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20250622_EMTK_Informasi Transaksi Afiliasi_31907399_lamp1.pdf
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INFORMATION DISCLOSURE TO THE SHAREHOLDERS
OF THE COMPANY IN RELATION TO
AFFILIATED TRANSACTION
PT Elang Mahkota Teknologi Tbk
(“Company”)
Business Activities:
Engaged in Services (professional activities, media services, solutions, information technology, connectivity,
healthcare, aviation support services and banking) and Trading through its subsidiaries.
Headquarter:
SCTV Tower, 18th Floor, Senayan City
Jl. Asia Afrika Lot 19
Jakarta 10270 - Indonesia
Phone: +62 21 7278 2066 Facsimile: +62 21 7278 2194
E-mail: corsec@emtek.co.id Website: www.emtek.co.id
This Information Disclosure is submitted by the Company in order to comply with the provisions of the Financial Services
Authority (“OJK”) Regulation Number 42/POJK.04/2020 on Affiliated Transaction and Conflict of Interest Transaction
and in connection with the sale and purchase of fixed asset in the form of land and building carried out by PT Indosurya
Menara Bersama as seller and PT Indosiar Visual Mandiri as purchaser, both of which are direct and indirect subsidiaries
of the Company, which has been executed on 26 June 2025.
This Information Disclosure is prepared for the benefit of the Shareholders of the Company and therefore should be read
and considered carefully by the Shareholders of the Company. Should you have any difficulty understanding the
information contained in this Information Disclosure, you are advised to consult with a legal advisor, public accountant,
financial advisor or other professional.
This Information Disclosure is published on 30 June 2025
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DEFINITION
Unless otherwise stated in this Information Disclosure, capitalized terms used in this Information
Disclosure have the following meanings:
Deed of Sale and Purchase or : Deed of Sale and Purchase No. 20/2025 dated 26 June 2025 made
AJB before Hendro Lukito, S.H., Notary and Land Deed Official (PPAT)
in West Jakarta.
Conflict of Interest : Conflict of Interest as defined in POJK 42/2020.
BPHTB : Tax Levy on the Acquisition of Land and Building Rights.
ISMB : PT Indosurya Menara Bersama, a limited liability company duly
established under the laws of Indonesia, having its registered office
at Menara Batavia 5th Floor, Jl. K.H. Mas Mansyur Kav. 126, Karet
Tengsin Subdistrict, Tanah Abang District, Central Jakarta, DKI
Jakarta, Indonesia.
IVM : PT Indosiar Visual Mandiri, a limited liability company duly
established under the laws of Indonesia, having its registered office
at Jl. Damai No. 11, Duri Kepa Subdistrict, Kebon Jeruk District,
West Jakarta, DKIJakarta, Indonesia.
MoL : Ministry of Law and Human Rights of the Republic of Indonesia
(now, Ministry of Law).
KJPP STH : Public Appraisal Services Office of Stefanus Tonny Hardi & Rekan, a
public appraisal services office registered in OJK, appointed by the
Company as the appraiser for the Transaction Object and to issue the
fairness opinion on the Transaction.
MoL : Minister of Law and Human Rights (now, Minister of Law).
NIB : Business Identification Number (Nomor Induk Berusaha) issued by
the OSS Institution or the Online Single Submission (OSS) system.
Transaction Object : Fixed asset in the form of land in the area 4,790 m² as described in
Right to Build Certificate No. 2979/Joglo dated 23 March 1999, along
with the buildings constructed on it and other supporting facilities
(excluding the transmission tower, antenna, and related equipment),
located at Jl. Joglo Raya No. 70, Joglo Subdistrict, Kembangan
District, West Jakarta.
OJK : Financial Services Authority.
Conditional Sale and : Conditional Sale and Purchase Agreement dated 11 June 2025
Purchase Agreement or PPJB between ISMB as seller and IVM as purchaser.
Appraiser : Appraiser as defined in POJK 42/2020.
Company : PT Elang Mahkota Teknologi Tbk, a publicly listed limited liability
company duly established under the laws of Indonesia, having its
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registered office at SCTV Tower, 18th Floor, Senayan City, Jl. Asia
Afrika Lot 19, DKI Jakarta, Indonesia
POJK 42/2020 : Financial Services Authority Regulation Number 42/POJK.04/2020
concerning Affiliated Transaction and Conflict of Interest
Transaction.
Income Tax : Income Tax in accordance with the provisions of tax regulations in
Indonesia.
VAT : Value Added Tax in accordance with the provisions of tax regulations
in Indonesia.
PSAK : Indonesian Financial Accounting Standards issued by the Indonesian
Institute of Accountants.
SCMA : PT Surya Citra Media Tbk, a publicly listed limited liability company
duly established under the laws of Indonesia, having its registered
office at SCTV Tower, 18th Floor, Senayan City, Jl. Asia Afrika Lot 19,
DKI Jakarta, Indonesia.
Related Party Transactions : Affiliated Transactions as defined and determined under POJK
42/2020.
Transaction : The sale and purchase transaction of the Transaction Object between
ISMB as seller and IVM as purchaser, subject to the terms and
conditions set forth in the PPJB and the AJB.
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INTRODUCTION
This Information Disclosure is prepared to comply with the Company’s obligation under POJK 42/2020 in
relation to the Information Disclosure regarding a transaction that constitutes an Affiliated Transaction
between ISMB, a subsidiary directly owned by the Company, and IVM, a subsidiary indirectly owned by the
Company, concerning the sale and purchase of the Transaction Object. Furthermore, the Information
Disclosure in connection with the implementation of the Transaction is intended to provide explanations,
considerations and reasons for conducting Affiliated Transaction to the Company's Shareholders.
In general, this Information Disclosure includes (a) a description of the Company and its affiliated parties; (b)
an explanation of information disclosure regarding the Affiliated Transaction; (c) the appointment of an
Appraiser, a summary of the appraisal report on the Transaction Object, and a summary of the fairness opinion
report on the Transaction; (d) the proforma impact of the Transaction on the Company's financial conditions;
and (e) statements from the Board of Directors and the Board of Commissioners, as well as other relevant
matters.
DESCRIPTION OF THE COMPANY AND AFFILIATED PARTIES
The following is a description of the Company and its affiliated parties in connection with the Transaction
which includes the Company, ISMB and IVM.
