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DISCLOSURE OF INFORMATION
PT LIPPO KARAWACI TBK (“COMPANY”)
THIS INFORMATION DISCLOSURE IS ADDRESSED TO THE SHAREHOLDERS OF THE
COMPANY IN ORDER TO COMPLY WITH FINANCIAL SERVICES AUTHORITY
REGULATION NO. 42/POJK.04/2020 CONCERNING AFFILIATED TRANSACTIONS AND
CONFLICT OF INTEREST TRANSACTIONS AND FINANCIAL SERVICES AUTHORITY
REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 31/POJK.04/2015
CONCERNING THE DISCLOSURE OF INFORMATION OR MATERIAL FACTS BY
ISSUERS OR PUBLIC COMPANIES.
THE INFORMATION SET OUT IN THIS DISCLOSURE OF INFORMATION IS IMPORTANT
AND MUST BE READ AND CONSIDERED CAREFULLY BY THE SHAREHOLDERS OF
THE COMPANY.
IF YOU HAVE DIFFICULTY UNDERSTANDING THE INFORMATION SET OUT IN THIS
DISCLOSURE OF INFORMATION OR ARE IN DOUBT AS TO ANY DECISION TO BE
TAKEN, YOU SHOULD CONSULT A SECURITIES BROKER, INVESTMENT MANAGER,
LEGAL ADVISOR, PUBLIC ACCOUNTANT, OR OTHER PROFESSIONAL ADVISOR.
PT Lippo Karawaci Tbk
Line of Business:
Carrying on real estate business, whether self-owned or leased; carrying on business activities in
the provision of accommodation and food and beverage services, including but not limited to
five-star hotels, four-star hotels, and restaurants; carrying on business activities in the field of
professional, scientific, and technical activities including other management consulting activities,
the field of financial activities, the field of entertainment and recreation, the field of transportation,
namely on-street parking activities and off-street parking activities
Domiciled in Tangerang, Indonesia
Office:
Menara Matahari Lt. 22, Jl. Boulevard Palem Raya No. 7
Lippo Karawaci Central, Tangerang
Banten, Indonesia 15810
Phone: +62 21 2566 9000
Fax: +62 21 2566 9098
email: corsec@lippokarawaci.co.id
website: www.lippokarawaci.co.id
THE BOARD OF DIRECTORS OF THE COMPANY HEREBY PROVIDES THE
INFORMATION SET OUT IN THIS INFORMATION DISCLOSURE WITH THE INTENTION
OF PROVIDING MORE COMPLETE INFORMATION AND A CLEARER PICTURE TO THE
COMPANY'S SHAREHOLDERS REGARDING THE TRANSACTION, AS PART OF THE
COMPANY'S COMPLIANCE WITH FINANCIAL SERVICES AUTHORITY REGULATION
NO. 42/POJK.04/2020 CONCERNING AFFILIATED TRANSACTIONS AND CONFLICT OF
INTEREST TRANSACTIONS.
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THE BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS OF THE COMPANY,
EITHER INDIVIDUALLY OR JOINTLY, HEREBY STATE THAT THEY ARE FULLY
RESPONSIBLE FOR THE ACCURACY AND COMPLETENESS OF ALL INFORMATION
OR MATERIAL FACTS DISCLOSED IN THIS INFORMATION DISCLOSURE AND
CONFIRM THAT, HAVING CONDUCTED A CAREFUL REVIEW AND TO THE BEST OF
THEIR KNOWLEDGE AND BELIEF, THE MATERIAL INFORMATION CONTAINED IN
THIS INFORMATION DISCLOSURE IS TRUE AND THAT THERE ARE NO OTHER
MATERIAL FACTS THAT HAVE NOT BEEN DISCLOSED OR THAT HAVE BEEN
OMITTED, WHICH WOULD CAUSE THE INFORMATION PROVIDED IN THIS
INFORMATION DISCLOSURE TO BE UNTRUE AND/OR MISLEADING.
