restructuring, and financial condition are standard corporate activities and unrelated to its minority shareholding status.

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Termination of employment (layoffs) with employees was due to a decrease in production capacity.