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20251224_POSA_Tanggapan atas Permintaan Penjelasan Bursa_32015435_lamp2.pdf
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RESPONSE TO IDX LETTER Number S-14323/IDX. PP3/12-2025 dated December 18, 2025
A. Company's Operations and Current Conditions
1. The Company's current operational conditions.
Answer:
That the latest operation carried out directly by the Company is to manage Shopping Centers or Malls in
Ambon City, known as Ambon City Center Mall with an occupancy rate at this time of approximately 75%
(seventy-five percent).
2. Current operational conditions for each of the Company's subsidiaries.
Answer:
That the latest operations carried out by the Company's subsidiaries are managing the Tanjungpinang
City Center Mall (PT Tanjung Pinang Sakti) and the Ponorogo City Center Mall as well as the Amaris
Ponorogo Hotel (PT Pusat Bisnis Ponorogo).
3. The focus of the Company's business strategy is currently being carried out.
Answer:
Focus of business strategy:
- Marketing units to prospective tenants, especially in units that are still unfilled;
- Maintain and strengthen good relationships with existing tenants so that tenants' business operations
and performance can run well and sustainably;
- Improving the comfort and experience of mall visitors and tenants in all shopping centers managed
by the Company;
- Implementing effective commercial strategies to increase the occupancy rate of shopping centers
owned by business groups, including through the organization of exhibitions, events, community
space development, and the use of advertising media as a driver of visitor traffic;
- Increasing hotel revenue through the implementation of targeted promotional programs and
conducting regular price policy reviews;
- Improve hotel services by reviewing regularly together with hotel brand owners.
4. The Company's future development strategy.
Answer:
The Company's strategy is:
- Increasing the income of the Business Group through the implementation of effective commercial
strategies to increase the occupancy of the Business Group's shopping centers, including by
organizing exhibitions, events, community space development, and the use of advertising media as
a driver of visitor traffic;
- Increasing hotel revenue through the implementation of targeted promotional programs and
improving the quality of service to visitors;
- Taking strategic steps to restore the reserves that have been established, both for the decline in the
value of investment property and other financial instruments;
- Operating the Jambi City Center shopping center optimally to increase the income of the Business
Group;
- Carry out cost-effectiveness and efficiency efforts to ensure that the costs incurred by the Business
Group contribute directly to the increase in revenue;
- Apply for the elimination of fines for late payment of principal and interest on the business group's
bank debt.
- Rejuvenating buildings and infrastructure in shopping centers owned by business groups
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5. The obstacles faced by the Company in realizing the Company's previously planned strategy.
Answer:
The shift in the behavior of some people who choose to shop online is a challenge for tenants in the
Company's shopping centers. In response to this, the Company provides support to tenants by organizing
and collaborating in the implementation of various activities, such as events, exhibitions, and bazaars, in
order to increase the attractiveness of shopping centers and encourage public visits to malls.
6. Whether or not there are business activities of the Company and its subsidiaries whose activities
are being stopped. If any, it should explain the contribution of each to the Company's total
revenue.
Answer:
That there are no business activities of the Company and its subsidiaries whose activities are being
stopped.
7. The structure of the Company's Group is in the form of a chart (up to the level of individual
shareholders/UBO).
Answer:
PT Shinhan Sekuritas
PT BS Investasi Pratama Benny Tjokrosaputro Masyarakat PT. Bintang Baja Hitam
Indonesia
PT Bliss Properti Indonesia,
Tbk
PT. Pusat Bisnis PT. Bliss Pembangunan PT. Tanjung Pinang PT. Lahan Makmur PT. Merdeka Agung
PT ABC Bali Laut
Ponorogo Sejahtera Indah Indah Sempurna
PT. Tanjung Pinang PT Berkat Perdana PT BST Perlautan
PT. Utama Teguh Abadi
Sakti Makmur Bali
8. The Company's plan to develop new business activities (if any)
Answer:
Until now, the Company has no plans to develop new business activities.
