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ADDITIONAL AND/OR AMENDMENT OF DISCLOSURE OF INFORMATION TO
SHAREHOLDERS
PT XL AXIATA TBK
This Disclosure of Information is prepared and submitted in order to comply with the Regulation of the
Financial Services Authority of the Republic of Indonesia No. 17/POJK.04/2020 concerning Material
Transactions and Changes in Business Activities.
If you have difficulties in understanding this Disclosure of Information or are in doubt in making decisions,
you should consult a legal consultant, public accountant, investment advisor or other professional advisor.
PT XL Axiata Tbk
Business Activites:
Telecommunication Service Provider
and/or Network Provider and/or
Multimedia
Head Office:
XL Axiata Tower
JL. H.R. Rasuna Said Blok X5
Kav. 11 – 12
Kuningan Timur, Setiabudi
Jakarta Selatan 12950 –
Indonesia
Telepon: (021) 5761881
Faksimili: (021) 5761880
www.xlaxiata.co.id
corpsec@xl.co.id
THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS OF THE COMPANY, BOTH
INDIVIDUALLY AND JOINLY, ARE FULLY RESPONSIBLE FOR THE ACCURACY AND COMPLETENESS OF THE
INFORMATION OR MATERIAL FACTS AS DISCLOSED IN THIS INFORMATION DISCLOSURE, AND AFTER
CONDUCTING REASONABLE AND CAREFUL RESEARCH, HEREBY DECLARE THAT TO THE BEST OF THE
KNOWLEDGE AND BELIEF OF THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS OF THE
COMPANY, THE INFORMATION CONTAINED IN THIS INFORMATION DISCLOSURE IS CORRECT AND
THERE ARE NO IMPORTANT FACTS, MATERIAL AND RELEVANT INFORMATION WHICH IF NOT
DISCLOSED OR OMITTED IN THIS INFORMATION DISCLOSURE, CAUSING THE INFORMATION PROVIDED
IN THIS INFORMATION DISCLOSURE TO BE UNTRUE AND/OR MISLEADING.
This Disclosure of Information is issued on 8 January 2024
Available at www.xlaxiata.co.id/id
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DEFINITIONS
BEI : PT Bursa Efek Indonesia.
Securities Administration Bureau/ Biro: PT Datindo Entrycom as the Company's securities
Administrasi Efek administration bureau appointed by the Company to
carry out the Company's share administration.
DPS : Shareholders Register of the Company issued by the
Securities Administration Bureau.
Disclosure of Information : Disclosure of Information in connection with changes in
Business Activities (as defined below).
KBLI : Indonesia Standard Business Field Classification.
Business Activities : Business activities listed in the Company's Articles of
Association and have been carried out.
KJPP Y&R : Public Appraisal Services Office/ Kantor Jasa Penilai Publik
("KJPP") Yanuar, Rosye & Rekan which has been officially
established based on the Decree of the Minister of
Finance No. S-571/PM.223/2020 dated September 1,
2020 with KJPP License No. 2.09.0041 and has been
registered as a Capital Market Supporting Profession at
OJK with a Registered Certificate of Capital Market
Supporting Profession from Bapepam and LK No.
STTD.PB-38/PM.2/2018 where KJPP Y&R was appointed
by the Company to prepare a Feasibility Study Report
regarding the plan to change the Company's Business
Activities.
KSEI : PT Kustodian Sentral Efek Indonesia
OJK : The Financial Services Authority/ Otoritas Jasa Keuangan,
an independent state institution as referred to in Law No.
21 of 2011 concerning the Financial Services Authority,
whose duties and authorities include regulating and
supervising financial services activities in the banking
sector, capital markets, insurance, pension funds,
financing institutions and other financial institutions.
Shareholders : Shareholders of the Company registered in the DPS.
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Company : PT XL Axiata Tbk, a public company established under the
laws of the Republic of Indonesia, domiciled in South
Jakarta and located at Jl. H.R. Rasuna Said X-5 Kav. 11-12,
Kuningan Timur, Setiabudi, South Jakarta 12950.
POJK 15 Financial Services Authority Regulation No.
15/POJK.04/2020 on the Planning and Organization of
General Meeting of Shareholders of Public Companies.
POJK 16 Financial Services Authority Regulation
No.16/POJK.04/2020 on the Implementation of the
Electronic General Meeting of Shareholders of Public
Companies.
POJK 17 : Financial Services Authority Regulation No.
17/POJK.04/2020 concerning Material Transactions and
Changes in Business Activities.
EGMS : Extraordinary General Meeting of Shareholders
INTRODUCTION
Through this Disclosure of Information, the Company plans to amend its Business Activities in the form
of adding new Business Activities based on the KBLI 2020 as stipulated in the Central Statistics Agency
Regulation No. 2 of 2020 concerning the Indonesian Standard Industrial Classification ("KBLI 2020"),
the addition of KBLI to fulfill the requirements of more complex and large Information Communication
and Technology (ICT) tender and KBLI additions as a result of the proposed changes to the Government
Regulation ("Permen") of the Ministry of Communication and Informatics ("Kominfo") as detailed in
the Explanation, Consideration, and Reasons For the Changes of Business Activities section below
(hereinafter the addition of the above Business Activities is referred to as "Change of Business
Activities").
In connection with the plan to Change Business Activities and in accordance with the provisions of
POJK 17, the Company plans to seek Shareholders' approval at the Company's EGMS which is planned
to be held on 11 January 2024. Furthermore, the Company announced the Disclosure of Information
to the Shareholders through the Company's website and IDX website together with the announcement
date of the Company's EGMS. In addition, the Company also provides data regarding Changes in
Business Activities for Shareholders from the time of the announcement of the Company's EGMS and
submits Disclosure of Information and supporting documents to OJK with the provisions as stipulated
in POJK 17.
Currently, the Company has corresponded with the relevant institutions and will continue the
correspondence after the Company obtains the Shareholder approval at the EGMS. After obtaining
Shareholder approval at the EGMS, the Company will continue the process of obtaining licenses from
relevant agencies in connection with the Addition of Business Activities, including licenses from the
Investment Coordinating Board, Ministry of Industry, Ministry of Trade, Ministry of Communication
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and Information, Ministry of Manpower and Ministry of Public Works and Public Housing. The
Company targets to carry out the Change of Business Activities in the 1st Quarter of 2024 provided that
all licenses from the relevant Ministries / Agencies in connection with the Change of Business Activities
have been obtained.
Until the date of issuance of this Disclosure of Information, there have been no third parties or other
parties who have submitted objections to the Company on the plan to Change of Business Activities.