This Disclosure of Information is published on 15 September 2026
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DEFINITION
Affiliate : Affiliate means:
1. a family relationship by marriage or descent up to the
second degree, whether horizontal or vertical;
2. a relationship between a party and the employees,
directors, or commissioners of that party;
3. a relationship between 2 (two) companies having 1 (one)
or more of the same members of the board of directors
or board of commissioners;
4. a relationship between a company and a party that,
directly or indirectly, controls or is controlled by that
company;
5. a relationship between 2 (two) companies that are,
directly or indirectly, controlled by the same party; or
6. a relationship between a company and its controlling
shareholder.
Company's Financial : The Consolidated Financial Statements of PT Lippo Karawaci
Statements per 30 June Tbk and its subsidiaries for the period ended 30 June 2026,
2026 which have been subject to a limited review by the Public
Accounting Firm Amir Abadi Jusuf, Aryanto, Mawar & Rekan.
MOLHR : The Minister of Law and Human Rights of the Republic of
Indonesia (formerly known as the Minister of Justice of the
Republic of Indonesia, the Minister of Justice and Human
Rights of the Republic of Indonesia).
Financial Services Authority : The institution having the functions, duties, and authority to
or OJK regulate, supervise, examine, and investigate as referred to in
Law No. 21 of 2011 concerning the Financial Services
Authority, as amended by Law No. 4 of 2023 concerning the
Development and Strengthening of the Financial Sector.
Stock Exchange Regulation : Decree of the Board of Directors of PT Bursa Efek Indonesia
No. I-E (Indonesia Stock Exchange) No. KEP-00066/BEI/09-2022
concerning the Amendment to Regulation No. I-E on the
Obligation to Submit Information.
Financing Agreement : The agreement for the grant of a credit facility by PT Ciptadana
Multifinance to a debtor, together with the Special Terms and
Conditions (SKU) and its attachments, and/or any extension(s)
and/or amendment(s) and/or addition(s) thereto made from
time to time, whether made in notarial (authentic) form or
private deed.
Receivables or Transferred : All claims against a debtor and all rights to receive payment
Object that have arisen or will arise under the Financing Agreement.
OJK Regulation No. : Financial Services Authority Regulation of the Republic of
17/2020 Indonesia Number 17/POJK.04/2020 concerning Material
Transactions and Changes in Core Business Activities.
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OJK Regulation No. : Financial Services Authority Regulation of the Republic of
31/2015 Indonesia Number 31/POJK.04/2015 concerning the
Disclosure of Information or Material Facts by Issuers or Public
Companies.
OJK Regulation No. : Financial Services Authority Regulation of the Republic of
42/2020 Indonesia Number 42/POJK.04/2020 concerning Affiliated
Transactions and Conflicts of Interest.
Company : In this case, PT Lippo Karawaci Tbk., domiciled in Tangerang,
Banten, a public limited liability company established under
and based on the laws and regulations of the Republic of
Indonesia.
Affiliated Transaction : Any activity and/or transaction carried out by a public company
or a controlled company with an Affiliate of the public company
or an Affiliate of a member of the board of directors, a member
of the board of commissioners, a controlling shareholder, or a
Controller, including any activity and/or transaction carried out
by a public company or a controlled company for the benefit of
an Affiliate of the public company or an Affiliate of a member of
the board of directors, a member of the board of
commissioners, a controlling shareholder, or a Controller.
INTRODUCTION
With reference to OJK Regulation No. 42/2020, OJK Regulation No. 31/2015, and Stock Exchange
Regulation No. I-E, the Company hereby submits this Information Disclosure in connection with an
Affiliated Transaction (as referred to in OJK Regulation No. 42/2020) relating to the purchase of
Receivables or the Transferred Object by the Company’s subsidiary, PT Asiatic Sejahtera Finance
("ASF"), from PT Ciptadana Multifinance ("CMF") (hereinafter referred to as the "Transaction").