The Company as the holding company of the Affiliated Parties
Establishment and Articles of Association
The Company is a public listed limited liability company engaged in services (professional activities, media
services, solutions, information technology, connectivity, health services and others) and trading through its
subsidiaries, which was established under the name PT Elang Mahkota Komputer based on Deed No. 45
dated 10 March 1997, made before Agus Madjid S.H., Notary in Jakarta which was approved by the Minister
of Justice of the Republic of Indonesia under the Decree No. C2-2694 HT.01.04.Th.97 dated 15 April 1997.
PT Elang Mahkota Komputer then changed its name to PT Elang Mahkota Teknologi and conducted its
initial public offering on 30 December 2009. PT Elang Mahkota Teknologi name is changed to PT Elang
Mahkota Teknologi Tbk and listed all of its shares on the Indonesia Stock Exchange on 12 January 2010.
The Company's shareholders have approved the amendment of the entire articles of association, among
others, to conform to the applicable OJK regulations based on Deed No. 69 dated 12 August 2020, made
before Aulia Taufani S.H., Notary in South Jakarta, which was approved by the MoL based on Decree No.
AHU-0067383.AH.01.02.Tahun 2020 dated 30 September 2020 and notified to and received by the MoL
based on Letter of Acceptance of Notification of Amendment of Articles of Association No. AHU-AH.01.03-
0392736 dated 30 September 2020.
The Company's articles of association were last amended by Deed No. 11 dated 5 December 2024, made
before Aulia Taufani, S.H., Notary in South Jakarta, which has been notified to and accepted by the MoL
based on the letter of Acceptance of Notification of Amendment of Articles of Association Number AHU-
AH.01.03-0220558 dated 12 December 2024.
Business Activities
The Company’s business activities include wholesale trading of telecommunication equipment, other
management consulting services, and holding company activities, in accordance with Business Registration
Number (Nomor Induk Berusaha, “NIB”) 9120108840012 (OSS Risk-Based Approach) issued in
accordance with the prevailing laws and regulations in Indonesia.
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Capital Structure and Shareholding
Based on the Monthly Report on Securities Holder Registration and the Company’s Shareholder Register as
of 31 May 2025, which was published on the Indonesia Stock Exchange website on 10 June 2025, the
Company’s capital structure and shareholding composition are as follows:
Nominal Value per Share: Rp20
Description
Number of Shares Nominal Value (IDR) %
Authorized Capital 125,670,180,000 2,513,403,600,000 -
Shareholders
1. Eddy K. Sariaatmadja 13,439,147,454 268,782,949,080 21.89%
2. Ir. Susanto Suwarto 7,117,889,090 142,357,781,800 11.59%
3. PT Adikarsa Sarana 8,654,560,360 173,091,207,200 14.10%
4. Piet Yaury 4,989,564,500 99,791,290,000 8.13%
5. PT Prima Visualindo 3,802,209,980 76,044,199,600 6.19%
6. Anthoni Salim 5,510,302,220 110,206,044,400 8.98%
7. Public 17,634,131,329 352,682,626,580 28.72%
8. Treasury Shares 243,946,550 4,878,931,000 0.40%
61,391,751,483 1,227,835,029,660
Issued and Paid-up Capital 100.00%
48.86% of authorized capital
Total Portepel Shares 64,278,428,517 1,285,568,570,340 -
Management Composition
The composition of the Company's Board of Commissioners and Board of Directors in accordance with Deed
No. 34 dated 12 June 2024 made before Aulia Taufani, S.H., Notary in South Jakarta, which has been notified
to and accepted by the MoL based on the letter of Acceptance of Notification of Amendment of Articles of
Association Number AHU-AH.01.09-0215920 dated 20 June 2024, is as follows:
Board of Commissioners
President Commissioner : Eddy K. Sariaatmadja
Commissioner : Ir. Susanto Suwarto
Independent Commissioner : Stan Maringka
Independent Commissioner : Marianna Sutadi
Directors
President Director : Alvin W. Sariaatmadja
Vice President Director : Sutanto Hartono
Director : Yuslinda Nasution
Director : Sutiana Ali
Director : Jay Geoffrey Wacher
Director : Titi Maria Rusli
ISMB as seller
Establishment and Articles of Association
ISMB, a subsidiary of the Company, is a limited liability company domiciled in Central Jakarta and located
at Menara Batavia, 5th Floor, Jl. K.H. Mas Mansyur No. 126, Jakarta 10220. The company was established
pursuant to Deed of Establishment No. 3 dated 6 December 2011, drawn up before Chandra Lim, S.H., LL.M,
Notary in North Jakarta, which was approved by the MoL under approval No. AHU-61566.AH.01.01.Tahun
2011 dated 13 December 2011 (“Deed No. 3/2011”).
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The Articles of Association of ISMB have been amended several times as set forth in Deed No. 30 dated 26
April 2021 made before Chandra Lim, S.H. LL.M, Notary in North Jakarta having obtained the Decree of the
MoL Number: AHU-0025278.AH.01.02.TAHUN 2021 and Receipt of Notification from the MoL Number
AHU-AH.01.03-0264835 dated 26 April 2021, Deed No. 36 dated 26 September 2023 made before Chandra
Lim, S.H., LL.M, Notary in North Jakarta having obtained the Notification Letter from the MoL Number
AHU-AH.01.03-0122404 dated 26 September 2023, and Deed No. 20 dated 10 October 2023 made before
Chandra Lim, S.H. LL.M, Notary in North Jakarta has obtained a Certificate of Acceptance of Notification of
the MoL AHU-AH.01.03-0127181 dated 10 October 2023.
Business Activities
ISMB’s business activities include real estate owned or leased, as well as other management consulting
activities, in accordance with NIB1251000462874 (OSS Risk-Based Approach) issued in accordance with the
prevailing laws and regulations in Indonesia.
Capital Structure and Shareholding
The shareholding and capital structure of ISMB based on Deed No. 3/2011 is as follows:
Nominal Value per Share: Rp1,000,000
Description
Number of Shares Nominal Value (IDR) %
Authorized Capital 20,000 20,000,000,000 -
Shareholders
1. PT Elang Mahkota Teknologi Tbk 12,000 12,000,000,000 60%
2. PT Elshinta Jakarta Television 6,000 6,000,000,000 30%
3. PT Radio Elshinta 2,000 2,000,000,000 10%
20,000 20,000,000,000
Issued and Paid-up Capital 100%
100% of authorized capital
Management Composition
The composition of the Board of Commissioners and the Board of Directors of ISMB is based on Deed No.