B. The Company's Financial Statements as of September 30, 2025
1. With respect to the shopping centers operated by the Company, the following matters should be
explained:
Answer :
a. Gross revenue and loss contribution from each shopping center as of September 30, 2025,
by completing the following table:
Center Occupancy Revenue COGS Gross Margin
Name (%) (Rs) (Rs) Profit/Loss (%)
Expenses (Rs)
Ambon City
23,59%
Center 75% 15.325.394.707 (11.709.632.928) 3.615.761.779
(ACC)
Ponorogo
43,7%
City Center 69% 13.884.307.183 (7.816.645.326) 6.067.661.857
(PCC)
Tanjung
Pinang City
Center 45% 9.895.942.232 (10.766.519.163) (870.576.931) -8,79%
(TPCC)
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b. The Company's strategy to be able to optimize occupancy in each of the Company's
shopping centers
As part of its business sustainability strategy, the Company continues to foster long-term
relationships with existing tenants by positioning them as strategic partners, including through
promotional support, flexibility of certain payment terms, and marketing collaboration. The
company also decided to recruit a new commercial team and conduct training and team
strengthening in accelerating the marketing of rental units to prospective tenants to increase
occupancy in each mall.
c. The Company's strategy to be able to increase revenue in each of the Company's
shopping centers
Company Strategy:
- Marketing units to prospective tenants, especially in units that are still unfilled;
- Maintain and strengthen good relationships with existing tenants so that tenants' business
operations and performance can run well and sustainably;
- Improving the comfort and experience of mall visitors and tenants in all shopping centers
managed by the Company;
- Implementing effective commercial strategies to increase the occupancy rate of shopping
centers owned by business groups, including through the organization of exhibitions, events,
community space development, and the use of advertising media as a driver of visitor traffic;
d. In the event that there are shopping malls of the Company and/or Subsidiaries of the
Company that are still not operating, it should be explained:
1) The background of the shopping center in question is not yet operational.
Currently, BPS and UTA together with PT Bank Sinarmas Tbk. are communicating with
the land owners of Jambi City Center (JCC) and Lombok City Center (LCC) regarding
the steps that must be taken to adjust to the current conditions and laws in the context
of operating JCC and LCC malls.
2) The target for the operation of the shopping center is in question.
The Company cannot be sure because there are several parties involved in the
communication process, where each party has different obstacles and is beyond the
Company's control.
e. In the event that there are shopping malls that still post gross losses, to explain:
1) The Company's strategy to efficiently reduce cost of goods sold in shopping
centers is in question.
The efficiency of cost of goods sold is carried out by carefully considering the impact on
the quality of services and the Company's revenue, so that each expense incurred
continues to support the sustainability of the Company's operational and financial
performance.
2) The estimated time of the shopping center will start posting gross profit.
The Company will earn gross profit by increasing the Company's revenue. The Company
is trying to strengthen/increase the number of tenants by using the strategy as stated in
Letter B number 1b and 1c.
2. With respect to hotels operated by the Company, it is necessary to explain in relation to:
a. The occupancy rate of each hotel operated by the Company.
The Company's hotel occupancy rate as of September 30, 2025: 55.96%
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b. The Company's strategy is to be able to optimize occupancy at each of the Company's
hotels.
Optimizing online sales through activity on various Online Travel Agency (OTA) platforms,
collaborating with local governments and related agencies in organizing activities and events at
hotels, and implementing bundling promotion programs between meeting room facilities and
restaurants.
c. The Company's strategy is to efficiently reduce hotel cost of goods sold, to increase the
profitability of the hotel segment.
The Company's strategy in efficient hotel cost of goods sold is implemented by carefully
considering the impact of each cost expenditure on hotel revenue, without compromising the
standards of comfort and quality of service for hotel guests.