The Transaction is an Affiliated Transaction as referred to in OJK Regulation No. 42/2020, as ASF
and CMF are both entities under common control. However, this Affiliated Transaction does not
constitute a Conflict of Interest Transaction as regulated under OJK Regulation No. 42/2020, nor
does it constitute a Material Transaction as regulated under OJK Regulation No. 17/2020, because
the value of the Transaction does not reach 20% (twenty percent) of the Company's equity value
based on the Company's Financial Statements as of 30 June 2026.
In order to comply with Article 4 paragraph (1) of OJK Regulation 42/2020, the Company has
appointed Public Appraisal Services Office Kusnanto & Rekan ("KJPP K&R") to render a fairness
opinion on the Transaction. Based on the Appraisal Report of the KJPP No. 00179/2.0162-
00/BS/03/0153/1/IX/2026 dated 11 September 2026 regarding Fairness Opinion on the Transaction
(the "Appraisal Report"), KJPP K&R has stated that the Transaction is fair.
This Information Disclosure is announced to the public and submitted to the OJK along with the
appraisal report and other supporting documents as referred to in Article 4 of OJK Regulation No.
42/2020.
DESCRIPTION OF THE TRANSACTION
A. Object of the Transaction
The claim rights over the Receivables or the Transferred Object owned by CMF, amounting to
approximately Rp16.62 billion, are transferred/assigned by way of cessie/sold to ASF, as set out
in the Deed of Assignment of Receivables (Cessie) No. CMF: 064/CMF/CRM/IX/2026 and No.
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ASF: 009/PCessie-ASF/IX/2026 dated 11 September 2026, between CMF as the assignor
(cedent) and ASF as the assignee (cessionary).
The Receivables or Transferred Object under the Agreement means the receivables, or rights
and benefits, arising from or received from debtors as of 30 June 2026 (the "Cut-Off Date"). In
the event that, after the Cut-Off Date, CMF receives any payment, settlement, or funds from a
debtor in connection with the Receivables or Transferred Object, such funds shall be deemed
part of the rights and interests to be transferred to ASF on the effective date of the transfer.
B. Date of Transaction
The Transaction took place on the date of its signing, namely on 11 September 2026.
C. Value of Transaction
The value of the Transaction is the purchase price of the Receivables or Transferred Object,
namely Rp8,354,000,000 (eight billion three hundred fifty-four million Rupiah).
The Transaction does not constitute a material transaction as referred to in POJK No. 17/2020,
because the value of the Transaction does not reach 20% (twenty percent) of the Company's
equity value based on the Company's Consolidated Financial Statements and those of its
subsidiaries for the period ended 30 June 2026, which were subject to a limited review by the
Public Accounting Firm Amir Abadi Jusuf, Aryanto, Mawar & Rekan.
D. Information Concerning the Parties to the Transaction
1) PT Ciptadana Multifinance
Brief History
PT Ciptadana Multifinance, formerly named PT Transasia Multi Finance, was established
under Deed of Establishment No. 118 dated 3 June 1994, made before Richardus Nangkih
Sinulingga, S.H., Notary in Jakarta, which deed obtained approval from the MOLHR under
Decree No. C2-10.187.HT.01.01.TH.94 dated 4 July 1994. The latest amendment to CMF's
articles of association is as set out in the Deed of Statement of Shareholders' Resolutions
No. 122 dated 12 December 2023, made before Elizabeth Karina Leonita, S.H., M.Kn, Notary
in Jakarta, notice of which was received by the MOLHR under Decree No. AHU-AH.01.03-
0160629 dated 21 December 2023.
CMF is domiciled at Plaza ASIA Office Park Unit 2, Jl. Jend. Sudirman Kav. 59, Jakarta
12190.
Business Activities
CMF's purposes and objectives are to conduct business in the financing sector in the form of
providing funds or capital goods, including, among others, investment financing, working
capital financing, multipurpose financing, and operating leases.
