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20250520_IFSH_Rencana Transaksi Perubahan Kegiatan Usaha_31887453_lamp1.pdf
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DISCLOSURE OF INFORMATION TO SHAREHOLDERS IN COMPLIANCE WITH
FINANCIAL SERVICES AUTHORITY REGULATION NO. 17/POJK.04/2020 ON
MATERIAL TRANSACTIONS AND CHANGES IN BUSINESS ACTIVITIES IN
RELATION TO THE ADDITION OF BUSINESS ACTIVITIES
No. : 108/IFSH-CORSEC/V/2025
If you have difficulty understanding the information contained in this public disclosure, you are advised
to consult with a securities broker, investment manager, legal advisor, public accountant, or other
professional advisors.
Domiciled in Central Jakarta, Indonesia
Main Business Activity:
Engaged in Nickel Ore Mining
Head Office:
Sahid Sudirman Center, 42nd Floor (42F)
Jalan Jenderal Sudirman No. 86, Karet Tengsin
Tanah Abang, Central Jakarta, 10220
Phone: (021) 570 4988
Website: www.ifishdeco.com
INFORMATION TO SHAREHOLDERS REGARDING THE SUMMARY OF THE FEASIBILITY STUDY
FOR THE ADDITION OF THE COMPANY'S BUSINESS ACTIVITIES
PT Ifishdeco Tbk has conducted a feasibility study on the planned addition of the Company’s business
activities by referring to the Financial Services Authority Regulation No. 17/POJK.04/2020 concerning
Material Transactions and Changes in Business Activities. The Company is responsible for the
completeness and accuracy of all material information or facts contained in this public disclosure and
affirms that the information presented does not omit any material facts which would cause the
information to be inaccurate and/or misleading.
This Public Disclosure was issued in Jakarta on May 20, 2025.
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I. INTRODUCTION
1. Brief History of the Company
PT Ifishdeco Tbk (hereinafter referred to as the “Company”) is a publicly listed limited liability company
domiciled and headquartered in Central Jakarta. The Company was established pursuant to Deed of
Establishment No. 41 dated June 9, 1971, drawn up before Abdul Latief, S.H., Notary in Jakarta, and has
obtained legal approval from the Minister of Justice of the Republic of Indonesia through Decree No.
J.A.5/110/7 dated June 29, 1971.
The Company’s Articles of Association have undergone several amendments, most recently by Deed No.
82 dated April 10, 2023, drawn up before Christina Dwi Utami, S.H., M.Hum., M.Kn., Notary in Jakarta, in
relation to the amendment of Article 17 of the Company’s Articles of Association concerning the work
plan, fiscal year, and annual report of the Company, which has received approval from the Ministry of
Law and Human Rights (“MOLHR”) through MOLHR Letter No: AHU-AH.01.03-0056036 dated April 17,
2023. In addition, the Company has made changes to the composition of the Board of Directors and Board
of Commissioners as stipulated in Deed No. 294 dated March 25, 2025, drawn up before Christina Dwi
Utami, S.H., M.Hum., M.Kn., Notary in Jakarta, which has been acknowledged through the notification
receipt through the MOLHR’s Letter No: AHU-AH.01.09-0174503 dated March 27, 2025.
The Company intends to expand its business activities by adding a new line of business classification
under the Indonesian Standard Industrial Classification (“KBLI”) in the form of a coconut plantation
located in Tinanggea District, South Konawe Regency, Southeast Sulawesi Province, covering an area of
1,504.26 hectares. This business expansion is being reviewed from various aspects, including market
aspects, technical aspects, business model, management model, and financial aspects.
2. The Company’s Business Activities
Based on Article 3 of the Company’s Articles of Association, the purpose and objectives of the Company
are to engage in the field of nickel ore mining. To achieve these objectives, the Company may undertake
the following business activities:
a. Main Business Activity
Engaging in the business of nickel ore mining, which includes the mining and processing of nickel
ore, as well as its utilization, which is administratively inseparable from the nickel ore mining
business.
b. Supporting Business Activities
Engaging in other businesses that are related to and support the Company’s main business activities
in accordance with the applicable laws and regulations.