3. In connection with the Company's accounts receivable as of September 30, 2025, it should be
explained in relation to:
a. Term of Payment for the repayment of the Company's receivables, as well as its realization
based on the calculation of the Company's receivables turnover:
The term of payment for the repayment of the Company's accounts receivable is no later than 30
(thirty) days from the date of issuance of the invoice, and in its implementation in general it is in
accordance with these provisions, except for certain tenants who are still in the process of
discussing settlement of obligations in connection with the impact of the Covid-19 pandemic.
b. The background of high third-party receivables with a maturity of more than 90 days;
The high number of third-party accounts receivable with a maturity of more than 90 (ninety) days
mainly comes from tenants who have stopped their operational activities due to the impact of the
Covid-19 pandemic and are still in the process of discussing the settlement of obligations.
c. Details of customers who contributed to the allowance for the impairment of the
Company's accounts receivable, by completing the following table:
Party Name Gross Depreciation Net Age of Debt
Receivables Receivables (Months)
Value Value
PT. Cinemaxx Global
2.283.968.649 2.283.968.649 - >12 months
Pacific
PT. Kindo Retail 766.387.690 766.387.690 -
>12 months
Prima
PT Top Food 268.732.341 268.732.341 -
>12 months
Indonesia
Others (below 100 1.074.416.445 1.074.416.445 -
>12 months
million)
Total 4.393.505.125
d. The Company's confidence in the collectibility of the receivables. In the event that there
is no confidence from the Company, it should be explained whether there is/is not a plan
of the Company to write off the receivables.
The Company will continue to make efforts to collect receivables to each related party and until
now has no plans to write-off.
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e. The Company's efforts have been and will be made to ensure that these accounts
receivable can be collected.
The Company has made communication efforts with each related party to ensure the validity of
the receivables bill, but until now it is still in the process of settlement discussions.
4. In connection with the Company's miscellaneous receivables as of September 30, 2025, it should
be explained in relation to:
a. Details of the parties to the miscellaneous balance on miscellaneous receivables (below
IDR 500 million) as of September 30, 2025, by completing the following table:
Miscellaneous Value of Transaction Details
Party Name
Receivables
PT Blacksteel Properties 2.159.061.349 Non-operational bills
Accrual revenue that has not
PT Inovasi Parkir Mandiri 227.220.387
been billed
Accrual revenue that has not
Others (under 15 million) 117. 746. 091
been billed
Total IDR 2,504,027,827
b. Background of transactions on the Company's miscellaneous receivables to the 5 largest
parties.
- Receivables to PT Patut Patuh Patju occurred at a time when the construction of the Lombok
City Center had not been carried out, at that time according to the Operational Cooperation
Agreement (KSO) the condition of the land of the object of cooperation was in a clear and
clean condition while at that time there were still buildings and agricultural land. The
Company provided the receivables to PT Patut Patuh Patju to compensate for the damage
to the building and agricultural land which was the responsibility of PT Patut Patuh Patju.
Therefore, the Company's consideration is that if the transaction is not carried out, it will
hinder the construction of Lombok City Center.
- Receivables to PT Matahari Putra Prima Tbk. are old shareholder debts to PT Matahari Putra
Prima Tbk. with certain agreements that require the Company to repay the loan, the
Company does not know exactly why the transaction was carried out. So until now the
Company has not determined the treatment of the repayment.
- Receivables to PT Sentosa Harum Merdeka (SHM) occurred on the invoice of service
charges when it was still the management of the Company's shopping mall. The receivables
are the last period before the mall management agreement between the Company and
SHM ends (in accordance with the provisions of the collection of service charges to tenants
in the month before the service charges period).
- PT Blacksteel Properties is a receivable for the overpayment of construction services for the
Tanjungpinang City Center shopping center. The excess is a tax invoice that has not been
submitted to the Company, and other receivables have been reserved for depreciation
allowance.
- PT Tanah Subur Emas is a receivable for a project financed by the Company at the beginning
of the Company's establishment, and the other receivables have been reserved for
depreciation.
c. The Company's consideration reserves the allowance for the reduction in the value of
other receivables with a large amount of IDR 17.71 billion.