Capital Structure and Share Ownership
CMF's capital structure as of the date of this Information Disclosure is as follows:
Authorized capital : Rp240,000,000,000
Issued and paid-up capital : Rp100,000,000,000
Par value per share : Rp500
The composition of CMF's shareholders as of the date of this Information Disclosure is as
follows:
Shareholder Number of Shares Par Value (Rp) %
PT.Ciptadana Capital 199.999.999 99.999.999.500 99,99
Catherine Hambali 1 500 0,01
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Total 200.000.000 100.000.000.000 100
Management and Supervision
Based on the Deed of Statement of Shareholders' Resolutions No. 5 dated 1 November
2024, made before Notary Elizabeth Karina Leonita, S.H., M.Kn, notice of which was
received by the MOLHR under Decree No. AHU-AH.01.09-0274490 dated 11 November
2024, the composition of CMF's Board of Directors and Board of Commissioners is as
follows:
Board of Directors
Director : Imelda Nina Soetikno
Director : Albertus Prasetyo Hanggoro
Board of Commissioners
Commissioner : Sharon Gracia Simampo
Independent Commissioner : Henry Chevalier
2) PT Asiatic Sejahtera Finance
Brief History
PT Asiatic Sejahtera Finance was established under Deed of Establishment No. 272 dated
28 May 1982, made before Kartini Muljadi, S.H., Notary in Jakarta, which deed obtained
approval from the Minister of Justice under Decree No. C2-2000-HT01.01.th82 dated 1
October 1982. The latest amendment to ASF’s articles of association is as set out in the
Deed of Statement of Shareholders’ Resolutions No. 41 dated 23 February 2022, made
before Sriwi Bawana Nawaksari, S.H., M.Kn., Notary in Tangerang, which has obtained the
approval of the MOLHR under Decree No. AHU-AH.01.03-0145023 dated 7 March 2022
("ASF Deed No. 41/2022").
ASF is domiciled in Tangerang Regency, with its office at Ruko Karawaci Office Park Excelis
51, Panunggangan Barat Village, Cibodas District, Tangerang 15810, Banten, Indonesia.
Business Activities
ASF's purposes and objectives are to carry out business activities in the financing sector,
covering investment financing, working capital financing, and multipurpose financing.
Capital Structure and Share Ownership
ASF's capital structure as of the date of this Information Disclosure, based on ASF Deed No.
41/2022, is as follows:
Authorized capital : Rp400,000,000,000
Issued and paid-up capital : Rp152,500,000,000
Par value per share : Rp10,000,000
The composition of ASF's shareholders as of the date of this Information Disclosure, based
on ASF Deed No. 41/2022, is as follows:
Number of
Shareholder Par Value (Rp) %
Shares
PT Manunggal Bumi 15.249 152.490.000.000 99,99%
Sejahtera
PT Sentra Realtindo 1 10.000.000 0,01%
Development
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Management and Supervision
Based on the Deed of Statement of Shareholders' Resolutions No. 73 dated 28 August 2025,
made before Sriwi Bawana Nawaksari, S.H., M.Kn., Notary in Tangerang, which has been
received and recorded pursuant to the Letter of Acceptance and Notification of Change of
Company Data at the Ministry of Law of the Republic of Indonesia under Decree No. AHU-
AH.01.09-0331551 dated 29 August 2025, the composition of ASF's Board of Directors and
Board of Commissioners as of the date of issuance of this Information Disclosure is as
follows:
Board of Directors:
Director : Asep Ahmad Sadikin
Director : Herman Iskandar
Board of Commissioners:
Commissioner : Tjhin Khe Mei
E. Nature and Affiliation Relationship between the Parties
The nature of the Affiliate relationship between the Parties and the Company is as follows:
a. ASF is a Controlled Company of the Company, 100% (one hundred percent) of whose shares
are indirectly owned by the Company.
b. CMF and ASF are parties affiliated with the Company, as CMF and ASF are indirectly
controlled by the same individual.