The Company in this case will always fulfill the applicable laws and regulations in following up on this
matter.
Until the date of issuance of this Disclosure of Information, the Company is also not involved in any
material dispute either in Court or other disputes outside the Court that may negatively affect the
Company's business continuity and plan for the Change of Business Activities.
The information as stated in this Disclosure of Information is submitted to the Shareholders so that
the Shareholders can obtain complete information regarding the plan to Change the Company's
Business Activities. This Disclosure of Information is also a basis for consideration for Shareholders to
give their approval related to the plan to Change of Business Activities in the EGMS of the Company.
INFORMATION ABOUT THE COMPANY
Brief History
The Company, previously named PT Excelcomindo Pratama Tbk, was first established under the name PT
Grahametropolitan Lestari. The Company is domiciled in Jakarta and was established in accordance with
the prevailing laws and regulations in the Republic of Indonesia pursuant to Deed of Establishment of
Limited Liability Company No. 55 dated 6 October 1989, as amended by Deed of Amendment No. 79
dated 17 January 1991. Both were made before Rachmat Santoso, S.H., Notary in Jakarta. The Deeds
were approved by the Minister of Justice of the Republic of Indonesia pursuant to Ministerial Decree No.
C2-515.HT.01.01.TH.91 dated 19 February 1991, registered at the South Jakarta District Court No.
670/Not/1991/PN.JKT.SEL and No. 671/Not/1991/PN.JKT.SEL, dated 21 August 1991, and published in
the State Gazette of the Republic of Indonesia No. 90, Supplement No. 4070, dated 8 November 1991.
The Company's Articles of Association have been amended several times. The latest amendment is in
relation to the adjustment of the Company's Articles of Association in the context of the amendment of
Article 4 of the Company's Articles of Association, as contained in the Deed of Meeting Resolution No.
49 dated 25 January 2023 made before Aulia Taufani, S.H., Notary in Jakarta. This amendment received
Notification of Amendment of Articles of Association from the Minister of Law and Human Rights of the
Republic of Indonesia No. AHU-AH.01.03-0015425 dated 27 January 2023 and published in the State
Gazette of the Republic of Indonesia No. 3801, Supplement No. 10, dated 3 February 2023 ("Company's
Articles of Association").
The majority shareholder of the Company as of the date of this Disclosure of Information is Axiata
Investments (Indonesia) Sdn. Bhd. which is a wholly owned subsidiary of Axiata Investments (Labuan)
Limited. Axiata Investments (Labuan) Limited is a subsidiary of Axiata Group Berhad.
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The Company's head office is located at XL Axiata Tower, Jl. H.R. Rasuna Said X-5 Kav. 11-12, Kuningan
Timur, Setiabudi, South Jakarta 12950, Indonesia.
Purpose and Objectives and Business Activities
The Company's main business activities and supporting business activities have been adjusted to the
2020 KBLI as approved in the General Meeting of Shareholders on April 23 2021. In accordance with
Article 3 of the Company's Articles of Association, the purposes and objectives of the Company are to
carry out activities in telecommunication operations, computer programming and consultancy activities,
information service activities, wholesale trade, management consultancy activities, and financial
activities.
To achieve these purposes and objectives, the Company may carry out the following main business
activities:
a. Telecommunication business activities:
i. Operation of telecommunication network which includes but not limited to:
- Telecommunication Activities with Cable (61100);
- Telecommunication activities without cable (61200).
ii. Implementation of telecommunication services including but not limited to:
- Internet Service Provider (61921);
- Communication System Services (Data Communication System Services) (61922);
- Internet Telephony Services for Public Purposes (ITKP) (61913);
- Internet Interconnection Services (NAP) (61924);
- Content Provider Services through Mobile Mobile Network or Local Fixed Network without
Cable with Limited Mobility (Premium SMS Content Services) (61912);
- Other Multimedia Services (61929).
b. Other Monetary Intermediaries (64190).
c. Wholesale Trade:
i. Wholesale Trade in Computers and Computer Equipment (46511);
ii. Wholesale Trade in Software (46512);
iii. Wholesale Trade in Telecommunications Equipment (46523).
d. Programming activities, computer consultancy and related activities:
i. Other Computer Programming Activities (62019).
e. Computer consultancy and computer facility management activities :
i. Information Security Consulting Activities (62021);
ii. Other computer consulting and computer facility management activities (62029);
iii. Internet of Things (IOT) Consulting and Designing Activities (62024).
f. Information Services Activities:
i. Data Processing Activities (63111);
ii. Hosting and Related Activities (63112);
iii. Web Portals and/or Digital Platforms without Commercial Purposes (63121);
iv. Web Portals and/or Digital Platforms with Commercial Purposes (63122).
g. Other Management Consulting Activities (70209).
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To achieve the aforementioned purposes and objectives as well as to support the Company's main
business activities mentioned above, the Company may carry out activities for support as follows:
a. Planning, engineering, constructing, providing, developing and operating, leasing, maintaining and
procuring telecommunication facilities including the procurement of resources to support the
Company's business in providing telecommunication services and/or networks;
b. To improve as much as possible the business of providing telecommunication services and
networks, so as to achieve the capacity desired and required by the community in order to improve
services to the wider community;
c. To carry out business and operation activities (which also include marketing and sales of
telecommunication networks and/or services organized by the Company), maintenance, research,
development, telecommunication facilities and/or facilities both at home and abroad;
d. Organizing other telecommunication services and networks including information technology
services and/or networks; and
e. To carry out other activities deemed necessary to support and/or related to the implementation of
telecommunications, computer programming and consulting activities, information services
activities, wholesale trading activities, management consulting activities, and financial activities.
Capital Structure and Shareholding Structure
The Company's capital structure as of the date of this Disclosure of Information based on Notary Deed
No. 49 dated 25 January 2023 made before Aulia Taufani, S.H., Notary in Jakarta, which has been
received and registered in the Legal Entity Administration System and obtained the notification receipt
No. AHU-AH.01.03-0015425 dated 27 January 2023, registered in the Company Registration No. AHU-
0017621.AH.01.11.Tahun 2023 dated 27 January 2023 is as follows:
Remarks Amount Rp100,- per Shares
Number of Total Amount (%)
Shares Without Treasury
Shares
Authorized Capital 22,650,000,000 2,265,000,000,000
Issued and Paid-Up Capital
1. Axiata Investments (Indonesia) Sdn. 8,697,163,762 869,716,376,200 66.533
Bhd.