Miscellaneous receivables to PT Blacksteel Properties and PT Tanah Subur Emas were reserved
for depreciation allowance because these parties could not be contacted until then so that
payment for these other receivables could not be ascertained. PT Matahari Putra Prima Tbk. is
reserved for depreciation allowance because there is no clarity on the party who must make
payments for the allocation of rent payments of PT Matahari Putra Prima Tbk. to other
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receivables. For PT Patut Patuh Patju, there is still communication and payment mechanisms for
other receivables, namely when the Lombok City Center mall is operating.
d. Details of customers who contributed to the Company's miscellaneous receivables
depreciation allowance, by completing the following table:
Party Name Value Depreciation Value of Age
Receivables Receivables Receivables
Dirty Clean (Month)
The D.C. 3.298.234.816 3.298.234.816 - >12 months
Legislature Must
Comply With the
Rules
PT Matahari 5.657.016.568 5.657.016.568 - >12 months
Putra Prima Tbk
PT Sentosa 4.490.700.933 4.490.700.933 - >12 months
Harum Merdeka
PT Blacksteel 2.238.293.908 2.238.293.908 - >12 months
Properties
PT Tanah Subur 507.015.385 507.015.385 - >12 months
Emas
Miscellaneous 1.523.156.392 1.523.156.392 - >12 months
Total IDR 17,714,418,002
e. The Company's confidence in the collectibility of the miscellaneous receivables. In the
event that there is no confidence from the Company, it should be explained whether there
is/is not a plan of the Company to write off on the other receivables in question.
The Company establishes a reserve for impairment allowance for miscellaneous receivables
because there is a possibility that these receivables are not collectible. In connection with this,
the Company also plans to write-off the other receivables.
f. The Company's efforts have been and will be made to ensure that these miscellaneous
receivables can be collected.
The Company has made its best efforts, both in communication and in its policies, to ensure that
these receivables can be collected.
5. In relation to the Company's inventory as of September 30, 2025, to be explained.
a. Information about the types of inventory and their value as of September 30, 2025 and
December 31, 2024.
The inventory in question is food and beverage inventory at the Company's hotels and cafes.
The inventory value as of September 30, 2025 and December 31, 2024 is IDR 11,270,096 and
IDR 16,759,835, respectively.
b. Background and reasons for the Company not to book a reserve for the impairment of
inventory.
The Company considers that there is no need to make a reserve for the decrease in the value of
inventory because there are no events or changes in circumstances that indicate a decrease in
the value of inventory.
c. Background and cause of a decrease in inventory as of September 30, 2025 by 32.76%
The decrease in inventory value occurred in line with the increase in raw material prices in 2025,
so the Company took efficiency measures in the procurement and purchase of inventory.
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d. Information about the average value of inventory days for the period of September 30,
2025.
The average value of inventory days as of September 30, 2025 is 46 days.
6. With respect to the Company's advance as of September 30, 2025, it should be explained in
relation to:
a. Explanation of the condition of PT Ardha Nusa Utama and the condition of the down
payment of IDR 116.81 billion to PT Ardha Nusa Utama. Whether the down payment can
still be used for maintenance services and operations of the Company's shopping centers.
Until now, the Company is still experiencing difficulties in contacting PT Ardha Nusa Utama. In
this regard, the Company has established a reserve for depreciation allowance for the down
payment that has been given, considering the uncertainty regarding the realization of obligations
as stipulated in the cooperation agreement.
b. The Company's efforts have been and will be made to ensure that the advance payment
can still be used by the Company in the future.
The Company has extended the contract cooperation in 2022 to 6 years to give PT Ardha Nusa
Utama time to realize the cooperation in renovating the Company's shopping center.
7. With respect to the Company's investment property as of September 30, 2025, it may be explained
in relation to:
a. Details of investment properties in settlement as of September 30, 2025, with a
considerable value, amounting to IDR 375.06 billion.
Project Name Quantity
JCC Mall Construction 373.583.621.742
PCC mall repair project 151.880.000
ACC mall repair project 1.319.566.447
Total 375.055.068.189
b. The progress and completion targets of each investment property are in completion.
Project name Quantity Progress Target
JCC Mall Construction 373.583.621.742 95% December 2026
PCC mall repair project 151.880.000 95% March 2026
ACC mall repair project 1.319.566.447 95% December 2026
Total 375.055.068.189
c. The Company's background set aside a loss on the impairment of investment properties
as of September 30, 2024 with a considerable value, amounting to IDR 301.27 billion and
has not changed since December 31, 2021.
