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The Manhattan Square
Kantor Jasa Penilai Publik Lt. 16, Suite D, Jl. TB Simatupang
FERDINAND, DANAR, ICHSAN DAN REKAN Cilandak, Jakarta Selatan, 12560
Property, Business Valuation & Advisory E-Mail: infoadmin@fdipartners.co
Licence No. 2.22.0176 Website: www.fdipartners.co.id
KMK 460/KM.1/2022 Phone (62 21) 27875910
Wilayah Kerja: Seluruh Indonesia
Jakarta, 23 Juni 2025
PT Centratama Telekomunikasi Indonesia, Tbk
TCC Batavia Tower One Lt. 16 & 19
Jl. KH. Mas Mansyur Kav. 126, Karet Tengsin
Tanah Abang Jakarta Pusat 10220
6Let.Jend.S. Lt.17 & 22ipi, Palmerah, Jakarta bara
No. Report : 00015/2.0176-02/BS/06/0089/1/VI/2025
Re : Fairness Opinion Of PT Centratama Telekomunikasi Indonesia, Tbk
Dengan Hormat / Respectfully
SHORT REPORT OF FAIRNESS OPINION ON THE SERVICE AGREEMENT TRANSACTION PLAN OF
PT CENTRATAMA TELEKOMUNIKASI INDONESIA, Tbk
Berdasarkan Persetujuan atas surat Based on the approval of the offer letter
penawaran No. 002/FDI.JKT/PB-FO/V/2025 No. 002/FDI.JKT/PB-FO/V/2025 dated May
tertanggal 8 Mei 2025, KJPP Ferdinand, Danar, 8, 2025, KJPP Ferdinand, Danar, Ichsan, and
Ichsan, dan Rekan Cabang Jakarta Selatan Rekan South Jakarta Branch (hereinafter
(selanjutnya disebut “KJPP FDI&R” atau referred to as “KJPP FDI&R” or “We”)
“Kami”) mendapat penugasan dari PT received an assignment from PT
Centratama Telekomunikasi Indonesia, Tbk Centratama Telekomunikasi Indonesia, Tbk
(selanjutnya disebut “Perseroan” atau “CTI”) (hereinafter referred to as the "Company" or
untuk memberikan pendapat kewajaran "CTI") to provide a fairness opinion in
sehubungan dengan pemberian jasa yang connection with the provision Infrastructure
dilakukan oleh EdgePoint Infrastructure Sdn. of services performed by EdgePoint
Bhd. (selanjutnya disebut “EPI MY”) dengan Infrastructure Sdn. Bhd. (hereinafter referred
mark up sebesar-besarnya 5% dan EdgePoint to as "EPI MY") with a maximum mark up of
Infrastructure SG Pte. Ltd. (selanjutnya disebut 5% and EdgePoint Infrastructure SG Pte. Ltd.
“EPI SG”) dengan mark up sebesar-besar nya (hereinafter referred to as “EPI SG”) with a
7% kepada PT Centratama Telekomunikasi maximum mark up of 7% to PT Centratama
Indonesia Tbk dan Entitas Anak (selanjutnya Telekomunikasi Indonesia Tbk and
disebut “EdgePoint Group Companies”), Subsidiaries (hereinafter referred to as
selanjutnya disebut “Rencana Transaksi”. “EdgePoint Group Companies”),
hereinafter referred to as “Transaction
Plan”.
ALASAN DAN LATAR BELAKANG REASONS AND BACKGROUND
PT Centratama Telekomunikasi Indonesia, Tbk PT Centratama Telekomunikasi Indonesia,
merupakan perusahaan yang bergerak di Tbk is a company engaged in services and
bidang jasa dan investasi, termasuk namun investment, including but not limited to the
tidak terbatas pada jasa penyediaan, provision, leasing, and management of
penyewaan, dan pengelolaan menara telecommunications towers or Base
telekomunikasi atau Base Tranceiver Stations Tranceiver Stations (“BTS”), as well as
(“BTS”), serta alat, sarana atau instalasi telecommunications supporting
Kantor Cabang Jakarta (Bisnis)
Gedung Palma Tower, Lt.18, Jl. Kartini II-S, Kav.06, Pondok Pinang, Kebayoran Lama, Jakarta Selatan 12310
E-Mail: admnbranchjkt@fdipartners.co; Website: www.fdipartners.co.id
Phone (62 21) 75930291
KMK 582/KM.1/2024, Wilayah Kerja : Seluruh Indonesia
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penunjang telekomunikasi, jasa konsultasi equipment, facilities or installations,
bidang instalasi komunikasi, jasa konsultasi consulting services in the field of
manajemen, bisnis administrasi dan strategi communication installations,
pengembangan. Dan memiliki entitas anak management consulting services, business
sebagai berikut: (i) PT Network Quality administration and development
Indonesia (“NQI”), (ii) PT Centratama Menara strategies. And has the following
Indonesia (“CMI”), (iii) PT Mac Sarana Djaya subsidiaries: (i) PT Network Quality
(“MSD”), (iv) PT Fastel Sarana Indonesia (“FSI”), Indonesia (“NQI”), (ii) PT Centratama
(v) PT EPID Menara AssetCo (“EMA”). Menara Indonesia (“CMI”), (iii) PT Mac
selanjutnya secara bersama-sama disebut Sarana Djaya (“MSD”), (iv) PT Fastel Sarana
sebagai “EdgePoint Group Companies” dan Indonesia (“FSI”), (v) PT EPID Menara
secara sendiri-sendiri disebut sebagai AssetCo (‘EMA’). hereinafter collectively
“EdgePoint Group Company”. referred to as “EdgePoint Group
Companies” and individually referred to as
“EdgePoint Group Company”.
EdgePoint HoldCo Pte. Ltd. adalah EdgePoint Hold Co Pte. Ltd. is a holding
perusahaan induk yang bergerak di bidang company engaged in telecommunications
infrastruktur telekomunikasi dan memiliki infrastructure and has a number of
sejumlah entitas anak, termasuk EPI MY subsidiaries, including EPI MY engaged in
bergerak dalam bidang telekomunikasi dan telecommunications and EPI SG engaged
EPI SG bergerak dalam bidang Manajemen in Human Resource Management. In
Sumber Daya manusia. Selain itu, EdgePoint addition, EdgePoint Hold Co is also the
Hold Co juga merupakan induk dari CTI. parent of CTI.