2. Public (shares below 5%) 4,431,266,903 443,126,690,300 33.467
3. Treasury Shares1 56,487,800 5,648,780,000 -
Issued and Paid-Up Capital 13,128,530,665 1,312,853,066,500 100.00
Portfolio Shares 9,521,469,335 952.146.933.500
Based on the Shareholders' List and the Company's Special List as of 31 December 2023, issued by PT
Datindo Entrycom as the Securities Administration Bureau appointed by the Company, the
composition of shareholders is as follows:
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The Company has sent a Closed Letter Number: 784/EXT/CSEC/CEOD/2023 dated June 19, 2023 to the Chief Executive of the Capital Market
Supervisor of the OJK regarding Submission of Extension of the Transfer Period of Treasury Shares of PT XL Axiata Tbk.
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Remarks Amount Rp100,- per Shares
Number of Total Amount (%)
Shares Without Treasury
Shares
Authorized Capital 22,650,000,000 2,265,000,000,000
Issued and Paid-Up Capital
1. Axiata Investments 8,697,163,762 869,716,376,200 66.533
(Indonesia) Sdn. Bhd.
2. Dian Siswarini 11,764,622 1,176,462,200 0.090
3. Yessie Dianty Yosetya 2,188,845 218,884,500 0.017
4. Abhijit Jayant Navalekar 3,125,421 312,542,100 0.024
5. David Arcelus Oses 3,534,069 35,406,900 0.027
6. I Gede Darmayusa 454,924 45,492,400 0.003
7. Feiruz Ikhwan Bin Abdul 222,134 22,213,400 0.002
Malek
8. Public (shares below 5%) 4,353,589,088 435,358,908,800 33.305
9. Treasury Shares 56,487,800 5,648,780,000
Number of Issued and Paid-Up 13,128,530,665 1,312,853,066,500 100.00
Capital
Portfolio Shares 9,521,469,335 952.146.933.500
Composition of the Board of Commissioners and the Board of Directors
Based on Notary Deed No. 25 dated 5 May 2023 made before Aulia Taufani, S.H., Notary in Jakarta, which
has been received and registered in the Legal Entity Administration System and obtained the notification
receipt No. AHU-01.03-0289683 dated 5 May 2021, registered in the Company Registration No.AHU-
0087074.AH.01.11.Tahun 2023 dated 11 May 2023, the composition of the Company’s Board of
Commissioners and Board of Directors as of the date of this Disclosure of Information is as follows:
Board of Commissioners
Name Position Period
Dr. Muhamad Chatib Basri President Commissioner 2019 - 2024
Vivek Sood Commissioner 2019 - 2024
Dr. Hans Wijayasuriya Commissioner 2020 - 2024
Dr. David Robert Dean2 Commissioner 2019 - 2024
Yasmin Stamboel Wirjawan Independent Commissioner 2019 - 2024
Muliadi Rahardja Independent Commissioner 2019 - 2024
Julianto Sidarto Independent Commissioner 2019 - 2024
Board of Directors
Name Position Period
Dian Siswarini President Director 2019 - 2024
Feiruz Ikhwan Bin Abdul Malek Director 2023 - 2024
Abhijit Jayant Navalekar Director 2019 - 2024
2
Dr. David Robert Dean is no longer member of the Board of Commissioners as of December 24th, 2023.
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Yessie D. Yosetya Director 2019 - 2024
David Arcelus Oses Director 2019 - 2024
I Gede Darmayusa Director 2020 - 2024
SUMMARY OF FEASIBILITY STUDY REPORT
ON THE PLAN TO CHANGE BUSINESS ACTIVITIES
In accordance with the plan to Change of Business Activities, the Company has appointed Yanuar, Rosye
and Partners ("Y&R") Public Appraisal Services Office, with Business License No. 2.20.0170 based on the
Decree of the Minister of Finance 365/KM.1/2020 dated July 27, 2020, registered as a Capital Market
Supporting Profession at OJK with a Registered Certificate (STTD) of Capital Market Supporting
Profession No. STTD.PB-38/PJ-1/PM.02/2023 dated July 24, 2023 as an independent appraiser, and
requested Y&R to provide a feasibility study opinion on the Company's Change of Business Activities.
In preparing this Feasibility Study Report, Y&R acted independently without any conflict of interest and
Y&R is not affiliated with the Company or with parties affiliated with the Company. Y&R also has no
personal interest or benefit related to this assignment.
The following is a summary of the Feasibility Study Report based on Report No. PR.Y&R-
00/Y/BS/XL/XI/2023/RY/0239 dated 1 December 2023:
Purpose and Objective of Fairness Opinion Report
The purpose of the Feasibility Study Report is to provide an opinion on the feasibility of the Company's
Change of Business Activity plan. The review of the Feasibility Study Report covers various aspects
including macro aspects, market aspects, technical aspects, business pattern aspects, management
model aspects, and financial aspects.
The purpose of preparing this report is to comply with the Regulation of the Financial Services Authority
("OJK") of the Republic of Indonesia No. 17/POJK.04/2020 concerning "Material Transactions and
Changes in Business Activities" ("POJK 17 of 2020"). The regulation requires a Feasibility Study Report
on changes in business activities prepared by an Appraiser. The Appraisal is not used outside the context
or purpose of the Feasibility Study.
Assumptions and Limiting Conditions
Assumptions
Some of the assumptions used in the preparation of this feasibility study are:
• Y&R release a Feasibility Study Report which is a non-disclaimer opinion.
• We have conducted a review of the documents used in the feasibility study process.
• In preparing this report, Y&R relies on the accuracy and completeness of the information provided
by the Company and / or data obtained from publicly available information and other information
that we deem relevant.
• The assignor stated that all material information regarding the feasibility study assignment had
been fully disclosed to Y&R and there was no reduction in important facts.
• Y&R uses adjusted financial projections that reflect the reasonableness of the financial projections
made by management with the ability to achieve them (fiduciary duty).
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• Y&R is responsible for the conduct of the Valuation and the reasonableness of the adjusted financial
projections.
• The result report is open to the public unless there is confidential information, which could affect
the Company operations.
• Y&R is responsible for the Feasibility Study Report and the resulting conclusions.
• Y&R has obtained information on the legal status of the object of the Feasibility Study from the
assignor.
• This Feasibility Study Report is intended to fulfill the interests of the Capital Market and compliance
with OJK regulations and not for tax purposes.
• This Feasibility Study is prepared based on market and economic conditions, general business and
financial conditions, as well as Government regulations related to the Change of Business Activity
to be carried out on the date of this opinion.