The Company's background set aside a loss on the impairment of investment property as of
September 30, 2025 with a considerable value, amounting to IDR 301.27 billion:
An assessment has been carried out for all of the Company's malls to determine the fair value of
each mall conducted by an independent appraiser appointed by the Company, based on the
results of the assessment for the fair value of the Jambi City Center (JCC) and Lombok City
Center (LCC) malls below the acquisition value recorded by the Company. Therefore, a reduction
in the value of JCC and LCC malls must be carried out to adjust to the fair value generated by
the assessee.
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d. Details of investment properties that have experienced a decline in value as of September
30, 2025, by completing the following table:
Investment Property Investment Value – Depreciation Investment Value -
Details Gross (After deducting Net
accumulated
depreciation)
Mall JCC 374.448.209.938 204.119.558.277 170.328.651.661
Mall LCC 282.590.361.946 97.151.134.887 185.439.227.059
Total 301.270.693.164
8. In connection with the Company's accounts payable as of September 30, 2025, it should be
explained in relation to:
a. Term of Payment for the repayment of the Company's business debts, as well as its
realization based on the calculation of the Company's operating debt turnover.
Term of Payment for the repayment of the Company's business debt is 30 days to 45 days.
b. Details of third-party accounts payable by age. In the event that there are matured
business debts that have not been fulfilled by the Company, it should be explained the
background of the outstanding business debts.
Details of third-party accounts payable by age:
30-Sep-25
Belum jatuh tempo 992.445.866
Jatuh tempo:
Kurang dari 30 hari 273.380.954
31 - 60 hari 207.334.614
61 - 90 hari 234.387.786
Lebih dari 90 hari 4.080.059.065
Jumlah 5.787.608.285
Related to the existence of business debts that have a maturity of more than 90 days occurs
because there are conditions that are not in accordance with the provisions or agreements in
cooperation with suppliers.
c. Regarding the business debt to PT Harafiel Tri Jaya and PT Blacksteel Properties, whose
value has not changed since 2020, it should be explained why the Company did not
repay the outstanding debt, as well as the repayment scheme for the outstanding debt.
Regarding the accounts payable to PT Harafiel Tri Jaya and PT Blacksteel Properties, the value
of which has not changed since 2020, this is due to the following conditions: Accounts payable
to PT Harafiel Tri Jaya have not changed because they are still related to accounts receivable to
PT Cinemaxx Global Pacific which have not been paid in accordance with the agreement. The
receivables payment is planned to be used as debt repayment to PT Harafiel Tri Jaya as the
contractor for the construction of a cinema studio in Jambi City Center (JCC). Meanwhile, the
accounts payable to PT Blacksteel Properties have not changed because there are conditions
that are not in accordance with the provisions or agreements in the cooperation.
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d. The Company's commitment to immediately pay off the maturing business debts is to
avoid potential lawsuits in the future.
The Company will be committed to immediately paying off the outstanding business debts
because until now the Company has maintained cooperation and communication to ensure that
the cooperation will continue which will greatly affect the smooth operation of the Company.
9. In connection with the Company's accrual expenses as of September 30, 2025, it is necessary to
explain in relation to:
a. The scheme for repayment of accrual expenses, especially those derived from interest
expenses amounting to Rp551.4 billion.
The repayment scheme for accrual expenses, especially those derived from interest expenses
of IDR 551.40 billion:
Regarding the interest expense on loans to CIMB Niaga Bank, the Company will make interest
expense payments after the financial condition of the Company's subsidiary, PT Tanjung Pinang
Sakti (TPS), has improved and has adequate ability to pay the principal and interest on the loan.
Until now, TPS has only made principal payments on loans sourced from rental income.
Meanwhile, regarding the loan to Bank Sinarmas, until now it is still in the process of discussion
with the management.
b. The due date for the repayment of the interest expense in question, as well as the source
of funds that will be used by the Company to pay off the interest expense in question,
including the readiness of the funds.