Dalam kegiatan bisnis Perseroan diasumsikan In the Company's business activities, it is
terdapat biaya yang perlu dialokasikan dari assumed that there are costs that need to
suatu kegiatan kontrak antara para pihak be allocated from a contract activity
terafiliasi dengan Perseroan berdasarkan porsi between affiliated parties and the
manfaat yang diterima oleh masing-masing Company based on the portion of benefits
entitas. Hal ini diperlukan untuk ketepatan received by each entity. This is necessary for
alokasi biaya pada masing-masing entitas the accuracy of cost allocation to each
terafiliasi. affiliated entity.
Sebelumnya Perseroan telah memiliki Services Previously, the Company had a Services
Agreement dengan EPI MY dan EPI SG sejak Agreement with EPI MY and EPI SG from
periode Desember 2022 hingga Desember December 2022 to December 2025.
2025.
Perseroan bersama dengan para pihak The Company together with the parties to
dalam perjanjian Services Agreement the Services Agreement (EdgePoint Group
(EdgePoint Group Companies) berencana Companies) plans to amend (THE FIRST
untuk melakukan amandemen (THE FIRST AMENDMENT TO THE SERVICE AGREEMENT)
AMENDMENT TO THE SERVICE AGREEMENT) the agreement, related to the points of
atas perjanjian, terkait pada poin biaya service fees and service periods for the use
layanan dan periode layanan penggunaan of services from EPI MY and EPI SG with the
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jasa dari EPI MY dan EPI SG dengan poin-poin following points of change:
perubahan sebagai berikut:
1. Amandemen Pertama Services 1. First Amendment to the Services
Agreement yang akan ditandatangani Agreement to be entered into by and
oleh dan antara EPI MY dengan seluruh between EPI MY and all EdgePoint
EdgePoint Group Companies dengan nilai Group Companies with a maximum
kontrak maksimum sebesar Rp. contract value of Rp. 300,000,000,000.00
300.000.000.000,00 (Tiga Ratus Miliar (Three Hundred Billion Rupiah) (“Services
Rupiah) (“Services Agreement EPI MY”); Agreement EPI MY”);
2. Amandemen Pertama Services 2. First Amendment to the Services
Agreement yang akan ditandatangani Agreement to be entered into by and
oleh dan antara EPI SG dengan seluruh between EPI SG and all EdgePoint
EdgePoint Group Companies dengan nilai Group Companies with a maximum
kontrak maksimum sebesar Rp. contract value of IDR 300,000,000,000.00
300.000.000.000,00 (Tiga Ratus Miliar (Three Hundred Billion Rupiah) (“Services
Rupiah) (“Services Agreement EPI SG”). Agreement EPI SG”). Both are referred
Keduanya disebut sebagai “Services to as the “Services Agreement”).
Agreement”).
3. Para Pihak sepakat untuk memperpanjang 3. The Parties agree to extend the term of
jangka waktu per masing-masing kontrak each contract until December 31, 2028.
sampai dengan 31 Desember 2028
Dimana EPI MY dan EPI SG akan Whereas EPI MY and EPI SG will provide
menyediakan layanan kepada EdgePoint services to EdgePoint Group Companies,
Group Companies, layanan sebagai the services are as follows:
berikut:
• Jasa manajemen korporat, finansial, • Corporate management, financial and
jasa konsultan; consultancy services;
• Bantuan/dukungan di bidang akuntansi • Accounting and tax support;
dan pajak;
• Jasa bantuan/dukungan di bidang • Human resource support services;
Sumber Daya Manusia;
• Jasa di bidang Hukum; • Legal services;
• Jasa finansial korporat dan • Corporate finance and treasury
perbendaharaan; services;
• Jasa administratif, advisory, konsultan • Any other administrative, advisory,
lainnya dan jasa manajemen lainnya consulting, and other management
terkait dengan operasional EdgePoint services in relation to the operations of
Group Company; the EdgePoint Group Company
• Jasa bantuan/dukungan di bidang • Marketing Support.
marketing.
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Atas dasar penyediaan Layanan On the basis of the provision of the Services sebagaimana tersebut di atas, EPI MY as mentioned above, EPI MY and/or EPI SG dan/atau EPI SG akan mengenakan Biaya will charge Service Costs to EdgePoint Layanan (Service Costs) kepada EdgePoint Group Company, with the amount of Group Company, dengan besaran Biaya Service Costs determined by EPI MY and EPI Layanan ditentukan oleh EPI MY maupun EPI SG, adjusting to the amount of costs SG, menyesuaikan dengan besaran biaya incurred by EPI MY and SG in providing such yang dikeluarkan oleh EPI MY maupun SG Services, with reasonable mark-ups, which dalam penyediaan Layanan tersebut, are agreed at 5% (five percent) for the EPI dengan tambahan biaya (mark-ups) secara MY Service Agreement and 7% (seven wajar, yang disepakati sebesar 5% (lima percent) for the EPI SG Service Agreement. persen) untuk Service Agreement EPI MY dan 7% (tujuh persen) untuk Service Agreement EPI SG. Seluruh Biaya Pihak Ketiga yang timbul All Third Party Costs that are procured in sehubungan dengan pelaksanaan Services relation to the implementation of the Agreement, termasuk dalam kaitannya Services Agreement, including in relation to dengan penyediaan Layanan kepada the services provided to EdgePoint Group EdgePoint Group Companies, akan Companies, shall be allocated between EPI dialokasikan secara bersama di antara EPI MY M and/or EPI SG as the Services provider, maupun EPI SG sebagai penyedia Layanan, the EdgePoint Group Company and EdgePoint Group Companies dan (dalam hal (where applicable), the relevant Group dapat diterapkan), Grup Perusahaan yang Companies, as may be determined by EPI relevan, sebagaimana ditentukan oleh EPI MY MY and/or EPI SG and the relevant maupun EPI SG dan EdgePoint Group EdgePoint Group Companies. Companies yang relevan. Biaya total layanan dalam perjanjian The total cost of services in the previous sebelumnya (2 layanan jasa) tercatat sebesar agreement (2 services) was recorded at Rp.150.000.000.000,00 (Seratus Lima Puluh Rp.150,000,000,000.00 (One Hundred Fifty Miliar Rupiah). Selanjutnya biaya tersebut di Billion Rupiah). Subsequently, the cost was amandemen menjadi Rp.600.000.000.000,00 amended to Rp.600,000,000,000.00 (Six (Enam Ratus Miliar Rupiah). Dari jumlah Hundred Billion Rupiah). Of this amount, tersebut, sebesar Rp.150.000.000.000,00 Rp.150,000,000,000.00 (One Hundred Fifty (Seratus Lima Puluh Miliar Rupiah) telah Billion Rupiah) has been implemented, and dilaksanakan, dan sisa biaya yang belum the remaining costs that have not yet sebesar Rp.450.000.000.000,00 (Empat Ratus amounted to Rp.450,000,000,000.00 (Four Lima Puluh Miliar Rupiah). Hundred Fifty Billion Rupiahs. PIHAK-PIHAK YANG BERTRANSAKSI IDENTITY OF THE TRANSACTING PARTY Pihak – pihak yang akan bertransaksi adalah The parties to the transaction are as follows: sebagai berikut: a. EdgePoint Infrastruktur Sdn. Bhd. (EPI MY) a. EdgePoint Infrastructure Sdn. Bhd. (EPI sebagai pihak pemberi jasa MY) as a service provider Halaman 4 00015/2.0176-02/BS/06/0089/1/VI/2025
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b. EdgePoint Infrastruktur SG Pte. Ltd. (EPI SG) b. EdgePoint Infrastructure SG. Pte. Ltd.
