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No.: SB-068/CSL-LN/PE/IX/25 Jakarta, 04 September / September 2025
Kepada Yth./To,
Direktur Penilaian Perusahaan /Director of Listing
PT Bursa Efek Indonesia (“BEI”) / Indonesia Stock Exchange (“IDX”)
Gedung Bursa Efek Indonesia, Tower 1
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190
Perihal / : Penyampaian Hasil Paparan Publik Insidental PT Link Net Tbk /
Subject Submission on the Result of Incidental Public Expose of PT Link Net Tbk
Dengan hormat, With due respect,
Memenuhi ketentuan butir III.3 Peraturan Nomor To comply with the provision of point III.3 of
I-E tentang Kewajiban Penyampaian Informasi Regulation Number I-E concerning the Obligation
(Lampiran Keputusan Direksi BEI Nomor: Kep- of Information Submission (Attachment to the
00066/BEI/09-2022 tanggal 30 September 2022), Decree of the Board of Directors of IDX Number:
berikut kami sampaikan laporan pelaksanaan Kep-00066/BEI/09-2022 dated 30 September
Paparan Publik Insidental PT Link Net Tbk 2022), herewith we would like submits the result of
(“Perseroan”) sebagai berikut: the Incidental Public Expose as follows:
1. Paparan Publik Insidental Perseroan telah 1. Incidental Public Expose of the Company held
dilaksanakan pada: on:
Hari, Tanggal / Day, Date : Rabu, 3 September 2025 / Wednesday, 3 September 2025
Waktu / Time : 15:00 WIB s.d selesai / 3.00 pm until finish
Tempat / Venue : Live event – Microsoft Team
2. Manajemen Perseroan yang hadir: 2. Management of the Company present:
- Bapak Kanishka Gayan Wickrama (Presiden Direktur / President Director)
- Bapak Yosafat Marhasak Hutagalung (Direktur / Director)
- Bapak Ronald Chandra Lesmana (Management)
- Bapak Yap Wai Yip (Management)
- Eric S. Arianto (Management)
- Piter Palulungan (Management)
3. Peserta Paparan Publik Insidental 3. Participant of Incidental Public Expose as
sebagaimana daftar terlampir (Lampiran 1). attached (Appendix 1).
4. Ringkasan tanya jawab dalam Paparan Publik 4. The summary of question and answer session of
Insidental terlampir (Lampiran 2). the Incidental Public Expose as attached
(Appendix 2).
5. Pemaparan materi Paparan Publik Insidental 5. The Incidental Public Expose material
disampaikan dalam bentuk presentasi presented as attached (Appendix 3).
terlampir (Lampiran 3).
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Demikian dapat kami sampaikan, atas Please be informed accordingly, thank you for perhatiannya kami ucapkan terima kasih. your kind attention. Hormat kami / Sincerely yours, PT Link Net Tbk ____________________________ Rininta Agustina Widya Pratika Corporate Secretary
Page 3
Lampiran 1 / Appendix 1
SB-068/CSL-LN/PE/IX/2025
Daftar Peserta / Participation list
1. Aghnia Banat Investor Publik
2. Ahmad Gapur Investor Publik
3. Akhmad Jiharka Media
4. Anggie Ariesta Media
5. Annisa Saumi Media
6. Arif Budhiyanto Investor Publik
7. Artha Adventy Investor Publik
8. Aurelia C Investor Publik
9. Ayip Sugianto Investor Publik
10. Clare Kit Ching Chin Investor Publik
11. Daniel Pardede Investor Publik
12. Daniel Widjaja Investor Publik
13. Dave Hartono Investor Publik
14. Deffandi Nasrul Investor Publik
15. Denny Irawan Investor Publik
16. Eric Nyotosetiadi Investor Publik
17. Eric S Investor Publik
18. Farah Diana Yaacob Investor Publik
19. Gani Investor Publik
20. Jason Sebastian Investor Publik
21. Joshua Immanuel Investor Publik
22. Karunia Putri Media
23. Louisiana Thyera Investor Publik
24. Maulandy Kencana Media
25. Megat Zainuddin Investor Publik
26. Miftah Media
27. Mukhammad Zakaria Investor Publik
28. Nadia K Putri Media
29. Nana Aghitsna Media
30. Nicholas Calvin Investor Publik
31. Nur Qolbi Media