In accordance with the provisions of the bank credit agreement, the accrual of interest presented
has matured, but with financial conditions that do not allow for payment, the payment will be
adjusted to the Company's financial condition. These conditions are known and communicated
with each bank.
c. In the event that the Company does not have the ability to pay off the interest expense at
maturity, it should be explained the efforts that the Company has made and will be made,
in order to avoid potential lawsuits in the future.
The Company has communicated to each bank regarding the Company's current financial
condition and the bank has made efforts to assist in its position as a creditor.
d. Explanation of the potential for lawsuits in the future, if the Company fails to pay interest
expense at maturity, including its impact on the Company's operations.
The Company and each bank have established good and open communication in order to resolve
the Company's financial condition which is expected to complete the Company's obligations to
each Bank. Until now there has been no talk of legal steps to be taken to resolve the condition.
10. In connection with the Company's Bank Debt, there are bank debts that will mature in less than 1
year amounting to Rp583.51 billion. To be explained related:
a. Details of the Company's bank debts and/or subsidiaries, by completing the following
table:
Banking Debtor Ownership Debt Value (Rp) Due Date
Entity
Short Term :
PT. Bank Sinarmas Tbk. PT Bliss Pembangunan 262.214.801.944 November 26, 2020
Sejahtera
PT. Bank Sinarmas Tbk. PT Utama Teguh Abadi 286.694.765.628 February 28, 2026
PT. Bank CIMB Niaga PT Tanjung Pinang Sakti 68.615.119.087 August 3, 2022
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b. The bank's debt repayment scheme.
At this time, Bank CIMB supervises by controlling the income of the Company's subsidiary,
namely PT Tanjung Pinang Sakti (TPS) where all income from tenants will go to Bank CIMB
Niaga's account, for income other than rental income from TPS will apply for disbursement of
funds to the operational account which will be used for operational payments. Meanwhile, rental
income will be used for loan principal payments. For loans to Bank Sinarmas until now are still in
the process of discussion with management.
c. In the event that there is an option to convert bank debt into shares of the Company and/or
the Company's Subsidiaries, it should be explained in more detail about the scheme.
The option to convert bank debt into shares of the Company and/or the Company's Subsidiary is
an option that will be carried out in the settlement of bank debt to Bank Sinarmas by converting
bank debt into temporary capital participation until the Company can settle the bank's debt.
However, based on information from Bank Sinarmas this option cannot be done.
d. The readiness of the Company's funds and the Company's subsidiaries in the context of
repaying the bank's debts.
The Company is currently actively pursuing restructuring to repay its debt obligations
e. In the event that the Company and/or the Company's Subsidiaries are unable to pay off
bank debts when they are due, the efforts that have been and will be made by the Company
should be explained, in order to avoid potential legal problems in the future.
The Company and each bank have established good and open communication in order to resolve
the Company's financial condition, with the hope that the Company can fulfill its obligations to
each bank. Until now, there has been no discussion about taking legal steps in resolving these
conditions.
11. In connection with the Company's letter Number: 099/DIR/POSA-BPI/X/2025 dated October 14,
2025 Regarding the Explanation of the Exchange's Request for Explanation, it should be
explained:
a. The latest developments related to the confiscation of shares of PT Tanjung Pinang Indah
(TPI), which is a subsidiary of the Company, by the East Jakarta District Attorney's Office.
That the latest developments that we can convey are still the same as the previous letter Number:
099/DIR/POSA-BPI/X/2025 dated October 14, 2025.
b. Certainty of the Company's legal status over operational activities and income obtained
from TPI after the confiscation of shares by the Prosecutor's Office.
That there is no change in the Company's legal status on operational activities and income after
the seizure of shares.
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12. In connection with the Company's Information Disclosure letter Number: 100/DIR/POSA-
BPI/X/2025 dated October 16, 2025 Regarding the Company's Subsidiary Asset Information
related to the Mataram District Court's Decision on the assets of the Company's subsidiary,
namely the Lombok City Center Building which stands on land with a Building Rights Certificate
(HGB) 01 with an area of 47,921 M2 located in Gerimak Indah Village, Narmada District, West
Lombok Regency, West Nusa Tenggara which was returned to Bank Sinarmas to further cover the
Company's debts, to be explained:
a. The impact of the Mataram District Court Decision on operational activities, financial
performance and potential lawsuits against the Company.