• In preparing this Feasibility Study, we use several assumptions, such as the fulfillment of all
conditions and obligations of the Company and all parties involved in the feasibility study and the
accuracy of information regarding the feasibility study disclosed by the Company management.
• Y&R assumes that the Company is a company that will continue its business in the future and is
managed by professional and competent management (going concern).
• This Feasibility Study should be viewed as an integral part and the use of part of the analysis and
information without considering other information and analysis as a whole may result in misleading
views and conclusions on the process underlying the Feasibility Study. The preparation of this
Feasibility Study is a complex process and may not be possible through incomplete analysis.
• We also assume that the issuance of the Feasibility Study does not occur in any changes that will
materially affect the assumptions used in the preparation of this feasibility study. We are not
responsible for reaffirming or completing, updating our opinion due to changes in assumptions and
conditions and events that occur after the date of this letter.
The limitations in carrying out this assignment
• In carrying out the analysis, we assume and rely on the accuracy, reliability and completeness of all
financial information and other information provided to us by the Company or which are publicly
available which are true, complete and not misleading, and we are not responsible for conducting
independent checks of the information. We also rely on guarantees from the Company
management that they do not know the facts that cause the information provided to us to be
incomplete or misleading.
• Feasibility Study analysis of the Change of Business Activity was prepared using data and
information as disclosed above. Any changes to the data and information may materially affect the
final results of our opinion. Therefore, we are not responsible for changes to the conclusions of our
Feasibility Study due to changes in the data and information.
• We do not give an opinion on the tax impact of this Feasibility Study. The services we provide to
the Company in connection with the Change of Business Activity are only the provision of a
Feasibility Study on the object to be carried out and not accounting, auditing, or taxation services.
We did not conduct research on the legality of the legal aspects and the implications of these
aspects of taxation.
• Our assignment regarding this Feasibility Study does not constitute and cannot be construed in any
form, a review or audit or the performance of certain procedures on financial information. The
assignment also cannot be intended to reveal weaknesses in internal control, errors, or
irregularities in financial statements or violations of law. In addition, we do not have the authority
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and are not in a position to obtain and analyze any form of transactions other than existing
corporate action and may be available to the Company and the effect of these transactions on this
corporate action.
Feasibility Study Methods
The methods used in preparing this feasibility study report are:
• Primary data collection from the Company related to the project development plan which includes
data on identity, licensing, business plans and other data related to plans for Changes of Business
Activities.
• Macroeconomic analysis, industry analysis to evaluate the influence of these factors on future the
Company performance.
• In carrying out this assignment, an analysis was conducted on the feasibility of the Company's
Change of Business Activities. The analysis was conducted using Net Present Value (NPV),
Profitability Index (PI), Break Even Point (BEP) and Return on Investment (ROI) indicators.
Basis of the Company's Financial Statements in the Preparation of the Feasibility Study Report
The following is information regarding the basis of the Company's Financial Statements used by Y&R in
the preparation of the Feasibility Study Report:
Name of Public Accountant and Public
Year Auditor Accountant License Number Number and Date Opinion
Tanudiredja, No: 00050/2.1025/AU.1/06/0230-
Eddy Rintis, S.E., CPA with Public Fairly, in all material
31 Dec 2018 Wibisana, Rintis & 3/1/II/2019
Accountant License No. AP.0230 respects
Rekan (PWC) Date: 15 February 2019
Tanudiredja, Andry Danil Atmadja, S.E., A.k., CPA with No: 00038/2.1025/AU.1/06/0234-
Fairly, in all material
31 Dec 2019 Wibisana, Rintis & Public Accountant License 1/1/II/2020
respects
Rekan (PWC) No. AP.0234 Date: February 7th, 2020
Tanudiredja, Andry Danil Atmadja, S.E., A.k., CPA with No: 00043/2.1025/AU.1/06/0234-
Fairly, in all material
31 Dec 2020 Wibisana, Rintis & Public Accountant License 2/1/II/2021
respects
Rekan (PWC) No. AP.0234 Date: February 11th, 2021
Tanudiredja, Andry Danil Atmadja, S.E., A.k., CPA with No: 00094/2.1025/AU.1/06/0234-
Fairly, in all material
31 Dec 2021 Wibisana, Rintis & Public Accountant License 3/1/II/2022
respects
Rekan (PWC) No. AP.0234 Date: February 18th, 2022
Tanudiredja, Lok Budianto, S.E., A.k., CPA with Public No: 00061/2.1025/AU.1/06/0239-
Fairly, in all material
31 Dec 2022 Wibisana, Rintis & Accountant License 1/1/II/2023
respects
Rekan (PWC) No. AP.0239 Date: February 17th, 2023
Tanudiredja, Lok Budianto, S.E., A.k., CPA dengan Izin No: 01479/2.1025/AU.1/06/0239-
Fairly, in all material
30 Sep 2023 Wibisana, Rintis & Akuntan Publik 2/1/XI/2023
respects
Rekan (PWC) No. AP.0239 Date: November 22nd, 2023
Market Feasibility Analysis
In conducting its business, the Company has a list of potential and target markets for the Change of
Business Activities of 10 projects, divided into 7 potential markets under the Business Solutions Division
and 3 potential markets under the Home Business Division. Currently, the market opportunity for the
Change of Business Activity is still wide open, considering that the Company is a company engaged in
telecommunications services and information technology. The magnitude of the market opportunity can
be shown by the existence of several potential markets that have become the Company's target in 2024.
Technical Feasibility Analysis
The Change of Business Activities of the Company includes new KBLI that aims to accommodate new
business opportunities are not related to the previous KBLI, KBLI to fulfill the requirements of more
complex and large Information and Communication Technology (ICT) tender, and KBLI as a result of the
planned changes in Government Regulations with a total of 26 KBLI.
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Business Pattern Feasibility Analysis
Through the Business Solutions Division, the Company has a competitive advantage in the form of
applying various price offers to customers, has 6 ISOs that support the services provided (ISO 9001: 2015:
related to Quality Management System, ISO 20000-1: 2018: related to IT Service Management System,
ISO 22301: 2019: related to Business Continuity Management System, ISO 14001: 2015: related to
Environmental Management System, ISO 45001: 2018: related to Occupational Health and Safety
Management System, ISO 27001:2022: related to Information Security Management System), is able to
develop services on a larger and more expansive scale in the future, always conducts continuous
development both in terms of products and services so as to be able to provide visionary
products/services in accordance with customer needs and technological changes, provides adequate
service through integrated services and is able to provide products/services that can be customized
according to customer needs.