32. Prem Jearajasingam Investor Publik
33. Rama Sukarta Media
34. Ridwan Darussalam Investor Publik
35. Saha Investor Publik
36. Sarah Dwi Media
37. Selvi Ocktaviani Investor Publik
38. Sheila Phie Investor Publik
39. Sivana Zahla Putri Media
40. Stefen Susanto Investor Publik
41. Steven Bunjamin Investor Publik
Page 4
Lampiran 1 / Appendix 1
SB-068/CSL-LN/PE/IX/2025
42. Tanayastri Dini Media
43. Tony Jp Investor Publik
44. Wilbert Arifin Investor Publik
45. William Adriel Investor Publik
46. Yuliana Hema Media
Page 5
Lampiran 2 / Appendix 2
SB-068/CSL-LN/PE/IX/2025
Ringkasan tanya jawab / Summary of question and answer
Pertanyaan 1 / Question 1 (Nur Qolbi – Media):
Bagaimana strategi konkret LINK ke depannya What is LINK's concrete strategies going
untuk memperbaiki pendapatan yang cenderung forward to improve its revenue, which has been
turun tiap tahunnya dan bottom line yang merugi declining annually, and its bottom line, which is
per akhir tahun 2024? Apa yang menyebabkan expected to be in the red by the end of 2024?
penurunan kinerja tersebut? What caused this decline in performance?
Jawaban / Answer:
Linknet mulai mengoperasikan model bisnis atau Linknet is operating under a new business model
strategi baru mulai kuartal keempat tahun 2024, or a new strategy starting from Q4-2024,
terhitung sejak dilakukannya transfer pelanggan especially starting with the customer transfer or
atau transfer bisnis residensial ke XLSMART the residential business transfer to XLSMART
(sebelumnya XL Axiata) yang telah selesai pada (formerly XL Axiata) that was completed in Q3-
kuartal ketiga tahun 2024. 2024.
Tiga area fokus utama strategi Perseroan saat ini Three main areas of focus enhance for the
adalah menyediakan infrastruktur serat optik strategy are providing independent fiber
independen bagi operator mana pun di pasar yang infrastructure to any operator in the market who
ingin mengakses infrastruktur serat optik, want to have access to fiber infrastructure,
menyediakan konektivitas dan solusi korporasi, providing enterprise connectivity and enterprise
dan yang ketiga adalah menyediakan konten solutions, and the third is providing content,
(termasuk konten linear dan konten OTT) secara (linear content and OTT content) on an
agregat dalam model bisnis ke bisnis (B2B). aggregated basis on a business to business
model.
Pilar bisnis baru Perseroan, utamanya saat ini di The new business pillar, is especially the fiber
bidang infrastruktur serat optik. Saat ini infrastructure space, currently we are working
Perseroan bekerja sama dengan lebih dari 15 ISP with more than 15 ISPs in Indonesia, that we are
di Indonesia, dengan menyediakan infrastruktur providing the five-way infrastructure to them to
lima arah kepada mereka untuk menyediakan provide internet services to the residential
layanan internet kepada pelanggan residensial. customers.
Pertanyaan 2 / Question 2 (Sivana Zahla Putri – Media):
Berapa belanja modal (capex) tambahan untuk How much additional capital expenditure
infrastruktur jaringan? (capex) is required for network infrastructure?
Jawaban / Answer:
Kami tidak dapat memberikan perkiraan pasti We cannot give an exact estimate for the capex
untuk anggaran belanja modal (capex) tahun ini. budgets for the year. But, as we showed in the
Namun, seperti yang kami sampaikan dalam presentation, during this year we have already
presentasi, tahun ini kami telah menggelar lebih rolled out more than 350,000 new home passed
dari 350.000 homes passed baru untuk layanan for fiber to the-home (FTTH). So, that is where
fiber to the-home (FTTH). Oleh karena itu, most of the capex is being spent.
sebagian besar anggaran belanja modal (capex)
dialokasikan untuk hal tersebut.