SUMMARY OF THE APPRAISAL REPORT
The Company appointed KJPP K&R as an official Public Appraisal Services Office based on Decree
of the Minister of Finance No. 2.19.0162 dated 15 July 2019, and registered as a capital market
supporting professional services firm with the OJK under OJK Registration Certificate for Capital
Market Supporting Professions No. KEP-210/KS.13/2026 (business appraiser). KJPP K&R was
engaged by the Company's management to render an opinion as an independent appraiser on the
market value of CMF's financing receivables and to render a fairness opinion on the Transaction,
pursuant to Engagement Letter No. KR/260731-002 dated 31 July 2026, which has been approved
by the Company's management.
Below is a summary of the appraisal report on the market value of CMF's financing receivables, as
well as the fairness opinion report on the Transaction.
1. SUMMARY OF THE APPRAISAL REPORT ON THE MARKET VALUE OF CMF'S FINANCING
RECEIVABLES
Below is a summary of the appraisal of the market value of CMF's financing receivables based
on Appraisal Report No.: 00178/2.0162-00/BS/03/0153/1/IX/2026 dated 10 September 2026.
A. Identity of the Parties
The transacting parties are ASF and CMF.
B. Appraisal Object
Objek Penilaian adalah Piutang.
C. Purpose of the Appraisal
The purpose of the appraisal is to obtain an independent opinion on the market value of the
Appraisal Object, expressed in Rupiah currency and/or its equivalent, as of 30 June 2026.
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D. Limiting Conditions and Key Assumptions
This appraisal was prepared based on market and economic conditions, general business
and financial conditions, and government regulations in effect up to the date of issuance of
this appraisal report.
The appraisal of the Appraisal Object was conducted using the discounted cash flow method,
with reference to net present value (NPV), based on the financing agreements signed by
CMF and the debtors. KJPP K&R is also responsible for the appraisal report on the Appraisal
Object and the final value conclusion.
In performing this appraisal engagement, KJPP K&R assumes that all conditions and
obligations of the Company have been fulfilled. KJPP K&R also assumes that, from the
appraisal date to the date of issuance of the appraisal report, no changes have occurred that
would materially affect the assumptions used in the appraisal. KJPP K&R is not responsible
for reaffirming, supplementing, or updating its opinion due to any change in assumptions and
conditions, or events occurring after the date of this report.
In performing its analysis, KJPP K&R assumes and relies on the accuracy, reliability, and
completeness of all financial and other information provided to KJPP K&R by the Company
and CMF, or otherwise publicly available, which is essentially true, complete, and not
misleading, and KJPP K&R is not responsible for conducting an independent verification of
such information. KJPP K&R also relies on assurances from the management of the
Company and CMF that they are not aware of any facts that would cause the information
provided to KJPP K&R to be incomplete or misleading.
The appraisal analysis of the Appraisal Object was prepared using the data and information
disclosed above. Any changes to such data and information may materially affect the final
result of KJPP K&R's opinion. KJPP K&R is not responsible for any changes to the conclusion
of its appraisal, nor for any loss, damage, cost, or expense arising from the non-disclosure
of information that renders the data obtained by KJPP K&R incomplete and/or capable of
being misconstrued.
Because the results of KJPP K&R's appraisal are highly dependent on the underlying data
and assumptions, changes to the data sources and assumptions in line with market data will
alter the results of KJPP K&R's appraisal. KJPP K&R therefore notes that changes to the
data used may affect the appraisal results and that any resulting differences may be material.
Although the content of this appraisal report has been prepared in good faith and in a
professional manner, KJPP K&R cannot accept responsibility for any differences in
conclusion that may arise from additional analysis, from the use of the appraisal results as a
basis for transaction analysis, or from changes in the data used as the basis of the appraisal.
The appraisal report on the Appraisal Object is a non-disclaimer opinion and is a report open
to the public, except for information of a confidential nature that could affect the operations
of the Company and CMF.