sebagai pihak pemberi jasa (EPI SG) as a service provider
c. PT Centratama Telekomunikasi Indonesia c. PT Centratama Telekomunikasi
Tbk (CTI) sebagai penerima jasa Indonesia Tbk (CTI) as service recipient
d. PT Network Quality Indonesia (NQI) d. PT Network Quality Indonesia (NQI) as
sebagai penerima jasa service recipient
e. Centratama Menara Indonesia (CMI) e. PT Centratama Menara Indonesia (CMI)
sebagai penerima jasa as service recipient
f. PT MAC Sarana Djaya (MSD) sebagai f. PT MAC Sarana Djaya (MSD) as service
penerima jasa recipient
g. PT Fastel Sarana Indonesia (FSI) sebagai g. PT Fastel Sarana Indonesia (FSI) as
penerima jasa service recipient
h. PT EPID Menara AssetCo (EMA) sebagai h. PT EPID Menara AssetCo (EMA) as
penerima jasa service recipient
OBJEK PENDAPAT KEWAJARAN OBJECT OF THE FAIRNESS OPINION
Objek Pendapat Kewajaran adalah The object of the Fairness Opinion is the
pemberian jasa antara pihak berafiliasi provision of services between affiliated
“Edgepoint Group Companies” dengan parties of “Edgepoint Group Companies”
tambahan biaya (mark-ups) yang with additional agreed mark-ups of 5% for
disepakati sebesar 5% untuk Service EPI MY Service Agreement and 7% for EPI SG
Agreement EPI MY dan 7% untuk Service Service Agreement so that the value of the
Agreement EPI SG dengan nilai rencana transaction plan is Rp.450,000,000,000
transaksi sebesar Rp.450.000.000.000 (“Transaction Object”).
(“Objek Transaksi”).
MAKSUD DAN TUJUAN PURPOSE AND OBJECTIVES
Maksud dan tujuan dari laporan ini adalah The purpose and objective of this report is
untuk memberikan pendapat kewajaran atas to provide a fairness opinion on the
Rencana Transaksi berupa biaya Service Proposed Transaction in the form of Service
Agreement sebesar 5% kepada EPI MY dan 7% Agreement fees of 5% to EPI MY and 7% to
kepada EPI SG, dan untuk pemenuhan EPI SG, and to fulfill the Financial Services
Peraturan Otoritas Jasa Keuangan (OJK) Authority (OJK) Regulation Number
Nomor 42/ POJK.04 / 2020 tentang Transaksi 42/POJK.04/2020 concerning Affiliated
Afiliasi Dan Transaksi Benturan Kepentingan Transactions and Conflict of Interest
(“POJK 42”). Transactions (“POJK 42”).
TANGGAL PENILAIAN CUT OF DATE
Tanggal penilaian atas analisis kewajaran Cut of date for fairness opinion of
Rencana Transaksi ini dilakukan pada tanggal Transaction Plan is December, 31 2024.
31 Desember 2024.
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KETERKAITAN TRANSAKSI DENGAN PERATURAN TRANSACTION LINKAGE WITH OJK
OJK REGULATIONS
1. Transaksi Material 1. Material Transaction
Rencana Transaksi dikategorikan bukan The Proposed Transaction is categorized
transaksi material. Mengacu pada POJK as not a material transaction. Referring
No.17/POJK.04/2020 tentang Transaksi to POJK No.17/POJK.04/2020 regarding
Material dan Perubahan Kegiatan Usaha Material Transactions and Changes in
(“POJK 17/2020”) Pasal 3, Nilai Rencana Business Activities (“POJK 17/2020”)
Transaksi tidak melebihi 20% (dua puluh Article 3, the Transaction Plan Value
persen) dari ekuitas Perseroan per does not exceed 20% (twenty percent)
tanggal 31 Desember 2024. of the Company's equity as of
December 31, 2024.
2. Transaksi Afiliasi 2. Affiliated Transaction
Berdasarkan informasi manajemen Based on the Company's management
Perseroan, pihak-pihak yang bertransaksi information, the parties to the
merupakan pihak yang memiliki transaction are parties that have an
hubungan afiliasi, Sebagaimana diatur affiliated relationship, as stipulated in
dalam POJK 42/2020, sehingga Rencana POJK 42/2020, so that the Transaction
Transaksi termasuk transaksi afiliasi. Plan is an affiliated transaction.