Page 6
Lampiran 2 / Appendix 2
SB-068/CSL-LN/PE/IX/2025
Pertanyaan 3 / Question 3 (Nadia K. Putri – Media):
- Dalam laporan keuangan semester I//2025, - In first semester 2025 financial report, LINK
LINK mencatatkan kenaikan jumlah liabilitas recorded an increase in liabilities of Rp10.11
sebesar Rp10,11 triliun. Mulai dari pinjaman trillion. This includes short-term loans, other
jangka pendek, utang lain-lain dari pihak debts from related parties, and a surge in
berelasi, dan jumlah liabilitas jangka pendek short-term liabilities. How does the company
yang membengkak. Bagaimana mitigasi mitigate short-term and long-term liabilities
perusahaan untuk menekan liabilitas jangka in order to maintain the company's equity?
pendek dan panjang, untuk menjaga jumlah
ekuitas perusahaan?
- Dalam laporan keuangan semester I/2025, - In the first semester of 2025 financial report,
tertera bahwa Grup Axiata berkomitmen atas it is stated that Axiata Group is committed to
sejumlah pembelian terkait belanja modal a number of capital expenditure purchases
dengan nilai keseluruhan Rp316,37 miliar. with a total value of IDR 316.37 billion. To
Hingga saat ini, bagaimana update realisasi date, what is the update on the group's capital
belanja modal grup dan dampaknya terhadap expenditure realization and its impact on
LINK? LINK?
- Dalam laporan keuangan semester I/2025 - The first semester of 2025 financial report
tertera bahwa LINK menandatangani fasilitas states that LINK signed a credit agreement
perjanjian kredit dengan Bank CIMB Niaga with Bank CIMB Niaga for Rp500 billion until
sebesar Rp500 miliar hingga 28 Juli 2026. 28 July 2026. What is the purpose of this
Apa tujuan pendanaan ini dan bagaimana funding and how will it be realized? Will there
realisasinya? Apakah akan ekspansi melalui be expansion through high-speed internet
bisnis internet kecepatan tinggi dan distribusi business and television program distribution?
program televisi?
Jawaban / Answer:
Pertama, peningkatan liabilitas terutama First, the increase in liabilities is mainly due to
disebabkan oleh belanja modal yang kami the capital expenditure that we have done
lakukan, terutama pada tahun 2024 dan 2025, especially in 2024 and 2025 to expand our fiber-
untuk memperluas jaringan fiber-to-the-home to-the-home (FTTH) network and to manage the
(FTTH) kami dan mengelola liabilitas. Kami liabilities. We consistently apply prudent
secara konsisten menerapkan manajemen financial management, including the
keuangan yang prudent, termasuk restrukturisasi, restructuring, cost efficiency measures and
langkah-langkah efisiensi biaya, dan optimasi optimization of the operating cash flows.
arus kas operasional. Upaya-upaya ini selalu And, these efforts are always aimed at
bertujuan untuk menjaga struktur modal maintaining a healthy capital structure of the
perusahaan yang sehat dan mempertahankan company and sustaining the company's equity at
ekuitas perusahaan pada tingkat yang stabil. a stable level.
Terkait dengan belanja modal grup Axiata, dapat Related to Axiata's group capital expenditure,
merujuk pada laporan keuangan Axiata yang can refer to Axiata’s financial statements which
tersedia secara publik di situs web Axiata, dan is publicly available in the Axiata’s website and
laporan tersebut akan menunjukkan di mana it will show where the capital expenditure is
pengeluaran modal tersebut dilakukan, happening and particularly in related to Linknet.
khususnya terkait dengan Linknet. Seperti yang As explained before most of the capital
telah dijelaskan sebelumnya, sebagian besar expenditure has been gone into expanding the
pengeluaran modal telah dialokasikan untuk FTTH network.
memperluas jaringan FTTH.
Page 7
Lampiran 2 / Appendix 2
SB-068/CSL-LN/PE/IX/2025
Mengenai fasilitas kredit CIMB Niaga sebesar Regarding the CIMB Niaga’s 500 billion credit
500 miliar rupiah, yang berlaku hingga 28 Juli facility, which effective until 28 July 2026, this
2026, fasilitas kredit ini bertujuan untuk credit facility to support the company's business
mendukung rencana bisnis perusahaan dan akan plan and will be utilized according to our funding
digunakan sesuai dengan kebutuhan pendanaan requirements, including the business expansion
kami, termasuk perluasan bisnis dalam jaringan in our FTTH network.