KJPP K&R's work in connection with the appraisal of the Appraisal Object does not constitute,
and should not be construed in any way as, a review or audit, or the performance of specific
procedures on financial information. Such work is also not intended to disclose weaknesses
in internal controls, errors or irregularities in financial statements, or violations of law.
Furthermore, KJPP K&R has also obtained information on the legal status of CMF based on
CMF's articles of association..
E. Appraisal Method
The method used in the appraisal of the Receivables is the discounted cash flow method.
Under this method, payments on the Receivables are projected according to their maturity.
Such projected payments are then converted into present value using a discount rate
appropriate to the level of risk. The present value of the entire projected payment stream of
the Receivables represents the market value of the Receivables.
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The above appraisal approach and method are considered by KJPP K&R to be the most
appropriate for application in this engagement and have been agreed upon by the
management of the Company and CMF. The application of other appraisal approaches and
methods, which may produce different results, is not precluded.
F. Appraisal Conlusion
Based on the results of the analysis of all data and information received by KJPP K&R, and
taking into consideration all relevant factors affecting the appraisal, it is KJPP K&R's opinion
that the market value of the Appraisal Object as of 30 June 2026 is Rp8.47 billion.
SUMMARY OF THE FAIRNESS OPINION REPORT
Below is a summary of the fairness opinion report on the Transaction based on Report No.:
00179/2.0162-00/BS/03/0153/1/IX/2026 dated 11 September 2026:
A. Transacting Parties
The transacting parties are ASF and CMF.
B. Object of the Fairness Opinion
The object of the transaction in the Fairness Opinion on the Transaction is that ASF agrees
to accept the transfer of all of CMF's rights, benefits, interests, and risks in respect of the
financing extended to Debtors under the Financing Agreements from CMF, with a transaction
value of Rp8,354,000,000.
C. Purpose of the Fairness Opinion
The purpose of preparing the fairness opinion report on the Transaction is to provide the
Company's Board of Directors with an overview of the fairness of the Transaction from a
financial perspective, and to comply with the applicable regulation, namely OJK Regulation
No. 42/2020.
D. Date of the Fairness Opinion
The Fairness Opinion on the Transaction in the Fairness Opinion Report is calculated as of
30 June 2026.
E. Limitating Conditions and Key Assumptions
The analysis for the Fairness Opinion on the Transaction was prepared using the data and
information disclosed above, which data and information have been reviewed by KJPP K&R.
In performing its analysis, KJPP K&R relies on the accuracy, reliability, and completeness of
all financial information, information on the Company's legal status, and other information
provided to KJPP K&R by the Company or otherwise publicly available, and KJPP K&R is
not responsible for the accuracy of such information. Any changes to such data and
information may materially affect the final result of KJPP K&R's opinion. KJPP K&R also
relies on assurances from the Company's management that they are not aware of any facts
that would cause the information provided to KJPP K&R to be incomplete or misleading.
Accordingly, KJPP K&R is not responsible for any change in the conclusion of its Fairness
Opinion resulting from changes to such data and information.
The projected consolidated financial statements of the Company before and after the
Transaction were prepared by the Company's management. KJPP K&R has reviewed such
projected financial statements, and the projected financial statements reflect the Company's
operating conditions and performance. In general, no significant adjustments were necessary
for KJPP K&R to make to the Company's performance targets.
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KJPP K&R did not conduct an inspection of the Company's fixed assets or facilities. In
addition, KJPP K&R did not render an opinion on the tax implications of the Transaction. The
services provided by KJPP K&R to the Company in connection with the Transaction consist
solely of rendering the Fairness Opinion on the Transaction, and not accounting, audit, or tax
services. KJPP K&R did not conduct an investigation into the legal validity of the Transaction
or its tax implications. The Fairness Opinion on the Transaction is reviewed solely from an
economic and financial standpoint. The Fairness Opinion Report on the Transaction is a non-
disclaimer opinion and is a report open to the public, except for information of a confidential
nature that could affect the Company's operations. Furthermore, KJPP K&R has also
obtained information on the legal status of the Company and ASF based on the articles of
association of the Company and ASF.