PENDEKATAN DAN METODE PENILAIAN APPROACHES AND METHODS
Dalam menilai kewajaran Rencana Transaksi, The fairness opinion of Transaction Plan ,we
kami menggunakan metodologi analisis use the following analysis methodology:
sebagai berikut:
a. Analisis transaksi a. Analysis of the transaction
b. Analisis kualitatif dan kuantitatif atas b. Analysis qualitative and quantitative of
rencana transaksi the transaction plan
c. Analisis atas kewajaran nilai rencana c. Analysis of fairness opinion of the
transaksi transaction plan value
d. Analisis atas faktor lain yang relevan d. Analysis of other relevant factors
ANALISIS TRANSAKSI TRANSACTION ANALYSIS
Sebelumnya Perseroan telah memiliki Services Previously, the Company had a Services
Agreement dengan EPI MY dan EPI SG sejak Agreement with EPI MY and EPI SG from
periode Desember 2022 hingga Desember December 2022 to December 2025. The
2025. Perseroan bersama dengan para pihak Company together with the parties to the
dalam perjanjian Services Agreement Services Agreement (EdgePoint Group
(EdgePoint Group Companies) berencana Companies) plan to amend (THE FIRST
untuk melakukan amandemen (THE FIRST AMENDMENT TO THE SERVICE AGREEMENT)
AMENDMENT TO THE SERVICE AGREEMENT) the agreement, related to the service fee
atas perjanjian, terkait pada poin biaya points and the service period of using
layanan dan periode layanan penggunaan services from EPI MY and EPI SG. The total
jasa dari EPI MY dan EPI SG. Biaya total cost of services in the previous agreement
layanan dalam perjanjian sebelumnya (2 (2 services) was recorded at Rp.
layanan jasa) tercatat sebesar Rp. 150,000,000,000.00 (One Hundred Fifty
Halaman 6 00015/2.0176-02/BS/06/0089/1/VI/2025
Page 7
150.000.000.000,00 (Seratus Lima Puluh Miliar Billion Rupiah). Subsequently, the cost was
Rupiah). Selanjutnya biaya tersebut di amended to Rp. 600,000,000,000.00 (Six
amandemen menjadi Rp. 600.000.000.000,00 Hundred Billion Rupiah). Of this amount,
(Enam Ratus Miliar Rupiah). Dari jumlah Rp150,000,000,000.00 (One Hundred Fifty
tersebut, sebesar Rp150.000.000.000,00 Billion Rupiah) has been implemented, and
(Seratus Lima Puluh Miliar Rupiah) telah the remaining costs that have not yet
dilaksanakan, dan sisa biaya yang belum amounted to Rp450,000,000,000.00 (Four
sebesar Rp450.000.000.000,00 (Empat Ratus Hundred Fifty Billion Rupiah).
Lima Puluh Miliar Rupiah).
Manfaat dan Risiko Rencana Transaksi Benefits and Risks of the Proposed
Transaction
Rencana transaksi memberikan manfaat The transaction plan provides benefits in
berupa sinergi bagi Perusahaan dalam the form of synergies for the Company
EdgePoint Group dan ketepatan alokasi biaya within EdgePoint Group and the accuracy
pada masing-masing entitas terafiliasi of cost allocation to each affiliated entity.
Berdasarkan informasi manajemen Perseroan, Based on the Company's management
tidak ada risiko bagi Perseroan atas transaksi information, there is no risk for the Company
yang akan dilakukan. on the transaction to be carried out.
ANALISIS KUALITATIF DAN KUANTITATIF ATAS QUALITATIVE AND QUANTITATIVE ANALYSIS
RENCANA TRANSAKSI OF THE PROPOSED TRANSACTION
Analisis Kualitatif atas Rencana Transaksi Qualitative Analysis of the Proposed
Transaction
Tinjauan Makro Macro Overview
Pertumbuhan ekonomi Indonesia pada tahun Indonesia's economic growth in 2024
2024 mencapai 5,05% (yoy). Inflasi Indonesia reached 5.05% (yoy). Indonesia's inflation in
tahun 2024 sebesar 1,57%. Kurs Tengah Nilai 2024 is 1.57%. The middle exchange rate of
Tukar Dollar Amerika Serikat Terhadap Rupiah the United States Dollar against the Rupiah
Per 31 Desember 2024 sebesar Rp.16.162. as of December 31, 2024 is Rp.16,162.
Perkembangan Industri Telekomunikasi Telecommunication Industry Development
Prospek kinerja sektor industri telekomunikasi di The outlook for the performance of the
Indonesia diperkirakan akan terus telecommunications industry sector in
menunjukkan tren pertumbuhan yang positif, Indonesia is expected to continue to show
seiring dengan meningkatnya kebutuhan a positive growth trend, along with the
konektivitas dan meluasnya proses digitalisasi increasing need for connectivity and the
di berbagai aspek kehidupan. Perkembangan widespread process of digitalization in
sektor ini juga akan didorong oleh ekspansi various aspects of life. The development of
bisnis data center, infrastruktur menara this sector will also be driven by the
telekomunikasi, serta layanan enterprise expansion of the data center business,
berbasis digital. telecommunications tower infrastructure,
and digital-based enterprise services.
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Prospek Perseroan Prospects of the Company
Selama periode 2020–2024, pendapatan During the period 2020-2024, the
Perseroan mencatat rata-rata pertumbuhan Company's revenue recorded an average
tahunan sebesar 24,63%, dengan annual growth of 24.63%, with the highest
pertumbuhan tertinggi terjadi pada tahun growth occurring in 2021 at 59.39%. Based
2021 sebesar 59,39%. Berdasarkan Laporan on the 2024 Annual Report, management is
Tahunan 2024, manajemen optimis terhadap optimistic about the prospect of
prospek pertumbuhan progresif dan progressive growth and strengthening the
memperkuat posisi Perseroan sebagai Company's position as the third largest
penyedia menara independen terbesar independent tower provider in Indonesia.
ketiga di Indonesia. Strategi utama yang Key strategies include expansion into
dijalankan mencakup ekspansi ke wilayah Kalimantan and Eastern Indonesia,
Kalimantan dan Indonesia Timur, peningkatan increasing collocation rentals, and
penyewaan kolokasi, serta optimalisasi optimizing productivity through system
produktivitas melalui otomatisasi sistem dan automation and effective organizational
pengelolaan organisasi yang efektif. Melalui management. Through these measures, the
langkah-langkah ini, Perseroan Company projects a gradual improvement
memproyeksikan perbaikan kinerja finansial in financial performance.
secara bertahap.