21 dated 11 October 2023, drawn up before Chandra Lim, S.H., LL.M., Notary in North Jakarta, and notified
to the MoL pursuant to Notification Letter No. AHU-AH.01.09-0172268 dated 11 October 2023, and is as
follows:
Board of Commissioners
President Commissioner : Andya Daniswara
Vice President Commissioner : Hodini Hutama
Commissioner : Sunarsih
Directors
President Director : Doktorandus Imam Sudjarwo MP
Vice President Director : Santoso Tandio
Director : Ir. Rachmat Akbari
IVM as purchaser
Establishment and Articles of Association
IVM, an indirect subsidiary of the Company owned through the Company's ownership in SCM (as described
above), is a limited liability company domiciled in West Jakarta and located at Jl. Damai No. 11, Duri Kepa
Subdistrict, Kebon Jeruk District, West Jakarta.
IVM was established pursuant to Deed of Establishment No. 165 dated 19 July 1991 made before Benny
Kristianto, S.H, Notary in Jakarta which was approved by Decree of the Minister of Justice of the Republic
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of Indonesia No. 02-6430.HT.01.01.TH'93 dated 22 July 1993 and announced in the State Gazette of the
Republic of Indonesia No. 84 dated 19 October 1993.
IVM's Articles of Association have been amended several times, among others, the relevant ones as set forth
in Deed No. 48 dated 23 May 2008, made before Fathiah Helmi, S.H., Notary in Jakarta, which has been
approved through Decree of the MoL No. AHU-18515..02.Tahun 2008 dated 7 August 2008 and Deed No. 7
dated 3 September 2020, made before Chandra Lim, S.H., LL.M, Notary in North Jakarta, which was
approved by the Decree of the MoL No. AHU-0063392.AH.01.02.TAHUN 2020.
Business Activities
IVM’s business activities include broadcasting and other supporting business activities, pursuant to NIB
9120204621544 (OSS Risk-Based Approach) issued in accordance with the prevailing laws and regulations
in Indonesia.
Capital Structure and Shareholding
The shareholding and capital structure of IVM based on Deed No. 26 dated 19 November 2020, made before
Chandra Lim, S.H., LL.M, Notary in North Jakarta, which has been notified and received through the
Notification Letter of the MoL Minister No. AHU-AH.01.03-0409418 dated 19 November 2020, are as
follows:
Nominal Value per Share: Rp250
Description
Number of Shares Nominal Value (IDR) %
Authorized Capital 4,000,000,000 1,000,000,000,000 -
Shareholders
1. SCMA 1,988,981,103 497,245,275,750 99.9909%
2. PT Indo Mitra Securities 10,000 2,500,000 0.001%
3. Syafruddin A.T 50,000 12,500,000 0.003%
4. PT Okansa Capital 500 125,000 0.00003%
5. PT Usaha Bersama Sekuritas 500 125,000 0.00003%
6. Timothy Yulianto S.E., M.M. 5,500 1,375,000 0.0003%
7. PT Prima Visualindo 500 125,000 0.00003%
8. Andry Ansjori 115,000 28,750,000 0.0058%
1,989,163,103 497,290,775,750
Issued and Paid-up Capital 100.00%
49.729% of authorized capital
Total Portepel Shares 2,010,836,897 502,709,224,250 -
Management Composition
The composition of the Board of Commissioners and the Board of Directors of IVM in accordance with the
Deed of Resolution of the Annual General Meeting of Shareholders No. 14 dated 9 June 2021, made before
Chandra Lim, S.H., LL.M, Notary in North Jakarta, which has been notified to and the notification has been
received by the MoL based on letter No. AHU-AH.01.03-0377496 dated 15 June 2021 is as follows:
Board of Commissioners
President Commissioner : Suryani Zaini
Commissioner : Mohamad Jusuf Hamka
Commissioner : Ir. Susanto Suwarto
Commissioner : Franciscus Welirang
Commissioner : Sutiana Ali
Directors
President Director : Doktorandus Imam Sudjarwo MP
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Vice President Director : Rusmiyati Djajaseputra
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DESCRIPTION OF INFORMATION DISCLOSURE ON AFFILIATED TRANSACTION
The following is a summary of the PPJB and AJB and a description of the information disclosure on the
Affiliated Transaction which refers to the provisions in Article 10 POJK 42/2020.
PPJB Summary
As part of the Transaction implementation process, ISMB as seller and IVM as purchaser have executed the
PPJB on 11 June 2025. The following is a summary of the PPJB:
Principal : The Parties agree to sell and purchase the Transaction Object subject to the
Provisions conditions precedent stated in the PPJB.
Sale and Purchase : The minimum price is IDR48,413,000,000 (forty-eight billion four hundred
Price and Payment thirteen million Rupiah), exclusive of 11% VAT, or in such other amount as
shall be agreed by the Parties in the Deed of Sale and Purchase, and shall be
paid in full by the seller to the purchaser.
Prerequisite : The Transaction shall only take place if, no later than 30 June 2025, the Parties
Condition fulfill certain conditions, including but not limited to: obtaining the necessary
approvals from the relevant corporate organs, obtaining a fairness opinion
from the appointed public valuer, confirming that the land certificate is free
from disputes or encumbrances, and ensuring that the representations and
warranties provided by ISMB remain valid as of the date of execution of the
AJB.
Representations : ISMB provides representations and warranties relating to its lawful ownership
and Warranties of the Transaction Object, the absence of any third-party claims or
and Obligations encumbrances, the non-existence of powers of attorney granted to other
parties, full payment of land and building tax, and the obligation to deliver the
property in a vacant condition.
The PPJB also includes an obligation for ISMB to bear the cost of
administrative fines or penalties imposed by government agencies relating to
outstanding payment obligations of ISMB (if any) related to the building
incurred prior to the Transaction.
Other Terms ISMB has agreed to bear income tax and IVM has agreed to bear BPHTB, while
other costs will be borne jointly and proportionately by IVM and ISMB.