KJPP K&R's work in connection with the Transaction does not constitute, and should not be
construed in any way as, a review or audit, or the performance of specific procedures on
financial information. Such work is also not intended to disclose weaknesses in internal
controls, errors or irregularities in financial statements, or violations of law. In addition, KJPP
K&R has no authority and is not in a position to obtain and analyze any other forms of
transactions outside of the existing Transaction that may be available to the Company, nor
the effect of such other transactions on the Transaction.
This Fairness Opinion was prepared based on market and economic conditions, general
business and financial conditions, and government regulations relevant to the Transaction
as of the date this Fairness Opinion was issued.
In preparing this Fairness Opinion, KJPP K&R used several assumptions, including that all
conditions and obligations of the Company and all parties involved in the Transaction have
been fulfilled. The Transaction will be carried out as described, in accordance with the
stipulated timeframe, and based on the accuracy of the information regarding the Transaction
disclosed by the Company's management.
This Fairness Opinion must be viewed as a whole, and the use of only part of the analysis
and information without considering the other information and analysis in their entirety may
lead to a misleading view and conclusion regarding the process underlying this Fairness
Opinion. The preparation of this Fairness Opinion is a complex process and may not be
properly undertaken through an incomplete analysis.
KJPP K&R also assumes that, from the date of issuance of the Fairness Opinion to the date
of occurrence of this Transaction, no changes have occurred that would materially affect the
assumptions used in the preparation of this Fairness Opinion. KJPP K&R is not responsible
for reaffirming, supplementing, or updating its opinion due to any change in assumptions and
conditions, or events occurring after the date of this report. The calculations and analysis
carried out in rendering the Fairness Opinion have been performed correctly, and KJPP K&R
is responsible for the Fairness Opinion Report.
The conclusion of this Fairness Opinion is valid provided there is no change that has a
material impact on the Transaction. Such changes include, but are not limited to, changes in
conditions, whether internal to the Company or external, namely market and economic
conditions, general business, trade, and financial conditions, as well as Indonesian
government regulations and other related regulations, occurring after the date of issuance of
this Fairness Opinion Report. Should the changes described above occur after the date of
issuance of this Fairness Opinion Report, the Fairness Opinion on the Transaction may differ.
F. Approach and Procedures of the Fairness Opinion on the Proposed Transaction
In evaluating this Fairness Opinion on the Transaction, KJPP K&R conducted an analysis
through the following approach and procedures for the Fairness Opinion on the Transaction:
- Analysis of the Transaction.
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- Qualitative and Quantitative Analysis of the Transaction.
- Analysis of the Fairness of the Transaction..
G. Conclusion
Based on the scope of work, assumptions, data, and information obtained from the
Company's management used in the preparation of this report, and the review of the financial
impact of the Transaction as disclosed in this Fairness Opinion Report, we are of the opinion
that the Transaction is fair.
EXPLANATION, CONSIDERATIONS, AND REASONS FOR ENTERING INTO THE
AFFILIATED TRANSACTION AS COMPARED TO ENTERING INTO A SIMILAR
TRANSACTION WITH AN UNAFFILIATED PARTY
Explanation, Considerations, and Reasons for the Transaction
The Transaction is one of the Company's strategies, through ASF, to expand the financing portfolio
managed by ASF. Through this transfer, ASF acquires an existing, performing financing portfolio
inorganically, without going through a new customer acquisition process, thereby diversifying ASF's
portfolio in terms of financing type, Debtor profile, and collateral type.
Once the Transaction becomes effective, ASF may continue the process of collecting financing
payments from the Debtors and obtain a source of revenue from the receipt of principal and accrued
interest on the financing in accordance with the established installment scheme, which is expected
to support ASF's financial and operational performance.
Based on the explanation, considerations, and reasons described above, the Transaction is
believed to provide benefits and a positive impact for the Company, its stakeholders, and its
shareholders.