Keuntungan dan Kerugian Rencana Transaksi Advantages and Disadvantages of a Deal
Plan
Rencana Transaksi ini memberikan The Proposed Transaction provides benefits
keuntungan berupa efisiensi biaya antar in the form of cost efficiency between
entitas dalam EdgePoint Group Companies. entities within EdgePoint Group
Namun, di sisi lain, transaksi ini juga Companies. However, on the other hand,
mengakibatkan adanya penambahan biaya this transaction also results in additional
sebagai konsekuensi atas pelaksanaannya. costs as a consequence of its
implementation.
Analisis Kuantitatif atas Rencana Transaksi Quantitative Analysis of the Proposed
Transaction
Analisis Kinerja Historis Perseroan Historical Performance Analysis of the
Company
Sampai dengan 31 Desember 2024, CTI As of December 31, 2024, CTI recorded
mencatat total aset sebesar Rp19.607.561 total assets of Rp19,607,561 million, liabilities
juta, liabilitas Rp23.485.546 juta, dan ekuitas of Rp23,485,546 million, and equity of
Rp4.423.017 juta, dengan pendapatan usaha Rp4,423,017 million, with operating
sebesar Rp2.464.549 juta, rugi tahun berjalan revenues of Rp2,464. 549 million, loss for the
sebesar Rp1.770.819 juta, serta kas dan setara year of Rp1,770,819 million, and cash and
kas sebesar Rp458.289 juta yang diperoleh dari cash equivalents of Rp458,289 million
arus kas operasional Rp1.907.918 juta, arus kas obtained from operating cash flows of
investasi negatif Rp672.124 juta, dan arus kas Rp1,907,918 million, negative investing cash
pendanaan negatif Rp1.076.933 juta. flows of Rp672,124 million, and negative
financing cash flows of Rp1,076,933 million.
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Analisis Dampak Keuangan atas Rencana Financial Impact Analysis of the Proposed
Transaksi Transaction
Berdasarkan informasi Laporan Posisi Based on the information of the Pro Forma
Keuangan Konsolidasian Proforma yang Consolidated Statement of Financial
dibuat oleh manajemen Perseroan adalah Position prepared by the Company's
sebagai berikut : management, the following are the
a. Kas dan Setara Kas information:
Kas dan setara kas mengalami penurunan a. Cash and Cash Equivalents
sebesar Rp421.161 juta terkait dengan Cash and cash equivalents decreased
pembayaran biaya jasa pengelolaan. by Rp421,161 million related to the
b. Utang Usaha payment of management service fees.
Utang Usaha mengalami kenaikan b. Accounts Payable
sebesar Rp28.839 juta terkait dengan Accounts Payable increased by
biaya jasa pengelolaan yang belum Rp28,839 million related to unpaid
dibayar. management fees.
c. Saldo laba c. Retained earnings
Saldo laba mengalami penurunan sebesar Retained earnings decreased by
Rp450.000 juta terkait dengan pengakuan Rp450,000 million related to the
biaya jasa pengelolaan. recognition of management fees.
d. Beban umum dan administrasi d. General and administrative expenses
Beban umum dan administrasi mengalami General and administrative expenses
kenaikan sebesar Rp93.290 juta terkait increased by Rp93,290 million related to
dengan pengakuan biaya jasa the recognition of management fees.
pengelolaan.
e. Beban lainnya e. Other expenses
Beban lainnya mengalami kenaikan Other expenses increased by Rp356,710
sebesar Rp356.710 juta terkait biaya jasa million related to management fees.
pengelolaan.
f. Rugi Tahun Berjalan f. Loss for the Year
Rugi tahun berjalan mengalami Loss for the year increased by
peningkatan sebesar Rp.450.000 Juta Rp.450,000 million related to additional
terkait dengan penambahan biaya jasa management fees.
pengelolaan.
Analisis Inkremental Analisis Inkremental
Analisis Inkremental dilakukan terhadap Incremental Analysis is performed on
sebelum dan sesudah rencana transaksi yaitu: before and after the transaction plan,
namely:
• Pada akun total aset lancar terdapat • In the total current assets account, there
penurunan yang disebabkan menurunnya is a decrease due to a decrease in cash
kas karena pembayaran atas biaya due to payment of transaction plan
rencana transaksi, namun pada aset tidak costs, but in non-current assets, there is
lancar, tidak terdapat perubahan (tidak no change (no impact).
berdampak).
• Pada akun liabilitas lancar terdapat • In the current liabilities account, there is
penambahan utang usaha sehubungan an increase in trade payables in
Halaman 9 00015/2.0176-02/BS/06/0089/1/VI/2025
Page 10
dengan rencana transaksi sebagai alokasi connection with the transaction plan as
biaya yang dibebankan sesuai dengan an allocation of costs charged in
perjanjian, sedangkan liabilitas tidak accordance with the agreement, while
lancar tidak mengalami perubahan (tidak non-current liabilities have no change
berdampak). (no impact).
• Pada akun ekuitas terdapat perubahan • In the equity account there are
terkait dengan rencana transaksi. changes related to the transaction plan.
• Pada proyeksi laporan keuangan laba rugi • In the projected profit and loss financial
terdapat perubahan pada akun beban statements, there are changes in the
umum administrasi, beban lainnya, dan general administrative expenses
rugi bersih atas rencana transaksi yang account, other expenses, and net loss
akan dilakukan on the transaction plan to be carried
out.
ANALISIS ATAS KEWAJARAN NILAI TRANSAKSI ANALYSIS ON THE FAIRNESS OF
TRANSACTION VALUE
Analisis kewajaran nilai Rencana Transaksi Analysis of the fairness of the value of the
dilakukan terhadap mark up yang dikenakan Proposed Transaction is carried out on the
atas biaya layanan jasa dari EPI MY sebesar 5% mark up imposed on the service fee from
dan EPI SG sebesar 7% EPI MY by 5% and EPI SG by 7%.
Mark up Mark up Rencana Transaksi
Sumber
(Data Pasar) EPI MY EPI SG
Transfer Pricing considerations for intra-
3% - 10%
group services By PWC
Transfer Pricing Considerations for
5% 5% 7%
Intragroup Service Transactions by KPMG
Updated domestic transfer pricing
guidelines reflect OECD guidelines by 3% - 10%
BDO Global Austria
Berdasarkan tabel diatas, mark up atas biaya Based on the table above, the mark-up
jasa layanan masih berada pada kisaran on service fees is still within the range of
besaran mark up di data pasar. the mark-up amount in the market data.