Meanwhile, through the Home Business Division, the Company has a competitive advantage in the form
of the internet solutions to fulfill the needs/lifestyle of families inside and outside home, digital customer
experience via MyXL and attractive price offering scheme with prices adjusted by region.
There are opportunities for competitors to enter the telecommunications business and the
products/services provided by the Company may be copied by competitors. However, considering that
the Company is a telecommunications company that has been carrying out similar business activities,
the Change of Business Activities will make it easier for the Company to compete in the market. This is
because the Company already has capital in the form of knowledge, experience and telecommunications
and IT infrastructure that support the company's business. Through the Company's foresight in
recognizing Fixed Mobile Convergence ("FMC") as a potential new opportunity, the Company became
the first mobile operator to offer convergence. The Company also continues to improve the quality the
Company service and customer experience by adding quality content that can be accessed by customers
in addition to the IT and digitalization field the Company focuses on building capabilities so that it is
expected that in carrying out the new KBLI, the Company will be able to create values as it has done
before.
Management Model Feasibility Analysis
Changes in Business Activities to be carried out are business activities, some of which have been
undertaken and have the same scope of work related to Fixed Connectivity, IoT, Managed ICT and Big
Data. Therefore, the selected management, employees and experts are existing human resources with
qualified capabilities. Experts are selected with the criteria of having relevant experience and
certifications, especially related to projects that require special expertise such as IoT, ICT and Big Data
starting from Project Managers, Experts with CISCO Certification namely CCIE Enterprise Infrastructure,
CCIE Service Provider, CCNP Enterprise, CCNA Routing and Switching, Network Associate 640-802.
Microsoft certificates related to Azure Fundamentals, Azure AI Engineer Associate, Azure Solution
Architect Expert, Azure Data Scientist Associate, Solution Developers and Microsoft 365 Fundamentals.
Solance certificates are Event Driven Architecture Practitioner and Solution Consultant. AWS certificate
is Cloud Practitioner, Google Cloud certificate is Cloud Digital Leader, Kubernetes Application Developer
certificate and Kubernetes Administrator certificate.
Project Feasibility Analysis
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The financial projections used are financial projections of the Change of Business Activities that have
been prepared by the Company's Management and have been prepared based on market data and
historical averages for services similar to the Change of Business Activities to be implemented.
The Changes of Business Activities are expected to have a positive financial impact on the Company.
The following is the financial impact related to the Change of Business Activities:
▪ The Company's revenue has increased until 2027 by an average of 13.86% due to changes in
business activities carried out with the majority of revenue from Mobile Advertising and
Telecommunication Services Resale Services.
▪ The percentage of cost of sales to revenue averaged 33.44%, where the majority of the cost of sales
was from Mobile Advertising and Managed ICT.
▪ Operating expenses to revenue averaged 43.71%, where the majority of the operating expenses
was from fiber lease fees and depreciation & amortization.
▪ The net profit margin obtained from this Changes of Business Activities averaged 17.82%.
▪ The liquidity ratio represented by the current ratio during the projection period averaged
25,894.50%.
▪ The solvency ratio represented by the total liabilities to equity ratio during the projection period
averaged 0.52%.
▪ The profitability ratio represented by return on assets during the projection period averaged
43.50%.
Based on the analysis of the Company's business feasibility based on financial projections in accordance
with the Transaction Plan in the form of Changes of Business Activities. Investment feasibility is reviewed
from various feasibility indicators such as Net Present Value (NPV), Profitability Index (PI), Break Even
Point (BEP) and Return on Investment (ROI) with the following summary:
Net Present Value (NPV)
NPV is an indicator that shows the feasibility of a business, if NPV produces a positive value then the
business is feasible and has the potential to generate financial benefits. Changes of Business Activities
resulted in an NPV of IDR2,159,486 Million or feasible to implement.
Break Even Analysis
BEP is used to see if a business can be profitable. If the revenue exceeds the capital spent, then the
business will record a profit, and vice versa. Changes of Business Activities generate a BEP of
IDR2,197,697 Million (54.12% of Revenue), making it feasible to implement.
Profitability Analysis (Overall Profitability)
Profitability ratio is a comparison to determine the company's ability to earn profit from revenue, one
of which can be measured by net profit margin. Changes of Business Activities result in an average net
profit margin of 17.82%, making it feasible to implement.
Overall Return on Investment Analysis
Return on Investment is a financial ratio to measure how much investor profit is based on the costs
incurred on the investment invested. The high ROI value means that the investor's decision on an
instrument has succeeded in achieving maximum profit. Changes in Business Activities produce an
average ROI of 43.50%, making it feasible to implement.
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Based on the analysis conducted, the Changes of Business Activities will potentially increase the scale of
the Company's business.
Conclusion of Feasibility Study
Based on the study, evaluation aspect of market, technical, business pattern, feasibility of management
model and financial analysis and other projections provided that the predetermined assumptions are
met, it can be concluded that the purpose to Change of Business Activities to be carried out by the
Company are feasible.
AVAILABILITY OF EXPERT PERSONNEL IN RELATION TO THE PLAN
CHANGES IN MAIN BUSINESS ACTIVITIES
In connection with the plan to Change of Business Activities, the Company has prepared the manpower
needed to support the operational implementation of the additional business activities. The Company is
committed to fulfill the needs of competent manpower in their fields related to the new business
activities. The Company has the availability of experts related to changes in business activities through
the Home Business Division and Business Solutions Divisions units. The aforementioned experts
currently owned by the Company, among others, are in the following work units as follows:
1. Home Business Division (help handle resale services for telecommunications services, Internet
Protocol Television (IPTV) services, and other information service activities not otherwise classified
(NOC))
a. 1 (one) Head in charge of Home Product
b. 1 (one) person Strategic Initiatives & Assurance
c. 2 (two) people Home Device Management & Partnership
d. 1 (one) person Home Product Online Acquisition
e. 1 (one) person Home Product Base Management
f. 1 (one) person Service Partnership
2. Business Solutions Divisions (help handle new business activity services and ICT (Information and
Communication of Technology) service development activities)
a. 1 (one) person Service Assurance and Process Management
b. 6 (six) people Network and Planning Design
c. 2 (two) people Mobile Product
d. 2 (two) people Mobile Advertising
e. 2 (two) people Enterprise Technical Operation
f. 3 (three) people Data Science
g. 1 (one) person IoT Product
h. 1 (one) person Big Data Product
i. 2 (two) person Artificial Intelligence
j. 2 (two) people Fixed Connectivity Product
k. 3 (three) people Solution Architect
l. 1 (one) person Business Intelligence
m. 2 (two) people Facility Management
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The composition of expert personnel and work units currently owned by the Company in connection
with the Change in Business Activities as mentioned above may change over time in accordance with the
needs and strategies of the Company.