AJB Summary
Based on the PPJB and upon the fulfillment of the conditions precedent as specified in the PPJB, ISMB and
IVM have signed the AJB on 26 June 2025, in the presence of an authorized Land Deed Official. The
following is a summary of the AJB:
Principal : ISMB as seller confirms that it has received payment of the sale and purchase
Provisions price and the Transaction Object since the date of AJB has become the
property of IVM as purchaser.
Purchase Price and : IDR48,413,000,000 (forty-eight billion four hundred thirteen million rupiah)
Payment excluding VAT of 11%.
Representations : ISMB represents and warrants that the Transaction Object is free from any
and Warranties disputes, seizures, and other encumbrances.
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Other Terms Costs in connection with AJB will be borne jointly and proportionately by IVM
and ISMB.
Based on the PPJB and AJB, ISMB and IVM have executed legally and bindingly based on applicable laws
and in line with the principles of good corporate governance, transparency and accountability within the
Company group. The provisions set out in the PPJB and AJB serve as the legal basis for the implementation
of this Transaction and are taken into account in the preparation of the pro forma financial impact of the
Transaction in this Information Disclosure.
Description of Affiliated Transaction
Transaction Date : 26 June 2025
Transaction Object : As defined in the “Definitions” section of this Information Disclosure.
Transaction Value : IDR48,413,000,000 (forty-eight billion four hundred thirteen million
rupiah), excluding VAT 11%.
Parties to the : ISMB as seller and IVM as purchaser, both are subsidiaries of the Company.
Transaction and
their relationship
with the Company
Nature of : First, control, directly or indirectly, by the same party. The Company is the
Affiliation of the holding company of ISMB and IVM. This is because the Company has a 60%
Parties with the direct ownership of ISMB shares. Meanwhile, the Company's ownership in
Company and No IVM is indirect, through its 63.74% direct ownership in SCMA 1 , which is the
Conflict of Interest direct parent company of IVM with 99.99% ownership.
Second, the relationship between the two companies is also reflected in the
fact that they share one member of the Board of Directors. As previously
described, the same individual serves as the President Director of both ISMB
and IVM.
Regarding the Conflict of Interest, the Company can confirm that there is no
Conflict of Interest in connection with this Transaction.
1 Based on the Monthly Report of Securities Holder Registration and SCMA Shareholders List as of May 31, 2025 which has been
published on the Indonesia Stock Exchange website on June 10, 2025.
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Shareholding structure of the Company in relation to the Parties to the
Transaction per 31 May 2025:
Appraisal Report of : The summary of the report issued by KJPP STH as the independent Appraiser
the Transaction can be referred to in the “Summary of the Appraisal Report of the Transaction
Object Object” section of this Information Disclosure, which concludes that the value
of the Transaction Object is IDR47,888,100,000 (forty-seven billion eight
hundred eighty-eight million one hundred thousand Rupiah) assessed as of 31
December 2024.
Fairness Report on : A summary of the report issued by KJPP STH as the independent Appraiser
the fairness of the can be referred to in the section “Summary of the Fairness Opinion Report of
Transaction the Transaction” of this Information Disclosure, in which the Transaction
received a fair opinion.
Pro Forma : For information refer to the section “Pro Forma Impact of Transaction on the
Transaction Company's Financial Condition” of this Information Disclosure.
Impact on the
Company's
financial condition
Explanation, : 1. Optimization of Group Structure and Asset Management
Consideration and The Transaction was carried out to harmonize the operational needs of each
Reasons for the subsidiary, thus supporting the efficiency of asset management and
Transaction administration within the Company group. On the land prior to the
Transaction, there were transmitter towers and other supporting equipment
owned by IVM to support its main operational activities.
With the execution of the Transaction, fixed assets in the form of land
originally owned by ISMB will be transferred to IVM which will optimize the
use and development of land, transmitter towers and other supporting
equipment owned by IVM for IVM's daily business activities.
2. Supporting Subsidiaries' Business Plans
The land that constitutes the Transaction Object will support IVM’s asset
utilization for its core business activities, project development, or business
expansion plans that align with the long-term strategy of both IVM and the
Company. This is intended to ensure that the use of the fixed asset—on
which IVM’s transmission tower and other supporting equipment were
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previously constructed—becomes more productive and adds greater value to
the Company’s consolidated operations.
3. Fulfilling the Principles of Fairness and Good Corporate
Governance
The Transaction has been carried out at a price mutually agreed upon by
ISMB and IVM, which is considered fair based on the valuation and fairness
opinion issued by KJPP STH (a summary of which is provided below) to
ensure the fairness of the value. The Transaction was also conducted in
accordance with the principles of transparency and accountability to uphold
good corporate governance practices and in compliance with the prevailing
capital market regulations.
4. Ownership Adjustment of Used Fixed Assets
The Transaction has been carried out to ensure alignment between the land
asset and the infrastructure that has been constructed on it. In this case, the
purchase of the land by IVM from the seller, ISMB, represents a logical and
strategic decision, as IVM’s transmission tower and other supporting
equipment—already in daily operational use by IVM—has been built on land
owned by ISMB.
APPRAISER APPOINTMENT
Prior to the execution of the Transaction, the Company appointed the following public appraisal firm to act
as the valuer in accordance with the provisions of POJK 42/2020, pursuant to Appointment Letter No. STH-
117/PR.021/SG/VI/2025 dated 3 June 2025, to provide (a) a valuation of the Transaction Object and (b) a
fairness opinion on Transaction:
Identity of Appraiser
PUBLIC APPRAISAL SERVICE OFFICE STEFANUS TONNY HARDI & REKAN
Graha STH Jl. Mandala Raya No. 20, Tomang, Jakarta 11440
Phone: 021-5637373, Fax: 021-5636404, E-mail: sth@kjppsth.com
Field of Service: Property and Business Valuation
Working Area: Indonesia
KJPP STH was established in Jakarta with a Business License of Public Appraisal Services Office No.
2.08.0007 dated 23 December 2008, as a replacement for Business License No. 2.07.0012 dated 7 February
2008 issued by the Minister of Finance of the Republic of Indonesia and obtained a Registered Certificate at
the Capital Market Supervisory Agency (currently, OJK) No. S.2464/BL/2007.