FTTH kami.
Keempat, penggelaran jaringan dengan The number four, the rollout with XLSMART and
XLSMART dan operator lain berjalan lebih the other operators has been slower than what we
lambat dari yang kami harapkan akibat have expected due to the heightened competition
persaingan yang semakin ketat di pasar. Namun, that we are seeing in the market. But, as we
seperti yang kami tunjukkan dalam presentasi, showed in the presentation, we have rolled out
kami telah menggelar hampir 350.000 homes close to 350,000 home passed to pay and the
passed dan terus berlanjut. rollout is continuing.
Pertanyaan 4 / Question 4 (Selvi Ocktaviani - Investor):
- Bagaimana skema penyewaan open access - What is the open access leasing scheme for
kepada ISP? dan berapa harga sewa per home ISPs? And what is the rental price per home
connect? connect?
- Apakah berkenan di share target EBITDA - Would you be willing to share the optimal
margin optimal per lini bisnis Linknet Fiber, EBITDA margin targets for each business
Linknet Enterprise dan Linknet Media line: Linknet fiber, Linknet enterprise, and
Linknet Media?
- Apa tujuan Axiata melepas 5% saham - What is Axiata's purpose in releasing 5% of
Linknet? Apakah ada kewajiban re-float dari Linknet shares? Is there a re-float obligation
regulator ke porsi minimum 7.5%? from the regulator to a minimum portion of
7.5%?
Jawaban / Answer:
Pertama, saat ini jaringan serat optik Perseroan First, we have our fiber network close to 4.5
telah menjangkau hampir 4,5 juta homes passed. million homes passed at this point in time, and
Setiap penyedia layanan internet (ISP) yang ingin any internet service provider who wants to
menawarkan paket internet rumahan kepada provide their residential internet packages to the
pelanggan di wilayah tersebut dapat customers in that area, can come and use our
menggunakan jaringan kami. Jaringan ini terbuka network, which is open for any ISPs who wants
bagi semua ISP yang ingin bermitra dengan to partner with Linknet, we cannot disclose the
Linknet. Namun, kami tidak dapat rental price that we offer at this point in time.
mengungkapkan harga sewa yang kami tawarkan
saat ini.
Demikian pula mengenai rencana bisnis Similarly, we do have the business plan for each
Perseroan, saat ini kami memiliki rencana bisnis business unit, but we cannot disclose the optimal
untuk setiap unit bisnis, tetapi kami tidak dapat EBITDA margins that we are targeting for these
mengungkapkan margin EBITDA optimal yang units.
kami targetkan untuk unit-unit tersebut.
Yang ketiga, terkait dengan tujuan melepas 5% The third, related to the purpose of releasing 5%
saham dan kepemilikan ke pasar. Hal ini of the lead and shares to the market. That was
dilakukan terutama untuk memenuhi persyaratan mainly done to meet the minimum public float
minimum kepemilikan publik sebesar 7,5% yang requirements of 7.5% that we have to meet. So,
Page 8
Lampiran 2 / Appendix 2
SB-068/CSL-LN/PE/IX/2025
harus kami penuhi. Oleh karena itu, langkah- these are the incremental steps taken to make
langkah tambahan ini diambil untuk memastikan sure that we are obliging to the minimum float
bahwa kami mematuhi persyaratan minimum requirements.
kepemilikan publik.
Pertanyaan 5 / Question 5 (Aurelia –Investor):
Apa perbedaan homes passed yang dimiliki What is the difference between Linknet's home
Linknet dengan homes passed yang dimiliki oleh passed and the home passed owned by tower
perusahaan tower? companies?
Jawaban / Answer:
Tower menyediakan konektivitas seluler yang Tower is providing the mobile connectivity
mencakup area tertentu, sementara Linknet covering a certain area and, while Linknet is
menyediakan konektivitas tetap yang ditujukan providing the fixed connectivity dedicated to the
untuk rumah. home.