EXPLANATION, CONSIDERATION AND REASONS
FOR THE CHANGES OF BUSINESS ACTIVITIES
In order to improve the Company's performance, the Company as a company operating in the field of
providing telecommunications services and/or telecommunications networks and/or multimedia and/or
Information and Communication of Technology (ICT), sees the increasingly rapid need for fast internet
which will encourage the increasing need for technology for Housing communities and will drive the
increasing need for high technology for corporate and government customers, which focuses on
accelerating digital transformation, cost efficiency and increasing productivity. With this additional
business activity, the Company can also run its business with a wider business scope so that it can
increase the optimization of the Company's income.
In the Change of Business Activities plan, the Company categorizes its business services into several
types, with details as follows:
No. KBLI 2020 Scope services
1. 61994 Telecommunication Resale Services Internet Service, Internet
Protokol Television (IPTV)
Service, and Content
Subscription Services
2. 61923 Internet Protocol Television (IPTV) Services Set Top Box (STB) and IPTV
Services
3. 63990 Other Information Services Activities NOC Content Subscription
Services
4. 62015 Artificial Intelligence Based Programming Activities Artificial Intelligence Digital
Technology Solutions
5. 62013 Programming and Production Activities of Immersive Media Virtual Reality and
Content Augmented Reality Digital
Technology Solutions
6. 62014 Blockchain Technology Development Activities Blockchain Digital
Technology Solutions
7. 61300 Satellite Telecommunication Activities Satellite Technology
Solutions
8. 82200 Call Center Activities Technology Solutions and
Call Center Services (include
mobile advertising and VoIP
services)
9. 62022 Digital Identity Provision Activities Telecommunications Digital
Identity Technology
Solutions and e-KYC
10. 62023 Activities for Providing Electronic Certificates and Services Using Digital Electronic Certificate
Electronic Certificates Solutions
11. 62090 Other Information Technology and Computer Services Activities Integration ICT Solutions
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12. 46599 Wholesale Trade of Machine, Equipment, and Other Supplies Automation Machinery and
Robot Hardware Solutions
13. 46521 Wholesale Trade of Electronic Parts Electronics Hardware
Solutions and Internet of
Things Micro Chip
Technology
14. 43212 Telecommunication Installation Telecommunication
Installation services
15. 42206 Telecommunication Central Construction Professional
Telecommunication Central
Building Construction
Services
16. 61919 Other telephony value-added services Telecommunication Support
Services
17. 61999 Other Telecommunications Activities YTDL Telecommunication Support
Services
18. 61993 Special Telecommunication Activities for Defense and Security ICT Service Solutions for
Purposes Defense and Security Needs
19. 61992 Special Telecommunication Activities for Own Use Telecommunication Support
Services
20. 43215 Railway Signal and Telecommunications Installation Signal and
Telecommunications
Services Installation for
Railways
21. 77322 Rental and Leasing Activities without Option Rights of Digital Digital Technology Support
Technology Assistive Devices Solutions
22. 78200 Fixed-term Labor Supply Activity Managed Services
Telecommunication Services
and ICT
23. 78300 Human Resources Provision and Management Human Resources Managed Services
Function Telecommunication Services
and ICT
24. 73100 Advertising Digital advertising solutions
25. 68111 Owned or Leased Real Estate Data Center and Office
Rental Integration Solutions
26. 43120 Land Preparation Data Center and Office
Rental Integration Support
Solutions
The Company will undertake the necessary licensing procedures in connection with the Addition of
Business Fields, in accordance with the prevailing regulations, including the NIB (Business Identification
Number), Standard Certificates, and/or Operational Permits from relevant institution and ministries, in
accordance with the requirements for each business sector.
Through additional business activities as mentioned above, the Company will provide broader services
and products including but not limited to Information and Communication of Technology (ICT) services
for Home and Business Solutions Divisions solutions. The development of these solutions is provided by
the Company in digital platforms, software, hardware, managed services or services that are
consolidated into a single solution that can be utilized for corporate businesses in all industrial sectors
(private and public) and also for the retail Home segment.
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Currently, the Company continues to prepare all matters related to the plan to Change of Business
Activities. With the readiness of existing resources, the Company plans to be able to carry out the Change
of Business Activities in stages in line with the process of obtaining licenses from the relevant
Ministries/Agencies. In addition, the Company has also prepared several matters in connection with the
Change of Business Activities, including (i) separate resources, (ii) sources of funds for capital
expenditure (capex) needs in each business field, and (iii) a clear marketing strategy for the intended
plan. The Company targets to carry out the Change of Business Activities in Quartal 1 2024 incrementally
provided that all licenses from the relevant Ministries/Agencies in connection with the Change of
Business Activities have been obtained.
EXPLANATION OF THE EFFECT OF CHANGES OF BUSINESS ACTIVITIES
ON THE COMPANY'S FINANCIAL CONDITION
The Change of Business Activities is expected to have a positive financial impact on the Company. The
revenue generated by the Change of Business Activities in the first year of the projection amounted to
Rp3,237,073 Million and experienced an average growth until 2027 of 13.86% with an average gross
profit margin of 66.56%. The Return on Investment average projection period is 43.50%.
Return on Investment (ROI) is a financial ratio to measure how much investor profit is based on the costs
incurred on the investment invested. This ratio is calculated by comparing net income (loss) compared
to total assets in the same year. Based on the calculations carried out, the average ROI from 2024 to
2028 is 43.50%.
Based on the analysis conducted, the Change of Business Activities is targeted to increase the scale of
the Company's business and be able to make a positive contribution to revenue and net profit in the
future.