The Company has received two reports issued by KJPP STH as described in the following sections Summary
of the Appraisal Report of the Transaction Object and Summary of the Fairness Opinion of the Transaction.
The two reports become one of the reference bases for the Transaction.
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SUMMARY OF THE APPRAISAL REPORT OF THE TRANSACTION OBJECT
The following is a summary of the appraisal report of the Transaction Object based on File Valuation Report
No. 00037/2.0007-00/PI/10/0027/1/VI/2025-SF dated 19 June 2025 issued by KJPP STH as follows:
1. Identity of the Appointing Party
The appointing party is PT Elang Mahkota Teknologi Tbk.
2. Object of Valuation
The object of valuation is the Transaction Object, namely a fixed asset in the form of land measuring
4,790 m² along with the buildings and other supporting facilities constructed thereon, located at Jl.
Joglo Raya No. 70, Joglo Subdistrict, Kembangan District, West Jakarta, and registered under the name
of ISMB pursuant to Right to Build Certificate (Sertipikat Hak Guna Bangunan) No. 2979 dated 23
March 1999.
3. Assessment Objectives
The purpose and objective of this appraisal report is to provide an opinion on the market value of the
Object of Valuation as referred to in point 2 above as of 31 December 2024, which the results of this
appraisal are intended for the purpose of sale and purchase by ISMB as seller and IVM as purchaser.
4. Limiting Conditions and Terms
The Valuation and Valuation Report are subject to the following limiting conditions:
- KJPP STH does not conduct research on the validity of the documents related to the valuation,
therefore KJPP STH does not guarantee their truth or validity.
- The appraisal report should be used as an indivisible whole and its use is limited to the purposes
and objectives of this appraisal only. This report shall not be applied for any other purpose.
- KJPP STH has no responsibility to third parties, as long as it does not deviate from applicable
regulations and laws.
- KJPP STH is exempted from any claims, obligations, expenses and costs arising or incurred due to
the use of reports that are not in accordance with the purpose and objectives of the report, errors
in data and/or information provided by the appointing party in connection with the services
provided.
- If in the future there is a claim from the appointing party/third party, which is caused by KJPP
STH's imperfection or carelessness in carrying out this assignment, then the claim for
compensation to KJPP STH shall not exceed the fee for this assignment.
- In the event that, in the future, there is a request from any party that is not caused by any fault of
KJPP STH and/or KJPP STH is required to provide information or respond to a summons by the
competent authorities, any costs incurred shall be charged to the appointing party in accordance
with the fees and resources expended by KJPP STH.
5. Specific Assumptions
The assumptions and special assumptions used in conducting valuation work are:
- The data provided to KJPP STH is correct and related to the object of valuation, and KJPP STH
does not conduct further checks on its correctness.
- The title to the object of valuation is assumed to be good, marketable, with the condition free of all
security seizures, restrictions, and privileges.
- In the event that there is uncertain information relating to the physical, legal or economic
characteristics of the object of valuation, or regarding external conditions of the property such as
market conditions or trends or the integrity of the data used in the analysis is limited, Special
Assumptions will be used.
- The Valuation Report will be prepared on the basis of the assumption of an ongoing business
activity (as going concern) and the asset owner or the purchaser will continue its business in the
future and does not intend or wish to liquidate or reduce the object of valuation.
6. Assessment Approach and Methods
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In this valuation, KJPP STH applied the market value basis, with reference to the Indonesian Valuation
Code of Ethics and the Indonesian Valuation Standards Edition VII – SPI 2018 issued by the Indonesian
Society of Appraisers, as well as OJK Regulation No. 28/POJK.04/2021 on the Valuation and
Presentation of Property Valuation Reports in the Capital Market. The approaches adopted include the
Cost Approach using the Replacement Cost Method for the buildings and other supporting facilities,
and the Market Approach using the Market Data Comparison Method for the land valuation.
7. Value Conclusion
By considering all relevant information and market conditions, KJPP STH is of the opinion that the
Market Value of the Transaction Object in the form of land along with buildings and other
complementary facilities with a land area of 4,790 m2 located at Jl. Joglo Raya No. 70, Joglo Subdistrict,
Kembangan District, West Jakarta, registered in the name of ISMB based on Building Rights Title
Certificate No. 2979, dated 23 March 1999 is IDR47,888,100,000 (forty-seven billion eight hundred
eighty-eight million one hundred thousand rupiah) valued as of 31 December 2024.
14
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Unofficial Translation
SUMMARY OF THE FAIRNESS OPINION REPORT OF THE TRANSACTION
Furthermore, the following is a summary of the fairness opinion report of the Transaction based on Report
File No. 00040/2.0007-00/BS/10/0027/1/VI/2025-SF dated 26 June 2025, issued by KJPP STH:
1. Identity of the Transacting Parties
ISMB as seller and IVM as purchaser.
2. Object of Fairness Opinion Assessment
The object of analysis of fairness opinion in the Transaction is land along with buildings and other
complementary facilities with a land area of 4,790 m2 located at Jl. Joglo Raya No. 70, Joglo Subdistrict,
Kembangan District, West Jakarta, which is registered in the name of ISMB based on Building Rights
Title Certificate No. 2979 dated 23 March 1999, with a transaction value of Rp48,413,000,000 (forty-
eight billion four hundred thirteen million Rupiah).
3. Purpose and Objectives of Assessment
The purpose and objective of providing a fairness opinion is to fulfill POJK 42/2020.
4. Valuation Date Fairness Opinion
This valuation was conducted as of 31 December 2024.
5. Appraiser Independence
In preparing the Fairness Opinion Report on this Transaction, KJPP STH has acted independently
without any conflict of interest and is not affiliated with the Company or other parties affiliated with
the Company.
KJPP STH also has no personal interest or profit related to this assignment. Furthermore, this Fairness
Opinion Report is not conducted to benefit or harm any party. The fees that KJPP STH receives are in
no way affected by the fairness resulting from this fairness analysis process.