ANALISIS ATAS FAKTOR LAIN YANG RELEVAN ANALYSIS ON OTHER RELEVANT FACTORS
Analisis atas faktor lain yang relevan terhadap Analysis of other factors relevant to the
Rencana Transaksi dilakukan dengan Transaction Plan is carried out by
membandingkan kurs Jisdor yang merupakan comparing the Jisdor exchange rate which
kurs konversi nilai Rencana Transaksi dengan is the conversion rate of the Transaction
kurs tengah BI per 31 Desember 2024. Plan value with the BI middle rate as of
December 31, 2024.
Halaman 10 00015/2.0176-02/BS/06/0089/1/VI/2025
Page 11
Kewajaran Batas Bawah Kurs Tengah Batas Atas Kurs Transaksi (JISDOR)
Kurs 14.950 16.162 17.374 16.157
Berdasarkan tabel diatas kurs yang digunakan Based on the table above, the exchange
dalam Rencana Transaksi berada dalam rate used in the Transaction Plan is within
kisaran batas bawah dan batas atas (+/- 7,5%) the range of lower limit and upper limit(+/-
sesuai ketentuan POJK 35/2020 7.5%) in accordance with POJK 35/2020.
ASUMSI DAN KONDISI PEMBATAS ASSUMPTIONS AND LIMITING CONDITIONS
1. Laporan penilaian ini bersifat non- 1. This appraisal report is a non-
disclaimer opinion. disclaimer opinion.
2. Penilai Usaha telah melakukan 2. The Business Appraiser has conducted
penelahaan atas dokumen-dokumen a review of the documents used in the
yang digunakan dalam proses penilaian. appraisal process.
3. Data dan informasi yang diperoleh 3. The data and information obtained
berasal dari sumber yang dapat comes from sources that can be
dipercaya ke akuratannya trusted for accuracy
4. Penilai mengunakan proyeksi keuangan 4. Appraisers use financial projections
yang telah disesuaikan oleh yang that have been adjusted to reflect the
mencerminkan kewajaran proyeksi fairness of financial projections made
keuangan yang dibuat oleh manajemen by management with the ability to
dengan kemampuan pencapaiannya achieve them (fiduciary duty).
(fiduciary duty)
5. Penilai bertanggung jawab atas 5. The appraiser is responsible for the
pelaksanaan penilaian dan kewajaran implementation of the assessment
proyeksi keuangan yang telah and the fairness of the adjusted
disesuaikan. financial projections.
6. Laporan penilaian pendapat kewajaran 6. This fairness opinion assessment report
ini terbuka untuk publik. is open to the public.
7. Penilai bertanggung jawab atas laporan 7. The appraiser is responsible for the
laporan pendapat kewajaran dan fairness opinion report and value
kesimpulan nilai. conclusions.
8. Penilai telah memperoleh informasi atas 8. The appraiser has obtained
status hukum objek penilaian dari information on the legal status of the
pemberi tugas. object of appraisal from the assignor.
KESIMPULAN CONCLUSSION
Dengan mempertimbangkan analisis By considering the fairness analysis of the
kewajaran atas rencana transaksi yang transaction plan carried out including
dilakukan meliputi analisis transaksi, analisis transaction analysis, qualitative analysis
and quantitative analysis of the transaction
kualitatif dan analisis kuantitatif atas rencana
plan, analysis of the fairness of the
transaksi, analisis kewajaran nilai transaksi serta transaction value and analysis of other
analisis atas faktor lain yang relevan, maka relevant factors, we are of the opinion that
kami berpendapat, Rencana Transaksi adalah the Transaction Plan is Fair.
Wajar.
Halaman 11 00015/2.0176-02/BS/06/0089/1/VI/2025
Page 12
Kami menyatakan dengan sesungguhnya, We certify that in carrying out this
bahwa dalam melaksanakan penugasan ini, assignment, we act as independent parties
kami bertindak sebagai pihak independen who are not bound by any interests, either
now or in the future related to the
yang tidak terikat dengan kepentingan
Company's business or the transactions
apapun, baik saat ini maupun di masa datang carried out.
terkait dengan usaha Perseroan maupun atas
transaksi yang dilakukan.
Demikian laporan pendapat kewajaran ini Thus we submit this fairness opinion report,
kami sampaikan, atas kerjasama dan for the cooperation and trust that has been
given to us for this assignment we thank
kepercayaan yang telah diberikan kepada
you.
kami untuk penugasan ini kami ucapkan
terima kasih.
Hormat kami / Sincerely
KJPP Ferdinand, Danar, Ichsan & Rekan Cabang Jakarta Selatan
Pemimpin Cabang / Branch Partners
J.Ferdinand H.Pardede, MAPPI (Cert)
Izin Penilai Bisnis No. / Business Appraiser License : B-1.09.00089
MAPPI No. : 01-S-01490
STTD Bappepam No. : STTD.PB-17/PJ-1/PM.02/2023
RMK : RMK-2017.00081
Halaman 12 00015/2.0176-02/BS/06/0089/1/VI/2025
Page 13
ASUMSI – ASUMSI DAN KONDISI PEMBATAS ASSUMPTIONS AND LIMITING CONDITIONS
1. Laporan penilaian ini bersifat non- 1. This appraisal report is a non-disclaimer
disclaimer opinion. opinion.
2. Penilai Usaha telah melakukan 2. The Business Appraiser has reviewed the
penelahaan atas dokumen-dokumen documents used in the appraisal
yang digunakan dalam proses process.
penilaian.
3. Data dan informasi yang diperoleh 3. The data and information obtained are
berasal dari sumber yang dapat from sources that can be trusted for
dipercaya ke akuratannya accuracy.
4. Penilai mengunakan proyeksi 4. The appraiser uses financial projections
keuangan yang telah disesuaikan that have been adjusted by reflecting
oleh yang mencerminkan kewajaran the reasonableness of financial
proyeksi keuangan yang dibuat oleh projections made by management
manajemen dengan kemampuan with its ability to achieve (fiduciary
pencapaiannya (fiduciary duty) duty).
5. Penilai bertanggung jawab atas 5. The appraiser is responsible for the
pelaksanaan penilaian dan implementation of the appraisal and
kewajaran proyeksi keuangan yang the reasonableness of the adjusted
telah disesuaikan. financial projections.