The following is an overview of the Company's key financial data:
Profit (Loss) Overview
(In Million Rupiah)
2018 2019 2020 2021 2022 2023 Sept
Description
Audited Audited Audited Audited Audited Audited
Revenue 22.938.812 25.132.628 26.009.095 26.754.050 29.141.994 23.867.804
Profit (Loss) from Operations (2.771.379) 3.274.489 2.632.085 3.989.402 4.014.859 3.468.824
Profit (Loss) before Income Tax (4.396.280) 1.144.117 146.211 1.707.540 1.353.030 1.250.557
Profit (Loss) for The Period (3.296.890) 712.579 371.598 1.287.807 1.121.188 1.018.583
Total Comprehensive Income (Loss) (3.280.113) 725.857 345.176 1.303.500 1.171.670 1.024.094
Financial Position Overview
(In Million Rupiah)
2018 2019 2020 2021 2022 2023 Sept
Description
Audited Audited Audited Audited Audited Audited
Current Assets 7.058.652 7.145.648 7.571.123 7.733.191 10.408.358 5.450.360
Non-Current Assets 50.555.302 55.579.594 60.173.674 65.020.091 76.869.422 80.646.277
Total Assets 57.613.954 62.725.242 67.744.797 72.753.282 87.277.780 86.096.637
Current Liabilities 15.733.294 21.292.684 18.857.026 20.953.921 26.350.500 21.738.394
Non-Current Liabilities 23.537.562 22.310.592 29.750.405 31.710.616 35.153.054 38.108.945
16
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2018 2019 2020 2021 2022 2023 Sept
Description
Audited Audited Audited Audited Audited Audited
Total Liabilities 39.270.856 43.603.276 48.607.431 52.664.537 61.503.554 59.847.339
Equity 18.343.098 19.121.966 19.137.366 20.088.745 25.774.226 26.249.298
Liabilities and Equity 57.613.954 62.725.242 67.744.797 72.753.282 87.277.780 86.096.637
The following is information related to Public Accountants:
Name of Public Accountant and Public
Year Auditor Accountant License Number Number and Date Opinion
Tanudiredja, No: 00050/2.1025/AU.1/06/0230-
Eddy Rintis, S.E., CPA with Public Fairly, in all material
31 Dec 2018 Wibisana, Rintis & 3/1/II/2019
Accountant License No. AP.0230 respects
Rekan (PWC) Date: 15 February 2019
Tanudiredja, Andry Danil Atmadja, S.E., A.k., CPA with No: 00038/2.1025/AU.1/06/0234-
Fairly, in all material
31 Dec 2019 Wibisana, Rintis & Public Accountant License 1/1/II/2020
respects
Rekan (PWC) No. AP.0234 Date: February 7th, 2020
Tanudiredja, Andry Danil Atmadja, S.E., A.k., CPA with No: 00043/2.1025/AU.1/06/0234-
Fairly, in all material
31 Dec 2020 Wibisana, Rintis & Public Accountant License 2/1/II/2021
respects
Rekan (PWC) No. AP.0234 Date: February 11th, 2021
Tanudiredja, Andry Danil Atmadja, S.E., A.k., CPA with No: 00094/2.1025/AU.1/06/0234-
Fairly, in all material
31 Dec 2021 Wibisana, Rintis & Public Accountant License 3/1/II/2022
respects
Rekan (PWC) No. AP.0234 Date: February 18th, 2022
Tanudiredja, Lok Budianto, S.E., A.k., CPA with Public No: 00061/2.1025/AU.1/06/0239-
Fairly, in all material
31 Dec 2022 Wibisana, Rintis & Accountant License 1/1/II/2023
respects
Rekan (PWC) No. AP.0239 Date: February 17th, 2023
Tanudiredja, Lok Budianto, S.E., A.k., CPA dengan Izin No: 01479/2.1025/AU.1/06/0239-
Fairly, in all material
30 Sep 2023 Wibisana, Rintis & Akuntan Publik 2/1/XI/2023
respects
Rekan (PWC) No. AP.0239 Date: November 22nd, 2023
The impact on financial performance of the Changes of Business Activities is as follows:
1. The average revenue from Changes of Business Activities in 2024-2028 is 16.90% of the Company's
income as of September 30, 2023. This income will be added value for the Company on a
consolidated basis.
2. The average net profit margin for the changes in business activities in 2024-2028 is 17.82%. This
profit will be added value for the Company as a Consolidation.
3. The value of cash and cash equivalents for Changes in Business Activities at the end of the projection
period was recorded at 100.76% of the Company's cash and cash equivalents as of 30 September
2023. This cash and cash equivalents will be added value for the Company on a consolidated basis.
4. The total asset value for Changes in Business Activities at the end of the projection period was
recorded at 4.13% of the Company's total assets as of September 30 2023. These total assets will
be an added value for the Company on a consolidated basis.
The main assumptions used in this analysis related to Changes of Business Activities are:
• The period of the projection period is October 01, 2023 to December 31, 2028.
• In its implementation, this Changes of Business Activity can only be carried out after the licensing is
completed, which is expected to be completed in early 2024.
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• Revenues from the Changes of Business Activities are obtained from revenues from IoT, VSAT,
Managed ICT, Fixed Connectivity, Mobile Advertising and Big Data services as well as Internet
protocol-based television broadcast services ("IPTV"), streaming video or audio services using
internet media ("OTT") and resale services for internet, IPTV and OTT services.
• Revenue managed by the Business Solutions Division (services for IoT, VSAT, Managed ICT, Fixed
Connectivity, Mobile Advertising and Big Data) takes into account the number of subscribers and the
value per each service project based on historical average data for similar services.
• Revenues managed by Home Division (IPTV and OTT services and resale of internet, IPTV and OTT
services) have taken into account the number of subscribers, average revenue per user ("ARPU") and
value per each project for services based on historical average data for similar services.
• The cost of revenue in the Changes of Business Activities managed by Business Solutions Division to
revenue is assumed to be as follows:
(In %)
Description 2024 2025 2026 2027 2028
New Business
IOT AI (KBLI 62015) 30% 30% 30% 30% 30%
IOT VR AR MR (KBLI 62013) 30% 30% 30% 30% 30%
IOT Blockchain (KBLI 62014) 30% 30% 30% 30% 30%
VSAT (KBLI 61300, 68111, 43120) 0% 31% 32% 31% 33%
Compliance for Tender
Managed ICT (KBLI 62090, 46599, 78200, 42206, 77322, 78300, 46521) 80% 80% 80% 80% 80%
Fixed Connectivity Service: Instalation LL, MPLS, ISP, Metro, DWDM (KBLI
59% 59% 59% 59% 59%
43212, 43215)
Fixed Connectivity Service: VoIP, PABX, Cloud PABX (KBLI 61919, 61992,
61% 61% 61% 61% 61%
61999)
All service in Pertahanan Keamanan: PusansiAD, TNI, Polri, BSSN,
89% 88% 88% 87% 87%
Kejagung (KBLI 61993)
New KBLI for New Regulation
Mobile advertising (KBLI 82200, 73100) 37% 36% 38% 38% 38%
Big Data (KBLI 62022, 62023) * 0% 0% 0% 0% 0%
*) Big Data does not have Cost of Revenue because all costs related to big data will be included in the capital cost
component.