6. Assumptions and Limiting Conditions
In preparing the fairness opinion on the Transaction, KJPP STH applied several assumptions, among
others:
a. The business valuation report issued by the independent appraiser is a non-disclaimer opinion.
b. KJPP STH has reviewed the documents used in the valuation process.
c. The data and information obtained by KJPP STH come from sources that can be trusted for
accuracy.
d. KJPP STH uses adjusted financial projections that reflect the fairness of financial projections made
by management with its ability to achieve (fiduciary duty);
e. KJPP STH is responsible for the implementation of the Assessment and the fairness of the adjusted
financial projections.
f. This Business Appraisal Report is open to the public, unless there is confidential information, which
may affect the company's operations.
g. KJPP STH is responsible for the business valuation report and value conclusion.
h. Information on the legal status of the object of assessment from the appointing party is considered
correct and reliable, KJPP STH is not responsible if it turns out that the information provided is
proven to be inconsistent with the actual facts.
i. The results included in this report and any other values in the report that are part of the business
being valued are only valid for the purpose of the valuation. The results of this Business Valuation
Report should not be used for any other valuation purposes that may result in errors.
j. KJPP STH does not conduct research on the validity of the documents related to the valuation,
therefore KJPP STH does not guarantee their truth or validity.
k. This Business Valuation Report should be used as an integral whole and its use is limited to the
purpose and objectives of this valuation only. This report shall not be applied for any other purpose.
l. The use of part or all of the report for publication in print/electronic media must obtain written
approval from KJPP STH as the appraiser and author of the report.
15
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Unofficial Translation
m. KJPP STH assumes that the data provided to KJPP STH is correct and related to the object of
valuation and KJPP STH does not conduct further checks on its accuracy.
n. KJPP STH is released from all claims and obligations related to the use of the report that is not in
accordance with the purpose and objectives of the report.
KJPP STH also relies on the management representation letter that management has submitted all
important and relevant information with the Transaction and to the best of the Company's
management's knowledge there are no material factors that have not been disclosed and may be
misleading.
7. Assessment Approach and Methods
In preparing the Fairness Opinion Report of the Transaction, KJPP STH has conducted an analysis
through the approach and procedures of the Transaction assessment which includes transaction
analysis, qualitative analysis and quantitative analysis, analysis of the fairness of the transaction value
and analysis of the fairness of the Transaction.
8. Final Conclusion of Fairness Opinion on the Transaction
Based on transaction analysis, qualitative analysis, quantitative analysis, analysis of the fairness of
transaction value, and analysis of the fairness of the Transaction, KJPP STH is of the opinion that the
Transaction is fair.
16
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Unofficial Translation
PRO FORMA IMPACT OF THE TRANSACTION ON THE COMPANY'S FINANCIAL
CONDITION
Introduction
The pro forma consolidated financial information has been prepared based on the historical consolidated
financial statements of the Company and its Subsidiaries as of 31 December 2024 and for the year then ended
which have been audited and adjusted to reflect the impact of the Transaction.
The pro forma statement of financial position and pro forma statement of profit or loss and other
comprehensive income (loss) present the impact of the Transaction as if the Transaction had occurred on 31
December 2024. However, such pro forma financial information is not indicative of the results of operations
or the impact on financial position if the Transaction had occurred earlier.
The historical consolidated financial statements of the Company and its Subsidiaries prior to the Transaction
used in the preparation of the pro forma consolidated financial information are taken from the Company's
Financial Statements dated 31 December 2024 and for the year then ended which have been audited by KAP
Purwantono, Sungkoro & Surja, a member firm of Ernst & Young Global Limited, independent auditor's
report No 00258/2.1032/AU.1/10/1294-4/1/III/2025 dated 20 March 2025, signed by Mr. Said Amru.
Assumption
The following are the assumptions used in preparing the pro forma impact of the Transaction on the
Company's financial condition (the“Transaction Assumptions”):
a. The consolidated statements of financial position and consolidated statements of profit or loss and other
comprehensive income of the Company and its subsidiaries as of 31 December 2024 and for the year
then ended have been prepared and presented in accordance with PSAK and have been audited with a
fair opinion in all material respects.
b. ISMB sold the Transaction Objects to IVM at a price of IDR48,413,000,000,- on 31 December 2024.
c. The Group recorded cash outflows, including taxes and professional fees arising from the Transaction
totaling IDR4,207,745,430. The amount of IDR3,630,975,000 represents Income Tax on sale of fixed
assets and BPHTB paid by ISMB and IVM.
d. The adjustment to income tax expense takes into account the reduction in profit before tax of the
Company and its subsidiaries due to professional service fees arising from this transaction, which will
affect the amount of tax payable by the Company as of 31 December 2024.
e. Partial repayment of ISMB's convertible bonds to ISMB's shareholders using proceeds from the sale of
land and buildings amounting to IDR48,413,000,000, one of which was to the Company in the amount
of IDR29,047,800,000, and the rest to PT Elshinta Jakarta Televisi and PT Radio Elshinta which were
then net-off with ISMB's receivables to both parties totaling IDR10,792,704,574.
Adjustments
Based on the Transaction Assumptions, this pro forma consolidated statement of financial position and pro
forma consolidated statement of profit or loss and other comprehensive income have been prepared by the
Company's management with the following adjustments:
1. Cash and gain on sale of assets received by ISMB, as well as VAT liability arising from the sale of such
assets.
In Millions of
Rupiah
Sales price of the Transaction Object 48,413
Output VAT on the purchase of Transaction Object (Tax payable) 5,325
17
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Unofficial Translation
Total cash received 53,738
In Millions of
Rupiah
Transaction Object sales cost 48,413
Book value of Transaction Object (11,706)
Gain on sale of assets 36,707
2. Cash disbursed by ISMB for income tax on sale of fixed assets amounted to IDR1,210,325,000 at the
time of sale of assets.
3. Cash incurred by IVM for the purchase cost of the Transaction Object (including VAT).
In Millions of
Rupiah
Purchase price of Transaction Object 48,413
Input VAT on the purchase of Transaction Object 5,325
Total 53,738
4. Cash incurred by IVM for BPHTB costs amounted to IDR2,420,650,000 at the time of purchase of the
Transaction Object.
5. Cash incurred by the Company, ISMB, SCMA, and IVM for professional services fees at the time of
purchase of the Transaction Objects along with input VAT are as follows:
In Millions of
Rupiah
Professional service fees 520
Input VAT on professional services 57
Total 577
A portion of the professional fees amounting to IDR129,807,000 has been capitalized by IVM as direct
cost of acquisition of assets in accordance with the provisions of PSAK 216 (Property, Plant and
Equipment).