3. The Company’s Capital Structure
Based on the Deed of Resolution of the Meeting No. 72 dated July 28, 2021, which was made before
Dr. Ir. Yohanes Wilion, S.H., S.E., M.M., Notary in Jakarta, and has received approval for the amendment
of the Company’s Articles of Association through the MOLHR’s Letter No: AHU-AH.01.03-0439346 dated
August 23, 2021, the following is the Company’s capital structure:
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Description Number of Shares Amount (in Rp) Percentage
Authorized Capital 6,800,000,000 680,000,000,000 100.00%
Issued and Fully Paid Capital 2,125,000,000 212,500,000,000 31.25%
Based on the Shareholders Register (DPS) as of April 30, 2025, issued by PT Bima Registra as the
Company’s Share Registrar, the following is the composition of the Company’s shareholders:
Shareholders Number of Shares Percentage
PT Fajar Mining Resources 867,000,000 40.80%
PT Wahana Trilintas Mining 833,000,000 39.20%
Public 223,147,400 10.50%
Outstanding Shares 1,923,147,400 90.50%
Treasury 201,852,600 9.50%
Total of Share 2,125,000,000 100.00%
4. Composition of the Company’s Board of Directors and Board of Commissioners
Based on the Deed of Resolution of the Meeting No. 294 dated March 25, 2025, which was made before
Christina Dwi Utami, S.H., M.Hum., M.Kn., Notary in Jakarta, and has received notification of the changes
in the Company’s data through the MOLHR’s Letter No: AHU-AH.01.09-0174503 dated March 27, 2025,
the following is the composition of the Company’s Board of Directors and Board of Commissioners as of
today:
Board of Commissioners
Prof. Dr. Akhmad Syakhroza : President Commissioner/ Independent Commissioner
Oei Harry Fong Jaya : Commissioner
Lina Suti : Commissioner
Michele Mallorie Sunogo : Commissioner
Ryan Fong Jaya : Commissioner
Hongisisilia SE Ak : Independent Commissioner
Drs. Roesmanhadi, S.H., M.H. : Independent Commissioner
Board of Directors
Muhammad Ishaq : President Director
Leman Suti : Director
Agus Prasetyono : Director
Iwan Luison : Director
II. EXPLANATION, CONSIDERATIONS, AND REASONS FOR THE ADDITION OF BUSINESS
ACTIVITIES
According to data from Horizon Grand View Research, the global coconut product market has shown
significant growth between 2017 and 2030. The market value is projected to surpass USD 40 billion by
2030, nearly three times its value in 2017. Indonesia contributes approximately 30% of the total global
coconut production, making it one of the largest coconut producers globally, with an average production
of 18.04 million tons of coconuts per year. This market growth is driven by the increasing demand for
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healthy and sustainable coconut-based products, such as coconut water, coconut milk, charcoal, coconut
oil, and coconut sugar. Additionally, coconut products are increasingly used in the food, cosmetics,
pharmaceutical, and energy industries. This trend reflects the vast market potential and business
development opportunities in the coconut sector, particularly in tropical countries like Indonesia.
Considering the large market potential and the growing national economic conditions, the Company
plans to expand its business activities by incorporating the relevant KBLI to support its expansion into
the coconut plantation sector.
Currently, the Company is an entity engaged in nickel mining, domiciled in Central Jakarta, with its
mining location in Ngapaaha Village, Tinanggea District, South Konawe Regency, Southeast Sulawesi
Province. As part of its diversification strategy and optimization of existing assets, the Company intends
to add a new business activity, specifically KBLI: 01261 – Coconut Plantations. The plantation is planned
to be located in Tinanggea District, South Konawe Regency, Southeast Sulawesi Province.
To assess the feasibility of the Company’s plan to add business activities, a feasibility study is required
in accordance with POJK No. 17/2020. This study must be conducted by an independent party registered
with the OJK, responsible for conducting the analysis, evaluation, and preparing the Feasibility Study
Report.
III. SUMMARY OF THE FEASIBILITY STUDY FOR THE ADDITION OF BUSINESS ACTIVITIES
1. Purpose and Objectives of the Feasibility Study
The purpose and objective of this feasibility study report is to provide an opinion on the feasibility of the
addition of business activities in the form of adding a new KBLI, reviewed from various aspects, including
market aspects, technical aspects, business model aspects, management model aspects, and financial
aspects. The KBLI to be added is KBLI: 01261 - Coconut Plantations.
