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ADDITIONAL AND/OR AMENDMENT OF INFORMATION OF DISCLOSURE OF INFORMATION
TO SHAREHOLDERS OF PT INDOSAT Tbk
IN ORDER TO COMPLY WITH THE FINANCIAL SERVICES AUTHORITY REGULATION NO.
17/POJK.04/2020 YEAR 2020 ON MATERIAL TRANSACTIONS AND ALTERATION OF
BUSINESS ACTIVITIES
This Disclosure of Information is prepared and submitted in connection with the plan to add new line of
business activities of PT Indosat Tbk (the “Company”) in order to comply with the provisions of the Financial
Services Authority (OJK) Regulation No. 17/POJK.04/2020 of 2020 concerning Material Transactions and
Alteration of Business Activities (“POJK 17/2020”).
If you have any difficulty to understand the information contained in this Disclosure of Information or unsure
about making a decision, we advise you to consult with legal advisor, public accountant, financial adviser or
other relevant professional.
The Company's Board of Directors are fully responsible for the validity and completeness of all information or
material facts contained in this Disclosure of Information and confirm that after careful examination and to the
fullest of the Board of Directors knowledge and confidence, what is contained in this disclosure of information
is true and there are no other material facts that are not disclosed or ommitted that cause the information
contained in the Disclosure of Information to be incorrect, incomplete and/or misleading.
PT Indosat Tbk
Domiciled in Central Jakarta, Indonesia
Business Activities:
Informatics and Communication, Wholesale Trading, Manpower Activity, and Other Financial Activities.
Headquarter Office:
Jl. Medan Merdeka Barat No. 21, Gambir, Central Jakarta 10110.
Website: www.ioh.co.id
Nomor Telepon: (021) 3000 3001 ext. 8803/8804
Email: corporate.secretary@ioh.co.id
This Disclosure of Information is published on 9 May 2025
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A. INTRODUCTION
This Disclosure of Information to Shareholders ("Disclosure of Information") contains information regarding
the Company's plan to change its business activities, namely the addition of new line of business activities,
which must obtain prior approval from the Company's General Meeting of Shareholders ("GMS"), as referred
to in Article 22 paragraph 1 letter (a) of POJK 17/2020, which includes the Indonesian Standard Industrial
Classification (“KBLI”):
1. 61993 Special Telecommunications Activities for Defense and Security Needs;
2. 73100 Advertising;
3. 73201 Market Research;
4. 61994 Resale of Telecommunications Services;
5. 61912 Premium SMS Content Services;
6. 62015 Artificial Intelligence Programming Activities;
7. 62024 Internet of Things (IoT) Consultation and Design Activities; and
8. 66413 Payment System Support Providers,
(hereinafter referred to as "Changes of Business Activities").
This Disclosure of Information serves as the basis for consideration by the Company's shareholders in
granting approval for the proposed Changes of Business Activities, in this case, the addition of business
activities to be proposed by the Company to the GMS.
In connection with the above, the Company’s Board of Directors will announce this Disclosure of Information
through the Company’s website and the Indonesian Stock Exchange (“IDX”)’s website with the aim of
providing further information to the Company’s shareholders regarding the plan of Changes of Business
Activities.
B. INFORMATION OF THE COMPANY
1. General Information of the Company
The Company is a limited liability company duly established based on the Deed of Establishment No. 55
dated 10 November 1967 made before Mohamad Said Tadjoedin, S.H., Notary in Jakarta, announced in
State Gazette No. 26 dated 29 March 1968, Supplement to State Gazette No. 24.
The Company is domiciled in Central Jakarta with the address at Jl. Medan Merdeka Barat No. 21, Gambir,
Jakarta 10110. Shares of the Company is listed in the IDX with the share code “ISAT”.
The Company’s Articles of Association have been amended several times, with the latest amendment as
stated in the Deed of Resolution of the Extraordinary General Meeting of Shareholders of PT Indosat Tbk
No. 47 dated 24 September 2024 made before Buchari Hanafi, S.H., Notary in South Jakarta
Administrative City. Notification of the latest amendment has been accepted by the Ministry of Law and
Human Rights of the Republic of Indonesia based on Letter No. AHU-AH.01.03-0194869 dated 25
September 2024.
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2. Capital Structure and Share Ownership of the Company
The capital structure, shareholders composition, and share ownership of the Company based on the
Company's Register of Shareholders as of 31 March 2025 issued by PT EDI Indonesia, as the Company's
Securities Administration Bureau, are as follows:
Nominal Value of Serie A Share is IDR100 per
Share and Nominal Value of Serie B Share is
IDR25 per Share
Information
Nominal
Number of Percentage
Amount
shares (%)
(IDR)
Serie A Share
Republic of Indonesia 1 100 -
Serie B Share
1. Ooredoo Hutchison Asia Pte. Ltd. 21,170,843,008 529,271,075,200 65.644
2. PT Perusahaan Pengelola Aset 3,106,499,996 77,662,499,900 9.632
3. PT Tiga Telekomunikasi Indonesia 2,687,020,352 67,175,508,800 8.332
4. Public (ownership below 5%) 5,286,447,600 132,161,190,000 16.392
Amount of Issued and Paid-up Capital 32,250,810,957 806,270,274,000 100.00
The following is the Company’s ownership structure diagram, which has also been disclosed in the Company’s
2024 Annual Report.
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The controlling party of the Company is Ooredoo Hutchison Asia Pte. Ltd., with the ultimate beneficial
owners being Ooredoo Q.P.S.C and CK Hutchison Holdings Limited (CKHH).