6. Adjustment to income tax expense - net takes into account IDR389,806,500 of professional fees
expensed as operating expenses:
In Millions of
Rupiah
Professional service fees expensed as operating expenses 390
Corporate income tax rate x 22%
Reduction in income tax expense - net 86
7. Partial repayment of ISMB's convertible bonds to ISMB's shareholders using proceeds from the sale
and purchase of the Transaction Objects.
18
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Unofficial Translation
In Millions of Rupiah
Repayment Value Elshinta Repayment in cash
Receivables
*)
Company 29,048 - 29,048
PT Elshinta Jakarta 14,524 (7,876)
Television 6,648
PT Radio Elshinta 4,841 (2,917) 1,924
Total 48,413 (10,793) 37,620
*) Elshinta receivables represent receivables owed by ISMB to PT Elshinta Jakarta Television and PT
Radio Elshinta.
8. Reversal of accounting records related to the amortized interest value on ISMB’s convertible bonds that
have been settled in the amount of IDR6,333,500,869.
9. Receipt of partial repayment of ISMB's convertible bonds to the Company amounting to
IDR29,047,800,000.
10. The effect of recalculation of accounting books related to the value of amortized interest on ISMB
convertible bonds recorded by the Company amounting to IDR3,800,100,522.
11. The process of elimination in the consolidation of the Company's financial statements is as follows:
a. Elimination of gain on sale of assets of ISMB amounting to IDR36,707,406,466, as well as BPHTB
and professional fees totaling IDR2,550,456,500, capitalized by IVM as fixed assets.
b. Elimination of adjustments related to the repayment of ISMB's convertible bonds to the Company
and accounting books related to the amortized interest value of the convertible bonds (adjustments
no. 9 and no. 10).
19
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Unofficial Translation
PT ELANG MAHKOTA TEKNOLOGI TBK AND ITS SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2024
(Expressed in Millions of Rupiah, unless otherwise stated)
Audited Historical Pro Forma Historical
Consolidated Balance of Consolidated Balance of
EMTEK and Its Subsidiaries as EMTEK and Its Subsidiaries
of 31 December 2024 Dr. Cr Notes as of 31 December 2024
ASSETS
CURRENT ASSETS
Cash and bank 7,312,428 82,786 95,566 1, 2, 3, 4, 5, 7, 9 7,299,648
Accounts receivable - - -
Third party 2,817,866 - 8,186 7 2,809,680
Related party 1,591 - - 1,591
Other receivables - - -
Third party 423,435 - 2,607 7 420,828
Related party 78 - - 78
Inventory - net 1,306,839 - - 1,306,839
Prepaid expenses 173,325 - - 173,325
Down payment 369,859 - - 369,859
Prepaid tax 340,140 5,383 - 3, 5 345,523
Other current financial assets 1,984,596 32,848 32,848 9, 10, 11 1,984,596
Disposal assets available for sale 61 - - 61
Other current assets 10,003 - - 10,003
Total Current Assets 14,740,221 121,017 139,207 14,722,031
NON-CURRENT ASSETS
Receivables from related parties 12,874 - - 12,874
Fixed assets, net 6,533,132 50,963 50,963 1, 3, 4, 11 6,533,132
Right-of-use assets, net 249,586 - - 249,586
Goodwill and intangible assets, net 3,650,505 - - 3,650,505
Deferred tax assets 244,640 - - 244,640
Claim for tax refund 85,813 - - 85,813
Investment in associates 9,976,046 3,078 3,078 11 9,976,046
Long-term investment 9,921,814 - - 9,921,814
Other non-current assets 604,575 - - 604,575
Total Non-Current Assets 31,278,985 54,042 54,042 31,278,985
TOTAL ASSETS 46,019,206 175,058 193,249 46,001,016
20
Page 21
Unofficial Translation
PT ELANG MAHKOTA TEKNOLOGI TBK AND ITS SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2024
(Expressed in Millions of Rupiah, unless otherwise stated)
Audited Historical Pro Forma Historical
Consolidated Balance of Consolidated Balance of
EMTEK and Its Subsidiaries as EMTEK and Its Subsidiaries
of 31 December 2024 Dr. Cr Notes as of 31 December 2024
LIABILITIES AND EQUITY
LIABILITIES
SHORT-TERM LIABILITIES
Short-term loans
Third party (216,581) - - (216,581)
Related party (30,939) - - (30,939)
Trade payable - - - -
Third party (989,726) - - (989,726)
Related party (991) - - (991)
Other payables - - - -
Third party (195,252) - - (195,252)
Related party (3,616) - - (3,616)
Tax payable (334,864) 86 5,325 1, 6 (340,104)
Accrued expenses (1,420,792) - - (1,420,792)
Short-term employee benefit liabilities (380,855) - - (380,855)
Customer advance (490,292) - - (490,292)
Current portion of long-term loans: - - - -
Bank loan (233,878) - - (233,878)
Finance lease payable (6,781) - - (6,781)
Right-of-use liabilities (56,152) - - (56,152)
Other current liabilities (430,909) - - (430,909)
Total Short-term Liabilities (4,791,628) 86 5,325 (4,796,868)
LONG-TERM LIABILITIES
Long-term loans - net of current portion:
Bank loan (594,904) - - (594,904)
Finance lease payable (3,344) - - (3,344)
Right-of-use liabilities (69,814) - - (69,814)
Convertible bonds (46,573) 52,213 35,381 7, 8, 11 (29,741)
Deferred tax liabilities (475,420) - - (475,420)
Employee benefit liabilities (446,473) - - (446,473)
Total Long-Term Liabilities (1,636,528) 52,213 35,381 (1,619,696)
TOTAL LIABILITIES (6,428,156) 52,299 40,707 (6,416,564)
21
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Unofficial Translation
PT ELANG MAHKOTA TEKNOLOGI TBK AND ITS SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2024
(Expressed in Millions of Rupiah, unless otherwise stated)
Audited Historical Pro Forma Historical
Consolidated Balance of Consolidated Balance of
EMTEK and Its Subsidiaries as EMTEK and Its Subsidiaries
of 31 December 2024 Dr. Cr Notes as of 31 December 2024