• Cost of Revenue in the Changes of Business Activities managed by Home represents commission fees
on the sale of IPTV, OTT and resale services for internet, IPTV and OTT services which are determined
based on the Direct Sales Force ("DSF") ratio.
• Operating Expenses on Changes of Business Activities managed by Business Solutions experienced an
average growth of 16.81%.
• Operating Expenses on Changes of Business Activities managed by Home had an average growth of
16.33% (2025-2027). Growth in 2028 cannot be compared because in 2028 it is assumed that there
is revenue that no longer exists in that period, management assumes that there is a KBLI transfer of
that revenue.
• The tax applied is 22.00% in accordance with the Law of the Republic of Indonesia Number 17 of 2021
concerning Harmonization of Tax Regulations Article 17 paragraph (1) item b.
• Working capital turnover assumptions are determined based on the project on existing services
related to the Changes of Business Activities. The working capital turnover for each year during the
average projection period is assumed to be as follows:
a) Accounts receivable turnover for Business Solutions Division and Home Division is 30 and 14 days,
respectively.
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b) Trade payables turnover is 30 days.
INFORMATION ON ORGANIZING EGMS
In accordance with the provisions of POJK 17, the Change of Business Activities as described in this
Disclosure of Information will be requested for approval from the Company’s Shareholders at the EGMS
of the Company, . Furthermore, in the EGMS Agenda related to the Change of Business Activities there
will be a discussion regarding the feasibility study on the Change of Business Activities of the Company
as required under POJK 17.
The EGMS is convened with the following details:
Day/Date : Thursday, 11 January 2024
Time : 09.00 a.m. - finish
Venue : XL Axiata Tower, Jl. H.R. Rasuna Said No. 5, Kuningan, Jakarta Selatan, Indonesia
Mechanism : Electronic meeting, using eASY.KSEI system
Media Conferencing : AKSes.KSEI in Zoom webinar
Shareholders who are entitled to attend or be represented at the EGMS are Shareholders whose names
are registered in the DPS on 19 December 2023 until 16.00 WIB and/or holders of the Company's shares
recorded in the securities sub-account of PT Kustodian Sentral Efek Indonesia (KSEI) at the close of stock
trading on the Indonesia Stock Exchange (IDX) on 19 December 2023.
The following are important dates in relation to the Company's EGMS:
Agenda Date
Announcement of EGMS 5 December 2023
Disclosure of Information on the plan to 5 December 2023
Change of Business Activities
DPS date to determine the Company's 19 December 2023
Shareholders that are entitled to attend
the EGMS (recording date)
Invitation of EGMS 20 December 2023
Organization of EGMS 11 January 2024
Submission of Summary of EGMS At the latest 10 February
Minutes 2024
Announcement, Invitation and Submission of Summary of EGMS Minutes as mentioned above will be
announced by the Company to Shareholders through the IDX website, the Company's website and the
easy.KSEI system.
The Company will seek EGMS approval with due observance of the provisions stipulated in POJK 15 and
POJK 16 to carry out Change of Business Activities as stated in this Disclosure of Information.
For information, the Agenda of the EGMS of the Company which will be held on 11 January 2024 is as
follows:
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1. Approval of the Amendment to Article 3 of the Company's Articles of Association related to Change
of the Company's Business Activities, including the Feasibility Study discussion on the additional of
the Company’s business activity with the requirements and provisions of Financial Services
Authority Regulation No. 17/POJK.04/2020 regarding Material Transaction and Change of Business
Activity (“POJK No. 17/2020”).
2. Approval of changes in the composition of the Company's Board of Commissioners .
The attendance quorum and decision quorum of the Company's EGMS Agenda as mentioned above
based on the provisions of the Company's Articles of Association are as follows:
1. For the first Agenda:
a) The EGMS shall be valid and entitled to adopt valid and binding resolutions, if attended by
Shareholders or their authorized proxies representing at least 2/3 (two-thirds) of the total
number of shares with valid voting rights issued by the Company, and resolutions shall be valid
if approved by more than 2/3 (two-thirds) of the total number of shares validly issued and
having voting rights in the EGMS of the Company.
b) In the event that the quorum as referred to in number 1 letter a is not reached, the second GMS
for such agenda item may be held provided that the second GMS shall be valid and entitled to
adopt resolutions if at least 3/5 (three-fifths) of the total number of shares with voting rights
are present or represented in the GMS, and the resolutions shall be valid if approved by more
than 1/2 (one-half) of the total number of shares with voting rights present in the second GMS.
c) In the event that the quorum as referred to in number 1 letter b is not reached, the third GMS
for the agenda item may be held provided that the third GMS is valid and entitled to adopt
resolutions if attended by shareholders of shares with valid voting rights with an attendance
quorum and a decision quorum determined by OJK at the request of the Company.
2. For the second Agenda:
a) The EGMS shall be valid and entitled to adopt valid and binding resolutions, if attended by
Shareholders or their authorized proxies representing more than 1/2 (one-half) of the total
number of shares with valid voting rights issued by the Company, and resolutions shall be valid
if approved by more than 1/2 (one-half) of the total number of shares with voting rights present
at the EGMS.
b) In the event that the quorum as referred to in number 1 letter a is not reached, the second GMS
for the agenda item may be held provided that the second GMS is valid and entitled to adopt
resolutions if in the GMS at least 1/3 (one-third) of the total number of shares with voting rights
are present or represented, and the resolution is valid if approved by more than 1/2 (one-half)
of the total number of shares with voting rights present in the second GMS.
c) In the event that the quorum as referred to in number 2 letter b is not reached, the third GMS
for the agenda item may be held provided that the third GMS is valid and entitled to adopt
resolutions if attended by shareholders of shares with valid voting rights with a decision quorum
determined by OJK at the request of the Company.
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ADDITIONAL INFORMATION
For further information regarding the plan to Change of Business Activities as disclosed in this Disclosure
of Information, please contact:
PT XL Axiata Tbk
Head Office:
XL Axiata Tower,
Jl. H.R. Rasuna Said X-5 Kav. 11-12, Kuningan Timur,
Setiabudi, South Jakarta 12950, Indonesia.
Telepon: (021) 576 1881 / 576 1880
Website: www.xlaxiata.co.id/id
Email: CORPSEC@xl.co.id
U.p. Company Secretary
21
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12 Sep 2026 21:42
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