Page 9
Lampiran 3 / Appendix 3
SB-068/CSL-LN/PE/IX/2025
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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• • • • • •
•
• • • • • • •
• •
• • •
•
• •
• •
•
•
• • • • •
•
• • • •
•
• • •
•
•
This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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*Bisnis ServeCo belum dialihkan ke XL Axiata per YTD Jun 24 This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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1.223 1.181
1.069 1.087 1.086 1.052 1.058 1.081 978 986 968 994 912 920 950 876
810 766
524
429
346
267 249
174 201 211 190 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
2017 2018 2019 2020 2021 2022 2023 2024 YTD Jun
611 629 628 631 582
25 570
488 463 437 484 452 422
392 361
301
215 232
108
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
Series1 611 629 628 631 570 488 582 463 437 484 392 301 452 422 361 108 215 232
Series2 57,2%57,9%57,8%51,6%54,2%46,1%53,8%39,2%44,7%49,0%40,5%30,3%49,5%45,9%38,0%12,3%26,5%30,2%
250 222 215 198
128
4.009 4.030 4.072 4.171 4.418
105
3.802
3.068 3.119 3.219 3.312 3.383 3.548
13
2.729 2.774 2.831 2.870 2.927 2.985
-6
-59 -70
-110
-146 -173
-259
-355 -337
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 -384
-519
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
Series1 250 222 215 198 128 13 105 -6 -59 -70 -146 -259 -110 -173 -519 -384 -355 -337
PAT_MARGIN 23,4% 20,4% 19,8% 16,2% 12,2% 1,2% 9,7% -0,5% -6,0% -7,1% -15,0%-26,1%-12,0%-18,8%-54,7%-43,8%-43,8%-43,9%
This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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•
•
•
•
• • •
•
•
•
•
•
This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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Bisnis Saat Ini Pertumbuhan Mendatang
•
•
•
•
•
•
• •
•
•
•
This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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1
2 3
This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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Layanan konektivitas melalui infra khusus: dark fiber, sewa Segmen Pelanggan Enterprise
jaringan, dll.
Connectivity Government
Konektivitas internet untuk bisnis melalui jaringan bersama
Solusi end-to-end bundling (produk connectivity dan managed
services)
Layanan VSAT atau voice-related, professional services Financial
ICT & cyber (installation, relocation), dan wireless connectivity (dedicated services
security internet, P2P, etc.)
solutions Penyediaan Layanan Jaringan service providers, includes SD-WAN
and VPN
Layanan cybersecurity-layanan terkait, pengelolaan pengamanan
Hospitality &
IaaS cloud services, DC co-location dan pengelolaan perangkat, IT media
infra
Corporate TV IPTV and CATV untuk korporasi dan pelanggan hospitality seperti
hotel, rumah sakit, retailer dan apartemen
Telecom
Kontribusi Pendapatan (% of total) operators
30% Increasing contribution of ICT 47%
65% 49% Others
2023 2034F
Connectivity ICT & cyber security Corporate TV
This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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1.000.000 935.700
800.000
600.000
400.000 258.600 216.500
281.300 •
200.000 112.900 151.800
85.400 84.600
0
19 Aug 20 Aug 21 Aug 22 Aug 23 Aug 24 Aug 25 Aug 26 Aug 27 Aug 28 Aug
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
3.720 3.790
4.000 3.090 3.390 3.360 3.450 •
2.560 2.810
3.000
3.090 3.390 3.360 3.360 3.450
2.000 2.810 3.060
2.560
1.000
0
19 Aug 20 Aug 21 Aug 22 Aug 23 Aug 24 Aug 25 Aug 26 Aug 27 Aug 28 Aug
2025 2025 2025 2025 2025 2025 2025 2025 2025 2025
Highest Lowest
This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
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This document is proprietary and confidential. All rights reserved. No part of this document may be reproduced or distributed without prior written permission.
Names mentioned 10 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Indonesia Stock Exchange
p.1
unresolved
person
Kanishka Gayan Wickrama
p.1
unresolved
person
Yosafat Marhasak Hutagalung
p.1
unresolved
person
Ronald Chandra Lesmana
p.1
unresolved
person
Yap Wai Yip
p.1
unresolved
person
Rininta Agustina Widya Pratika
· Corporate Secretary
p.2
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