6. Laporan penilaian pendapat 6. The fairness opinion appraisal report is
kewajaran ini terbuka untuk publik. open to the public.
7. Penilai bertanggung jawab atas 7. The appraiser is responsible for the
laporan laporan pendapat kewajaran fairness opinion report and value
dan kesimpulan nilai. conclusion.
8. Penilai telah memperoleh informasi 8. The appraiser has obtained information
atas status hukum objek penilaian dari on the legal status of the object of
pemberi tugas. appraisal from the assignor.
9. Analisis, opini dan kesimpulan yang 9. The analysis, opinion and conclusion
dibuat oleh penilai, serta laporan made by the appraiser, as well as the
penilaian telah disusun sesuai dengan appraisal report have been prepared
ketentuan Standar Penilaian in accordance with the provisions of
Indonesia (SPI), Kode Etik Penilai the Indonesian Appraisal Standards
Indonesia (KEPI), serta POJK Nomor 35 (SPI), the Indonesian Appraisal Code of
Tahun 2020 tentang Pedoman Ethics (KEPI), and POJK Number 35 of
Penilaian dan Penyajian Laporan 2020 concerning Guidelines for
Penilaian Usaha di Pasar Modal. Appraisal and Presentation of Business
Appraisal Reports in the Capital Market.
10. Semua sengketa dalam bentuk 10. All disputes in the form of criminal or civil
perkara pidana maupun perdata cases (both inside and outside the
(baik di dalam maupun di luar court) related to the object of appraisal
pengadilan) yang berkaitan dengan are not our responsibility.
obyek penilaian tidak menjadi
tanggung jawab kami.
Halaman 13 00015/2.0176-02/BS/06/0089/1/VI/2025
Page 14
11. Kami ingin menekankan bahwa hasil 11. We would like to emphasize that the
kajian, analisis, serta tanggung jawab results of our study, analysis, and
kami secara khusus hanya terbatas responsibility are specifically limited to
pada aspek nilai atas obyek the value aspect of the object of
penilaian, diluar dari aspek valuation, outside of the taxation and
perpajakan dan hukum karena hal legal aspects because it is subject to
tersebut berada diluar lingkup taxation and legal aspects.The Business
penugasan kami. Appraiser has conducted a review of
the documents used in the appraisal
process.
12. Perubahan-perubahan yang 12. Changes made by the Government or
dilakukan oleh pihak Pemerintah the private sector related to the
maupun swasta yang berkaitan condition of the object of assessment,
dengan kondisi obyek penilaian, in this case market conditions and so on
dalam hal ini kondisi pasar dan are not our responsibility.
sebagainya bukan menjadi tanggung
jawab kami.
13. Laporan penilaian ini disajikan hanya 13. This appraisal report is presented only
untuk maksud dan tujuan seperti for the purposes and objectives as
tertulis di dala laporan dan tidak written in the report and cannot be
dapat digunakan untuk maksud dan used for other purposes and we are not
tujuan lainnya dan kami tidak responsible if this report is used for other
bertanggung jawab jika laporan ini purposes.
digunakan untuk tujuan lain.
14. Laporan penilaian ini sebagai salah 14. This appraisal report is one of the
satu informasi untuk dijadikan dasar information to be used as a basis for
pemikiran dalam mengambil thinking in making decisions, but it is not
keputusan, akan tetapi tidak binding and cannot be used as a basis
mengikat dan tidak dapat dijadikan for determining a decision that has
sebagai dasar penentu suatu legal consequences, because this
keputusan yang berakibat hukum, fairness opinion report is solely made
karena laporan pendapat kewajaran based on a study of the disciplines and
ini semata-mata dibuat berdasarkan abilities that we have.
kajian disiplin ilmu dan kemampuan
yang kami miliki.
15. Laporan penilaian ini tidak berlaku 15. This appraisal report is not valid and
dan tidak sah apabila tidak terdapat invalid if there is no signature of the
tanda tangan penilai berijin beserta licensed appraiser along with the
stempel perusahaan (corporate seal) official corporate seal of KJPP
yang resmi dari KJPP FERDINAND, FERDINAND, DANAR, ICHSAN AND
DANAR, ICHSAN DAN REKAN. REKAN.
16. Laporan penilaian ini dibuat dan 16. This appraisal report is made and
ditujukan hanya kepada pemberi addressed only to the assignor, in
tugas, sesuai dengan maksud dan accordance with the purposes and
tujuan yang diungkapkan dalam objectives expressed in the appraisal
laporan penilaian. report.
Halaman 14 00015/2.0176-02/BS/06/0089/1/VI/2025
Page 15
PERNYATAAN PENILAI ASSESSMENT STATEMENT
Dalam batas kemampuan dan keyakinan Within the limits of our ability and
kami sebagai Penilai Independen, kami confidence as Independent Appraisers,
yang bertanda tangan di bawah ini we, the undersigned, certify that:
menerangkan bahwa :
1. Penilai bertindak secara independen 1. The appraiser acts independently
tanpa adanya benturan kepentingan, without any conflict of interest, and is
dan tidak terafiliasi dengan pihak not affiliated with other parties affiliated
pihak lainnya yang terafiliasi dengan with the Company.
Perseroan.
2. Pernyataan faktual yang 2. The factual statements presented in the
dipresentasikan dalam laporan appraisal report are true according to
penilaian adalah benar sesuai the best understanding of the
dengan pemahaman terbaik dari Appraiser.
Penilai.
3. Analisis dan kesimpulan hanya 3. The analysis and conclusions are limited
dibatasi oleh asumsi dan kondisi yang only by the assumptions and conditions
dilaporkan. reported.
4. Kami tidak mempunyai kepentingan 4. We have no interest either now or in the
baik sekarang atau di masa yang future, nor have a personal interest or
akan datang, maupun memiliki partiality towards the object of the
kepentingan pribadi atau Appraisal.
keberpihakan kepada terhadap
obyek Penilaian.
5. Imbalan Jasa Penilai tidak berkaitan 5. Appraiser Service Fee is not related to
dengan hasil penilaian yang the reported appraisal results.
dilaporkan.