This report is prepared to comply with the provisions set forth in POJK No. 17/2020. The regulation
requires a feasibility study report on changes in business activities to be prepared by an appraiser. The
Company's management has appointed KJPP Febriman Siregar and Partners (“KJPP FSR”) as the
independent appraiser to prepare the feasibility study report.
KJPP FSR is a Public Appraisal Service Office registered with the Ministry of Finance and the Capital
Market, with the competence to conduct such feasibility studies, based on the Service Offer Letter
mutually agreed upon between KJPP FSR and PT Ifishdeco, Tbk. No: 1134A/PNW/PB-BGR-
FSR/XII/2024 dated December 30, 2024, concerning Feasibility Study Consulting Services.
2. Subject of the Feasibility Study
The subject of the feasibility study, as provided by the client, is the Feasibility Study Service for the Plan
to Add Business Activities, specifically the addition of a new KBLI, namely Coconut Plantations.
The effective date of this feasibility study report is as of December 31, 2024, with parameters and
financial reports in the analysis based on data as of December 31, 2024. This date was chosen based on
considerations of the interests and objectives of the feasibility study for adding business activities,
specifically the addition of the KBLI.
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In this feasibility study, the currency used is Rupiah, in accordance with the functional currency as stated
in the financial statements.
3. Assumptions and Constraints of the Feasibility Study
This feasibility study is limited by the following assumptions and constraints:
1. The feasibility study report for the addition of business activities is non-disclaimer opinion in nature.
2. KJPP FSR has reviewed the documents used in the feasibility study process for the addition of
business activities.
3. In preparing this report, KJPP FSR has relied on data and information obtained from sources deemed
trustworthy regarding their accuracy.
4. The financial projections used have been adjusted and reflect the reasonableness of the financial
projections prepared by the Company, considering the feasibility of achieving them (fiduciary duty).
5. KJPP FSR is responsible for the implementation of the Feasibility Study and the reasonableness of
the adjusted financial projections.
6. The Client affirms that all material information regarding the assignment of the feasibility study for
the addition of business activities has been fully disclosed to KJPP FSR, and no important facts have
been omitted.
7. This feasibility study report is open to the public, except for information that is confidential and may
affect the Company's operations.
8. KJPP FSR is responsible for the Feasibility Study Report and the Final Conclusion.
9. This feasibility study report is intended to meet the interests of the Capital Market and fulfill POJK
requirements, and is not intended for any other purposes.
10. The feasibility study has been prepared based on the economic, industry, financial conditions, and
government regulations related to the addition of business activities that will be undertaken as of
the date this opinion is issued.
11. KJPP FSR has no responsibility to any third party other than the Client, unless in compliance with
applicable regulations and laws.
12. KJPP FSR has obtained information on the legal status of the Feasibility Study Object from the Client.
4. Metodology
The methodology used for the preparation of this feasibility study is as follows:
a. Data Collection Method and Literature Review
Data obtained from the Company and various other supporting data related to the plan for the
addition of business activities.
b. Field Survey
The field survey is conducted with the aim of obtaining reliable data for the following purposes:
i. To understand the project plan;
ii. To assess the accessibility and the capacity of existing infrastructure and facilities at the
project site;
iii. To gain further insights into the existing and potential markets.
c. Analysis Methodology
The feasibility analysis method for the addition of business activities is as follows:
i. Market Feasibility
ii. Technical Feasibility
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iii. Business Model Feasibility
iv. Management Model Feasibility
v. Financial Feasibility
d. Provide conclusions from the feasibility study of the proposed business activity expansion.
5. Summary of Feasibility Analysis
a. Market Feasibility Analysis
According to data from Horizon Grand View Research, the global coconut product market has
experienced significant growth from 2017 and is projected to exceed USD 40 billion by 2030—
almost tripling compared to its value in 2017—with Indonesia contributing approximately 30% of
global production. This growth is driven by increasing demand for health-oriented products such
as coconut water, coconut milk, briquettes, coconut oil, and coconut sugar, as well as applications
in the food, cosmetics, pharmaceutical, and even energy industries. Considering the market
potential and the current positive economic trajectory, the proposed Business Activity Expansion
is deemed feasible from a market perspective.
b. Technical Feasibility Analysis
The coconut cultivation area is located within the Company’s HGU (Right to Cultivate) land
situated in Tinanggea District, South Konawe Regency, Southeast Sulawesi Province, covering a
total area of 1,504.26 hectares. Initially, a 50-meter plot will be allocated as a pilot project to assess
the productivity and effectiveness of superior coconut varieties for the production of coconut milk
and other derivative products. Further development will be carried out through gradual land
expansion based on production needs and evaluation outcomes.