Impact of the Transaction on the Company's Financial Condition
The Company is of the view that the Transaction will have a positive impact on its consolidated
financial position. The objective of the Transaction is to expand the financing portfolio managed
by ASF in order to support the Company’s future revenue growth, profitability, and business
prospects, thereby generating benefits and added value for the Company, its shareholders, and
its stakeholders.
The impact of the Transaction on the Company’s financial conditions involves a shift in the
composition of current assets, moving from cash and cash equivalents to income-generating
receivables, without incurring new liabilities or altering the Company’s capital structure;
consequently, the Company’s liquidity and solvency remain preserved. Furthermore, the receipt
of principal and interest payments on these receivables is expected to serve as a new revenue
stream for ASF, bolstering the Company’s financial and operational performance as well as its
sustainable growth.
STATEMENT OF THE COMPANY'S BOARD OF COMMISSIONERS AND BOARD OF
DIRECTORS
a. This Information Disclosure has been prepared by the Company in compliance with OJK
Regulation No. 42/2020, OJK Regulation No. 31/2015, and Regulation No. I-E.
b. This Transaction does not contain a conflict of interest as referred to in OJK Regulation No.
42/2020.
c. The statements set out in this Information Disclosure do not contain any untrue or misleading
statements, information, or facts, and contain all material information or facts required by
investors in making a decision in connection with the Transaction.
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ADDITIONAL INFORMATION
For further information, please contact the Company at the following address:
PT Lippo Karawaci Tbk
Menara Matahari, 22nd Floor
Jl. Boulevard Palem Raya No. 7, Lippo Karawaci, Tangerang 15811, Banten, Indonesia
Telephone: +62 21 2566 9000
Website: www.lippokarawaci.co.id
Email: corsec@lippokarawaci.co.id
12
Names mentioned 26 people and organisations named in the text · linked when the evidence is strong
unresolved
org
FINANCIAL SERVICES AUTHORITY
p.1 ×8
unresolved
org
PT Lippo Karawaci Statements
p.3
unresolved
org
Mawar & Rekan
p.3 ×2
unresolved
org
Minister of Law and Human Rights
p.3
unresolved
org
Minister of Justice
p.3 ×2
unresolved
org
Minister of Justice and Human Rights
p.3
unresolved
org
PT Bursa Efek Indonesia No. I-E
p.3
unresolved
org
Indonesia Stock Exchange
p.3
unresolved
org
PT Ciptadana Multifinance
p.3 ×3
unresolved
org
PT Asiatic Sejahtera Finance
p.4 ×2
unresolved
org
Public Appraisal Services Office Kusnanto & Rekan
p.4
unresolved
org
KJPP
p.4
unresolved
org
PT Ciptadana Multifinance Brief History
p.5
unresolved
org
PT Transasia Multi Finance
p.5
unresolved
person
Richardus Nangkih Sinulingga
· Notaris
p.5
unresolved
person
Notary Elizabeth Karina Leonita
· Notaris
p.6 ×2
unresolved
person
Henry Chevalier
· Commissioner
p.6
unresolved
org
PT Asiatic Sejahtera Finance Brief History
p.6
unresolved
person
Kartini Muljadi
· Notaris
p.6
unresolved
person
Sriwi Bawana Nawaksari
· Notaris
p.6 ×3
unresolved
org
Ministry of Law
p.7
unresolved
org
Minister of Finance
p.7
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
Rule parser
Needs review
confidence 0.091
2026 ms
21 Sep 2026 13:51
missing: transaction_date, object_text
Raw output
{'appraiser_exempt': None,
'appraiser_name': '',
'assets': [],
'currency': None,
'fact_type': '',
'issuer_name': '',
'kind': 'MATERIAL_FACT',
'kjpp_name': '',
'letter_number': '',
'object_text': '',
'object_truncated': False,
'parties': [],
'pct_of_equity': None,
'reference_period': '',
'requires_rups': None,
'rups_date': None,
'ticker': '',
'transaction_date': None,
'valuation_date': None,
'value': None}