6. Penilaian dilakukan dengan 6. The valuation is carried out in
memenuhi ketentuan Standar compliance with the provisions of the
Penilaian Indonesia (SPI), Kode Etik Indonesian Appraisal Standard (SPI),
Penilai Indonesia (KEPI), serta POJK the Indonesian Appraiser's Code of
Nomor 35 Tahun 2020 tentang Ethics (KEPI), as well as POJK Number 35
Pedoman Penilaian dan Penyajian of 2020 concerning Guidelines for
Laporan Penilaian Usaha di Pasar Valuation and Presentation of Business
Modal. Valuation Reports in the Capital
Market.
7. Penilai telah memenuhi persyaratan 7. Appraisers have met the professional
pendidikan professional yang education requirements determined
ditentukan dan/atau diselenggarakan and/or organized by Appraiser
oleh Asosiasi Penilai yang diakui Associations recognized by the
Pemerintah. Government.
Halaman 15 00015/2.0176-02/BS/06/0089/1/VI/2025
Page 16
8. Penilai memiliki pemahaman 8. The appraiser has an understanding of
mengenai jenis usaha atau industri the type of business or industry that is
yang menjadi obyek penilaian. the object of the appraisal.
9. Penilai telah melakukan wawancara 9. The appraiser has conducted
kepada pihak Manajemen Perseroan. interviews with the Company's
Management.
10. Tidak ada Penilai lainnya selain yang 10. There are no other Appraisers other
bertandatangan di bawah ini, yang than the undersigned, who have been
telah terlibat dalam pelaksanaan involved in the implementation of
inspeksi, analisis, pembuatan inspections, analysis, drawing
kesimpulan, dan opini sebagaimana conclusions, and opinions as stated in
yang dinyatakan dalam laporan this Appraisal report.
Penilaian ini.
11. Analisis telah dilakukan untuk tujuan 11. Analysis has been carried out for the
sebagaimana diungkapkan dalam purposes disclosed in the Appraisal
Laporan Penilaian. Report.
12. Kami bertanggung jawab atas 12. We are responsible for the Assessment
laporan Penilaian yang telah kami report that we have compiled based
susun berdasarkan data yang telah on data that has been provided to us
diberikan kepada kami oleh Pemberi by the Assignor and we consider
tugas dan kami anggap akurat serta accurate and complete. We are not
lengkap. Kami tidak bertanggung responsible for the results of this report if
jawab atas hasil laporan ini apabila the data, documents and information
data-data, dokumen dan informasi from the Assignee provided to us are
dari Pemberi Tugas yang diberikan invalid/legal so that they become
kepada kami tidak sah/legal sehingga incomplete or misleading.
menjadi tidak lengkap atau
menyesatkan.
13. Penugasan Penilaian telah dilakukan 13. Appraisal assignment has been carried
terhadap obyek penilaian pada out on the object of appraisal on the
tanggal penilaian (cut off date) cut off date
14. Analisis dan kesimpulan yang 14. The resulting analysis and conclusions
dihasilkan untuk tujuan sebagaimana are for the purposes disclosed in the
diungkapkan dalam laporan appraisal report.
penilaian.
15. Perkiraan nilai yang dihasilkan dalam 15. Estimated value resulting in a
penugasan penilaian profesional telah professional judgment assignment has
disajikan sebagai kesimpulan nilai. been presented as a value conclusion.
16. Penilai melakukan sesuai dengan 16. The assessor performs in accordance
Lingkup Penugasan dan data yang with the Scope of Assignment and the
dianalisis telah diungkapkan. data analyzed has been disclosed.
17. Kesimpulan Nilai telah sesuai dengan 17. Conclusion Value is in accordance with
asumsi dan kondisi pembatas. the assumptions and limiting conditions.
Halaman 16 00015/2.0176-02/BS/06/0089/1/VI/2025
Page 17
18. Data ekonomi dan industri yang 18. The economic and industrial data
tercantum dalam laporan ini diperoleh included in this report were obtained
dari berbagai sumber yang diyakini from published sources and are
penilai dapat dipertanganggung believed to be correct.
jawabkan
Penilai / Appraiser Tanda Tangan / Signature
Penanggung Jawab/ Person in Charge:
J. Ferdinand H. Pardede, MAPPI (Cert)
Izin Penilai Bisnis No. : B-1.09.00089
MAPPI No. : 01-S-01490
STTD Bapepam No. : STTD.PB-17/PJ-1/PM.02/2023
RMK : RMK-2017.00081
Pemeriksa/ Reviewer:
Yesi Marina
MAPPI No. : 12-T-03415
RMK : RMK-2017.01530
Penilai /Appraiser:
E.Fitri Zakiyah
MAPPI No. : 17-T-07815
RMK : RMK-2020.03192
Asisten Penilai / Appraiser Assistant:
Marshanda Kasavina Putri, S.E.
MAPPI No. : 24-A-12455
Halaman 17 00015/2.0176-02/BS/06/0089/1/VI/2025
Names mentioned 30 people and organisations named in the text · linked when the evidence is strong
unresolved
person
KH. Mas Mansyur
p.1
unresolved
org
KJPP Ferdinand
p.1 ×4
unresolved
org
KJPP FDI
p.1 ×2
unresolved
org
Infrastructure SG Pte. Ltd.
p.1
unresolved
org
PT Centratama Telekomunikasi
p.1
unresolved
org
Centratama Indonesia Tbk
p.1 ×2
unresolved
org
PT Centratama Menara
p.2
unresolved
org
PT Centratama
p.2
unresolved
org
PT Mac
p.2
unresolved
org
PT Fastel Sarana
p.2
unresolved
org
PT EPID Menara
p.2
unresolved
org
Pte. Ltd.
p.2
unresolved
org
EdgePoint Hold Co Pte. Ltd.
p.2
unresolved
org
EdgePoint Infrastruktur Sdn. Bhd.
p.4
unresolved
org
EdgePoint Infrastruktur SG Pte. Ltd.
p.5
unresolved
org
Telekomunikasi Tbk
p.5
unresolved
org
Indonesia Tbk
p.5
unresolved
org
Ichsan & Rekan
p.12
unresolved
person
J. Ferdinand H. Pardede
p.17
unresolved
person
H. Pardede
p.17
unresolved
org
Bapepam
p.17 ×2
unresolved
person
Marshanda Kasavina Putri
p.17
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
2419 ms
12 Sep 2026 22:37
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}