EQUITY
Authorized, issued and fully paid up capital (1,227,835) - - (1,227,835)
Other equity components (23,146,551) 5,130 3,078 11 (23,144,499)
Balance of profit (loss) (10,634,358) 42,061 37,515 (10,629,812)
Other comprehensive income (467,623) - - (467,623)
Non-controlling interest (4,114,683) - - (4,114,683)
TOTAL EQUITY (39,591,050) 47,191 40,593 (39,584,452)
TOTAL LIABILITIES AND EQUITY (46,019,206) 99,490 81,300 (46,001,016)
22
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Unofficial Translation
PT ELANG MAHKOTA TEKNOLOGI TBK AND ITS SUBSIDIARIES
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
PRO FORMA CONSOLIDATION
31 December 2024
(Expressed in Millions of Rupiah, unless otherwise stated)
Audited Historical Pro Forma Historical
Consolidated Statement of Consolidated Statement of
EMTEK and Its Subsidiaries as EMTEK and Its Subsidiaries
of 31 December 2024 Dr. Cr Notes as of 31 December 2024
NET REVENUE 12,233,465 - - 12,233,465
COST OF REVENUE (8,169,202) - - (8,169,202)
GROSS PROFIT 4,064,263 - - 4,064,263
General and administrative expenses (2,927,263) 4,151 - (2,931,414)
Other operating expenses, net (130,881) - - 5 (130,881)
PROFIT FROM OPERATIONS 1,006,119 4,151 - 5 1,001,968
Finance income - net 448,206 1,203 722 8,10 447,725
Gain/(loss) on investments - net 1,943,487 - - 1,943,487
Dividend income 16,259 - - 16,259
Finance costs (105,033) - - (105,033)
Gain on sale of assets - 36,707 36,707 1 -
Share of loss of associates - net (644,113) - - (644,113)
Gain on equity adjustment in associates 204,420 - - 204,420
Other non-operating profit/(loss) - - - 11 -
PROFIT (LOSS) BEFORE INCOME TAX 2,869,345 42,061 37,429 2,864,713
INCOME TAX EXPENSE (1,053,103) - 86 2, 6 (1,053,017)
PROFIT (LOSS) FOR THE YEAR 1,816,242 42,061 37,515 1,811,696
OTHER COMPREHENSIVE INCOME (378,689) - - (378,689)
COMPREHENSIVE INCOME (LOSS) FOR THE YEAR 1,437,553 42,061 37,515 1,433,007
23
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Unofficial Translation
STATEMENT OF THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS
The Board of Directors of the Company hereby declares that the Affiliated Transaction has gone through
adequate procedures to ensure that the Affiliated Transaction is carried out in accordance with generally
accepted business practices as referred to in Article 3 POJK 42/2020 and does not contain conflicts of interest
and to the best of the knowledge and belief of the Board of Directors and Board of Commissioners of the
Company, all material information in connection with the Affiliated Transaction has been disclosed and the
information is not misleading as referred to in the provisions of Article 10 letter (i) POJK 42/2020.
As previously described, the Company has complied with the provisions of POJK 42/2020 by appointing a
Public Appraisal Service Office, namely KJPP STH to determine the fairness of the Transaction value, and
the Company submits this information disclosure to the Financial Services Authority as a form of the
Company's compliance with the applicable provisions, including POJK 42/2020.
ADDITIONAL INFORMATION
This Information Disclosure is prepared in two languages, Indonesian and English. In the event of any
discrepancy in interpretation between the Indonesian and English versions, the Indonesian version shall
prevail, and the relevant English version shall be amended to conform to the Indonesian version.
To the Shareholders of the Company who require more detailed information regarding this Information
Disclosure, please contact us on any day and working hours of the Company at:
PT ELANG MAHKOTA TEKNOLOGI Tbk
Headquarters:
SCTV Tower, 18th Floor, Senayan City
Jl. Asia Afrika Lot 19
Jakarta 10270 - Indonesia
Phone: +62 21 7278 2066 Facsimile: +62 21 7278 2194
E-mail: corsec@emtek.co.id Website: www.emtek.co.id
Attention: Corporate Secretary
24
Names mentioned 53 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Financial Services Authority
p.1 ×4
unresolved
person
Hendro Lukito
· Notaris
p.2
unresolved
person
K.H. Mas Mansyur
p.2 ×2
unresolved
org
Ministry of Law and Human Rights
p.2
unresolved
org
Ministry of Law
p.2
unresolved
org
KJPP STH
p.2 ×41
unresolved
org
Stefanus Tonny Hardi & Rekan
p.2
unresolved
org
Minister of Law and Human Rights
p.2
unresolved
org
Minister of Law
p.2
unresolved
org
PT Elang Mahkota Komputer
p.4 ×2
unresolved
person
Agus Madjid S.H.
· Notaris
p.4
unresolved
org
Indonesia Stock Exchange
p.4 ×3
unresolved
person
Aulia Taufani
· Notaris
p.4 ×4
unresolved
person
Ir. Susanto Suwarto Independent
p.5 ×5
unresolved
person
Chandra Lim
· Notaris
p.5 ×13
unresolved
org
PT Elshinta Jakarta Television
p.6 ×2
unresolved
org
PT Radio Elshinta
p.6 ×4
unresolved
person
Ir. Rachmat Akbari IVM
p.6
unresolved
person
Benny Kristianto
· Notaris
p.6
unresolved
org
Minister of Justice
p.6
unresolved
person
Fathiah Helmi
· Notaris
p.7
unresolved
org
PT Indo Mitra Securities
p.7
unresolved
org
PT Okansa Capital
p.7
unresolved
org
PT Usaha Bersama Sekuritas
p.7
unresolved
person
Timothy Yulianto S.E.
p.7
unresolved
org
PUBLIC APPRAISAL SERVICE OFFICE STEFANUS TONNY HARDI & REKAN
p.12
unresolved
org
Minister of Finance
p.12
unresolved
org
KJPP STH's
p.13
unresolved
org
Purwantono
p.17
unresolved
org
Young Global Limited
p.17
unresolved
person
Said Amru. Assumption
p.17
unresolved
org
PT Elshinta Jakarta Televisi
p.17
unresolved
org
PT Elshinta
p.19
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
4141 ms
12 Sep 2026 22:38
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}