Answer:
That the District Court Decision has no impact on the
Company's financial and operational performance, considering that the mall is also
still not operating.
13. Based on the Company's letter number 098/DIR/POSA-BPI/X/2025 dated October 8, 2025, it is
stated that in connection with the seizure of the Company's assets for the case on behalf of Teddy
Tjokrosaputro, it has been returned to the Company, in order to explain the assets returned to the
Company and their impact on the Company's operational activities and financial performance.
Answer:
The returned assets are land and buildings of Ambon City Center Mall, Ponorogo City Center Mall, and
Tanjungpinang City Center Mall. From the beginning, when the assets were confiscated, there was no
impact on the Company because the operations of the assets of the malls were still handed over to the
Company, so that the return of these assets did not have an impact on the Company's operational
activities and financial performance.
14. With respect to the CALK of Events After the Reporting Date in the Company's Financial
Statements as of September 30, 2025 authorized on October 31, 2025, it should be explained:
a. Background there is no information about the confiscation of TPI shares.
Answer: That the Company considers that the confiscation of TPI shares does not have an
impact on the Company's operations and financial performance.
b. Background there is no information regarding the return of the assets of the Lombok City
Center Building to Bank Sinarmas.
Answer: The Company did not submit information regarding the return of the assets of the
Lombok City Center Building to Bank Sinarmas in the CALK Financial Statements as of
September 30, 2025 because the decision of the Mataram District Court has not yet had
permanent legal force and the Company learned of the decision through the online news website
page and not an official notification from the authorities.
15. In connection with the Company's letter number 075/CORP/POSA-BPI/VI/2025 dated June 30, 2025
regarding the Report on the Use of Public Offering Proceeds, there is information that the net
realization of public offering funds of IDR 249,508,510,000 has been realized in the amount of IDR
168,457,646,906 or 68% for working capital and IDR 39,826,786,568 or 16% for capital expenditure.
And the remaining proceeds of the Company's public offering of IDR 41,202,076,526 were used
for shareholder loans to affiliates. In this regard, it can be further explained about:
a. The latest developments on refunds from the affiliate, especially PT Bintang Baja Hitam.
Answer: That until now the Company is still waiting for a refund from the Company's
Shareholders.
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b. The Company's confidence in the accuracy of the receivables to PT Bintang Baja Hitam.
Answer: Until now, the Company is still waiting for the refund of the funds lent
to the Shareholders and Ultimate Beneficial Owner (UBO).
c. The Impact of the Corruption Court's Decision at the Central Jakarta District Court on
Benny Tjokrosaputro on the Collection of Receivables to PT Bintang Baja Hitam.
Answer: As our response to letter B numbers 15.a and 15.b above, until now the Company is
still waiting for the refund of the funds lent to the Shareholders and Ultimate Beneficial Owner
(UBO).
d. The Company's efforts have been and will be made to ensure that the funds from the
public offering lent to PT Bintang Baja Hitam can be returned.
Answer:
1) Send a billing letter to the Ultimate Beneficial Owner (UBO).
2) Apply for a Personal Guarantee (PG) or Debt Acknowledgment to UBO
for the loan.
3) Register the loan with a personal PKPU on behalf of UBO.
4) Visiting the detention center where UBO is being held to meet
in person in order to collect the loan.
e. Plan and timeline for the process of managing the return and collection of receivables of
PT Bintang Baja Hitam to the Company.
Answer: The Company cannot confirm the timeline because the process of collecting
Shareholders' receivables follows the development of the case undertaken by Benny
Tjokrosaputro as a Personal Guarantee (PG) for the receivables, while
the development of the Ultimate Beneficial Owner (UBO) case is beyond the Company's control
f. The impact and potential for legal action that may arise on the condition of PT Bintang
Baja Hitam against the Company and the Company's management as well as the
Company's operational activities.