The marketing strategy for the resulting products includes the use of superior seedlings,
implementation of sustainable farming practices utilizing organic fertilizers and modern irrigation
systems, and obtaining organic certification to enhance product value and competitiveness. In
terms of pricing, the Company will adopt a flexible pricing policy based on quality and volume,
offer long-term price contracts with processing factories, and optimize the supply chain and
distribution network for both domestic and export markets.
For promotional activities, the Company aims to establish a premium brand image, leverage B2B
(business-to-business) marketplaces and trade exhibitions, and form strategic partnerships with
processing industries, farmer cooperatives, and global exporters. Additionally, the Company is
committed to building partnerships that empower farmers and the local workforce, fostering
community development through incentives and guidance programs, and understanding
industrial customer needs to ensure the supply of high-quality raw materials aligned with market
demand. Given the planned pilot project to assess superior coconut varieties and the phased
expansion aligned with production evaluations, along with the Company’s comprehensive
marketing strategy, the proposed Business Activity Expansion is considered technically feasible.
c. Feasibility Analysis of the Business Model and Management Structure
The Company is committed to the implementation of occupational health and safety standards.
Accordingly, the Company regularly provides training programs and enforces occupational safety
regulations and procedures designed to protect and ensure the well-being of all workers. The
current organizational structure of the Company is well-positioned to support its operational
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activities in relation to the proposed Business Activity Expansion. Therefore, from a management
standpoint, the Business Activity Expansion is deemed feasible for implementation.
d. Financial Feasibility Analysis
i. The cost of capital for debt is assumed to be equivalent to the prevailing loan interest rate in
Indonesian Rupiah. Based on Bank Indonesia data as of December 2024, the investment credit
interest rate for state-owned banks is 9.00%.
ii. The Project Feasibility Analysis is summarized as follows:
a. The Net Present Value (NPV) is positive, amounting to IDR 172,292,503,536.
b. The Internal Rate of Return (IRR) is 19.97%, which is higher than the applied discount
rate.
c. The Profitability Index (PI) is 2.307, indicating a value greater than 1.
d. The Payback Period is 9 years and 1 month.
6. Opinion on the Feasibility of Business Activity Expansion
Based on the study, financial evaluation, and financial analysis, as well as other projections, and assuming
that the established assumptions are met, the proposed Business Activity Expansion is considered
feasible and has the potential to make a positive contribution to the Company.
IV. IMPACT OF THE BUSINESS ACTIVITY EXPANSION ON THE COMPANY’S FINANCIAL
CONDITION
The 10-year projection assumptions are based on management’s confidence level. The business plan
projections prepared by management already reflect the anticipated business growth, covering the
period from 2025 to 2035.
1. Sales Projection
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2. Profit and Loss Projection
3. Feasibility Analysis
This analysis aims to assess the feasibility of the project by applying several key parameters, with the
results as follows:
a. Net Present Value (NPV)
The resulting NPV is positive, amounting to Rp 172,292,503,535.
b. Internal Rate of Return (IRR)
The IRR achieved is 19.97%, which is higher than the applied discount factor.
c. Profitability Index (PI)
The PI obtained is 2.307, which indicates a value greater than 1.
d. Payback Period
The payback period is 9 years and 1 month.
Based on the financial assessment and the stated assumptions, the proposed Business Activity Expansion
is considered feasible and is expected to contribute positively to the Company.
V. AVAILABILITY OF EXPERTS
In relation to the planned Business Activity Expansion, the Company has prepared a team of experts and
skilled workers who are competent in their respective fields, particularly in the plantation sector. All
personnel assigned have the necessary capacity and experience to support the implementation of the
business activities. The lead expert who will be involved is Mr. Agus Sugiarto, who currently serves as
the Plantation Manager and has been working within the Company.
