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20261006_SMKM_Laporan Informasi dan Fakta Material_32163922_lamp1.pdf
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Positive Updates on PanAsia Aquaculture Pte. Ltd. and LSO Organization
Holdings Pte. Ltd.
PT Sumber Mas Konstruksi Tbk
Jakarta, 6 October 2026 – PT Sumber Mas Konstruksi Tbk (the “Company”)
wishes to update its shareholders on the progress towards completion of the
acquisitions of PanAsia Aquaculture Pte. Ltd. (“PAA”, and the acquisition thereof, the
“PAA Acquisition”) and LSO Organization Holdings Pte. Ltd. (“LOH”, and together
with PAA, the “Targets”; and the acquisition of LOH, the “LOH Acquisition”, and
together with the PAA Acquisition, the “Transactions”), following the signing of the
respective conditional share purchase agreements (each, a “CSPA”) with Lim
Shrimp Org Pte. Ltd. on 22 December 2025 and Advanced Systems Automation
Limited on 30 January 2026, and to provide other relevant updates on PAA and
LOH.
Internal Restructuring of PanAsia Aquaculture Pte. Ltd.
The completion of the internal corporate restructuring process (“Restructuring”) to
reorganize PAA’s businesses under its direct and indirect ownership is a condition
precedent to the completion of the PAA Acquisition. On 1 October 2026, PAA
informed the Company that the respective entities to be restructured under PAA are
currently undergoing independent audits and valuations, upon completion of which
the feasibility study, fairness opinion report and other reports will be prepared for an
Extraordinary General Meeting of Shareholders (“EGMS”) to be convened in due
course.
PAA has explained that it requires additional time to complete the above
administrative, compliance and financial processes due to various new business
developments that have since occurred in the respective entities to be restructured
under it, including the acquisition of a new asset in Indonesia, planning for the
development of an integrated agriculture and aquaculture facility in Peninsular
Malaysia, the expansion of its shrimp farm and trading business in East Malaysia,
and the launch of a new business project in the Pacific region, all of which have
required management’s time and attention. The Company has conducted a
preliminary review of these developments and is of the view that they are beneficial
to the PAA Acquisition and, accordingly, to the Company and its shareholders. After
due consideration, the Company has agreed to extend the long stop date under the
CSPA to 30 June 2027 in accordance with the terms and conditions of the CSPA.
Based on the progress reported by PAA, the Company expects the PAA Acquisition
to be completed no later than 31 March 2027, barring any unforeseen
circumstances.
Acquisition of LOH
The completion of the independent financial audit and valuation of LOH is also a
condition precedent to the completion of the LOH Acquisition. The Company
understands that LOH and its subsidiaries, namely Lim Shrimp Organization Limited
Gedung Graha Mustika Ratu Lantai 5
Jalan Gatot Subroto Kav 74-75 Kelurahan Menteng Dalam Kecamatan Tebet
Jakarta Selatan – 12870
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(“LSO BVI”), Lim Shrimp Org Sdn. Bhd. (“LSOSB”) and LSO Pacific Pte. Ltd. (“LSO
Pacific”), are at various stages of completing their independent audits for the
relevant financial years. In particular, LOH, LSOSB, LSO Pacific and LSO BVI have
substantially completed their financial audits up to financial year 2025 and are in the
process of completing their financial audits up to the targeted cut-off date in 2026 for
the purposes of the LOH Acquisition. The independent valuation of LOH is currently
in progress. Barring any unforeseen circumstances, the Company now expects the
LOH Acquisition to be completed earlier than initially anticipated, also within the first
quarter of 2027.
Upon completion of both Transactions, the Company will indirectly own and control
no less than 75% and up to 100% of all businesses within the PAA and LOH groups
of companies.
Acquisition of New Asset
On 18 June 2026, PAA completed the acquisition of Ark Abundance Pte. Ltd.
(“AAPL”). Subsequently, on 20 July 2026, AAPL completed the acquisition of 75% of
the entire ordinary share capital of a foreign investment company (locally referred to
as “Penanaman Modal Asing” or “PMA”). The PMA owns a shrimp farming property
of 68.07 hectares (680,700 square meters) in Indonesia. PAA is currently exploring
upgrading this property for high-intensity farming to unlock its value. The Company
views the addition of AAPL and the PMA to the PAA group of companies as a
positive development.
Gedung Graha Mustika Ratu Lantai 5
Jalan Gatot Subroto Kav 74-75 Kelurahan Menteng Dalam Kecamatan Tebet
Jakarta Selatan – 12870
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