Answer: The Company cannot measure the impact or potential for legal action on the condition
of PT Bintang Baja Hitam against the Company and the Company's management as well as the
Company's operational activities.
16. Until September 30, 2025, the Company posted a balance of losses. In order to explain the
Company's strategy to recover the condition of the balance and loss can be a positive profit
balance so that in the future the Company can distribute dividends to shareholders.
The Company's strategy is:
1) Increase the revenue of the Business Group by pursuing effective commercial strategies to
increase the tenant ratio of the shopping center owned by the Business Group.Hold exhibitions,
events, community space & media advertising as traffic-drivers.
2) Increase hotel revenue by promoting and improving good service to visitors.
3) Take steps to restore the reserves that have been made, both reserves for the decline in the
value of investment properties and other financial instruments.
4) Operating the Jambi City Center Shopping Center to increase the income of the Business Group.
5) Carry out cost-effectiveness and efficiency to ensure that the costs incurred by the Business
Group are directly related to revenue.
6) Apply for the elimination of fines for late payment of principal and interest on the debt of the
Business Group's bank.
Page 13
17. For the period of September 30, 2025, the Company still posted an operating loss. To explain the
Company's strategy in order to be able to book operating profit in the coming period
Answer :
The company's strategy in order to be able to book operating profit in the coming period is as the
company's response to letter B number 16 above.
18. The corporation's action plan in the next 12-month period (if any).
Answer: Currently, there is no corporate action plan that will be carried out by the Company.
19. Other important information/events that are material and can affect the survival of the company
and can affect the Company's share price.
Answer:
There is no other important information/events that are material and can affect the survival of the
Company and currently POSA shares are in a state of temporary suspension (suspend) so that the share
price is not affected or changed.
Board Of Director
Jakarta, 24th December 2025
Names mentioned 45 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Tanjung Pinang Sakti
p.1 ×4
unresolved
org
PT Pusat Bisnis Ponorogo
p.1
unresolved
org
PT BS Investasi Pratama
p.2
unresolved
org
PT. Bintang Baja Hitam Indonesia
p.2
unresolved
org
PT. Bliss Pembangunan
p.2 ×2
unresolved
org
PT. Tanjung Pinang
p.2 ×2
unresolved
org
PT. Lahan Makmur
p.2
unresolved
org
PT. Merdeka Agung
p.2
unresolved
org
PT ABC Bali Laut Ponorogo
p.2
unresolved
org
PT Berkat Perdana
p.2
unresolved
org
PT BST Perlautan
p.2
unresolved
org
PT. Utama Teguh Abadi Sakti
p.2
unresolved
—
Center
p.2
unresolved
org
PT. Cinemaxx Global
p.4
unresolved
org
PT. Kindo Retail
p.4
unresolved
org
PT Blacksteel Properties
p.5 ×6
unresolved
org
PT Inovasi Parkir Mandiri
p.5
unresolved
org
PT Patut Patuh Patju
p.5 ×3
unresolved
org
PT Patut Patuh Patju. Therefore
p.5
unresolved
org
PT Sentosa Harum Merdeka
p.5
unresolved
org
PT Tanah Subur Emas
p.5 ×2
unresolved
org
Putra Prima Tbk
p.6
unresolved
org
PT Sentosa
p.6
unresolved
org
PT Blacksteel
p.6
unresolved
org
PT Tanah Subur
p.6
unresolved
org
PT Ardha Nusa Utama
p.7 ×2
unresolved
org
PT Ardha Nusa Utama. Whether
p.7
unresolved
org
PT Ardha Nusa Utama. In
p.7
unresolved
org
PT Harafiel Tri Jaya
p.8 ×4
unresolved
org
PT Cinemaxx Global Pacific
p.8
unresolved
org
PT Utama Teguh Abadi
p.9
unresolved
org
PT Tanjung Pinang Indah
p.10
unresolved
org
Mataram District Court
p.11 ×3
unresolved
org
Bank Sinarmas. Answer
p.11
unresolved
org
PT Bintang Baja Hitam. Answer
p.11 ×3
unresolved
org
Central Jakarta District Court
p.12
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