VI. INFORMATION REGARDING THE GENERAL MEETING OF SHAREHOLDERS
In relation to the planned Business Activity Expansion of the Company, based on KBLI No. 01261, a
revision to Article 3 of the Company’s Articles of Association regarding the Purpose and Objectives as
well as the Business Activities is required. In accordance with the provisions of POJK No. 17/2020, the
Company will submit a request for approval of these changes through an Extraordinary General Meeting
of Shareholders (“EGMS”).
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The EGMS will be held in accordance with the provisions of the Company’s Articles of Association, POJK
No. 17/2020, OJK Regulation No. 15/POJK.04/2020 on the Plan and Organization of the General Meeting
of Shareholders of Public Companies (“POJK No. 15/2020”), and OJK Regulation No. 16/POJK.04/2020
on the Implementation of the General Meeting of Shareholders of Public Companies Electronically.
Based on the provisions of POJK No. 15/2020 and the Company’s Articles of Association, the schedule
for the EGMS is as follows:
Events Date
Announcement of EGMS 9 May 2025
Disclosure of Information Regarding the Planned Business Activity 20 May 2025
Expansion
Recording Date of EGMS 3 June 2025
Invitation of EGMS 4 June 2025
Holding the EGMS 26 June 2025
Summary of EGMS Minutes 1 July 2025
Minutes of EGMS 25 July 2025
In relation to the agenda for the planned Business Activity Expansion of the Company, the EGMS may be
held under the following conditions:
a. The EGMS is attended by Shareholders and their proxies representing at least 2/3 (two-thirds) of
the total number of shares with valid voting rights, and the EGMS’s decisions are valid if approved
by more than 2/3 (two-thirds) of the total shares with voting rights present at the meeting.
b. In the event that the quorum for the EGMS attendance as described in point (a) is not met, a second
EGMS may be held with the condition that the second EGMS is valid and entitled to make decisions
if attended by Shareholders representing at least 3/5 (three-fifths) of the total number of shares
with valid voting rights, and the decisions of the second EGMS are valid if approved by more than
1/2 (one-half) of the total shares with voting rights present at the meeting.
c. In the event that the quorum for attendance at the second EGMS, as described in point (b), is still not
met, a third EGMS may be held with the condition that the third EGMS is valid and entitled to make
decisions if attended by Shareholders representing a quorum of shares with valid voting rights, in
accordance with the attendance and decision quorum requirements established by the OJK upon the
Company’s request.
If the proposed Business Activity Expansion, as mentioned above, does not receive approval from the
Shareholders at the EGMS, the proposal may only be submitted again 12 (twelve) months after the
execution of the EGMS.
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VII. ADDITIONAL INFORMATION
For further information regarding the matters disclosed in this Information Disclosure, please contact:
Corporate Secretary
PT Ifishdeco Tbk.
Sahid Sudirman Center, Lantai 42F,
Jalan Jenderal Sudirman No. 86, Karet Tengsin,
Tanah Abang, Jakarta Pusat
Phone: (021) 570 4988
Website: www.ifishdeco.com
Email: corporate@ifishdeco.com
Jakarta, May 20, 2025
PT Ifishdeco Tbk
The Board of Directors
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Names mentioned 29 people and organisations named in the text · linked when the evidence is strong
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FINANCIAL SERVICES AUTHORITY
p.1 ×2
unresolved
person
Abdul Latief
· Notaris
p.2
unresolved
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Minister of Justice
p.2
unresolved
person
Christina Dwi Utami
· Notaris
p.2 ×5
unresolved
org
Ministry of Law and Human Rights
p.2
unresolved
person
Dr. Ir. Yohanes Wilion
· Notaris
p.2 ×2
unresolved
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PT Bima Registra
p.3
unresolved
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PT Fajar Mining Resources
p.3
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org
PT Wahana Trilintas Mining
p.3
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Prof. Dr. Akhmad Syakhroza
p.3
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Michele Mallorie Sunogo
p.3 ×2
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Independent Commissioner Drs. Roesmanhadi
p.3
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KJPP Febriman Siregar
p.4
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KJPP FSR
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Ministry of Finance
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Bank Indonesia
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