3. The composition of Company’s Board of Commissioners and Board of Directors
As of the date of this Disclosure of Information, the composition of the Board of Commissioners and the
Board of Directors of the Company is the Deed of Statement of the Resolutions of the Annual General
Meeting of Shareholders of PT Indosat Tbk No. 47 dated 15 May 2023, made before Mala Mukti, S.H.,
LL.M, Notary in Jakarta, and the Deed of Statement of the Resolutions of the Annual General Meeting of
Shareholders of PT Indosat Tbk No. 34 dated 21 May 2024, made before Buchari Hanafi, S.H., Notary in
Jakarta, both of which have received the Notification of Change in Company Data from the Minister of
Law and Human Rights of the Republic of Indonesia, is as follows:
Board of Commissioners
President Commissioner : Halim Alamsyah
Deputy President Commissioner : Aziz Ahmad M. Aluthman Fakhroo
Deputy President Commissioner : Fok Kin Ning, Canning
Commissioner : Ahmad Abdulaziz A A Al-Neama
Commissioner : Cheung Kwan Hoi
Commissioner : Rene Heinz Werner
Commissioner : Meirijal Nur
Commissioner : Frank John Sixt
Commissioner : Woo Chiu Man, Cliff
Commissioner : Sugito Walujo
Independent Commissioner : Ajay Bahri
Independent Commissioner : Elisa Lumbantoruan
Independent Commissioner : Wijayanto
Independent Commissioner : Hernando
Independent Commissioner : Rudiantara
Board of Directors
President Director : Vikram Sinha
Director : Lee Chi Hung
Director : Muhammad Buldansyah
Director : Ahmad Zulfikar
Director : Irsyad Sahroni
Director : Ritesh Kumar Singh
Director : Cheung Kwok Tung
4. Purposes, Objectives and Business Activities of the Company
Business Activities based on the Articles of Association and KBLI
Based on Article 3 paragraph 1 of the Company’s Articles of Association, purposes and objectives of the
Company are to conduct business activities in Informatics and Communication, Wholesale Trading,
Manpower Activities, and Other Financial Activities.
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Furthermore, Article 3 paragraph 2 of Article of Association of the Company mentioned that in order to
achieve the abovementioned purposes and objectives, the Company may perform the following main
business activities to:
a) perform and carry out activity in the information and communication sector including but not limited
to:
(i) perform and carry out activities in the telecommunication network sector:
1) wired telecommunication activity (KBLI 61100);
2) wireless telecommunication activity (KBLI 61200);
3) satellite telecommunication activity (KBLI 61300);
(ii) perform and carry out activity in the telecommunication services and multimedia services sector:
1) data communication system services (KBLI 61922);
2) internet telephony services for public purposes (ITKP) (KBLI 61913);
3) internet interconnection services (NAP) (KBLI 61924);
4) internet service provider (KBLI 61921);
5) other multimedia services (KBLI 61929);
(iii) perform and carry out activity in the informatics and communication sector:
1) software publishing (KBLI 58200);
2) other computer programming activities (KBLI 62019);
3) information security consulting activities (KBLI 62021);
4) computer consultancy and other computer facility management activities (KBLI 62029);
5) other information technology and computer services activities (KBLI 62090);
6) data processing activities (KBLI 63111);
7) hosting and related activities (KBLI 63112);
8) web portal and/or digital platform with commercial purposes activities (KBLI 63122);
b) perform and carry out activities in the sector of wholesale trading including but not limited to:
(i) computer and computer equipment wholesale trading (KBLI 46511);
(ii) software wholesale trading (KBLI 46512);
(iii) telecommunication equipment wholesale trading (KBLI 46523).
c) perform and carry out activities in the sector of manpower activities and other supporting business
activities including but not limited to:
(i) call center activities (KBLI 82200).
d) to perform and carry out activities in the sector of financial service activity and other related activities
except for insurance and pension funding (KBLI 64999).
Article 3 paragraph 3 of Article of Association of the Company mentioned that in order to achieve the
abovementioned purposes and objectives, the Company may perform the following supporting business
activities to:
a) plan, procure, modify, build, provide, develop and operate, lease, rent, and maintain
infrastructure/facilities including resources to support the Company business in providing
telecommunication networks, telecommunication services as well as informatics and/or convergence
technology services, including but not limited to:
(i) other building construction (KBLI 41019);
(ii) electrical civil building construction (KBLI 42204);
(iii) construction of telecommunication civil buildings for transportation infrastructure (KBLI 42205);
(iv) office building construction (KBLI 41012);
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(v) industrial building construction (KBLI 41013);
(vi) shopping building construction (KBLI 41014);
(vii) electrical installation (KBLI 43211);
(viii) electronic installation (KBLI 43213);
(ix) railway signaling and telecommunication installation (KBLI 43215);
(x) telecommunication central construction (KBLI 42206);
(xi) air conditioning and ventilation installation (KBLI 43224);
(xii) leasing and lease activities without option rights for digital technology tools (KBLI 77322); and
(xiii) leasing and lease activities without option rights for office machinery and equipment (KBLI
77394).
b) conduct business and operating activities (including development, marketing and sales of
telecommunication networks, telecommunication services as well as informatics and/or convergence
technology services by the Company), including research, customer services, education and courses
both domestic and overseas; and
c) conduct other activities necessary to support and/or related with the provision of telecommunication
networks, telecommunication services as well as informatics and/or convergence technology services
including but not limited to electronic transaction and supply of hardware, software, content as well
as telecommunication managed services.
KBLI mentioned above are in accordance with the KBLI 2020 issued by the Central Statistics Agency (BPS)
through the BPS Regulation No. 2 of 2020 and the Company has carried out all main and supporting
business activities as referred to in the Company's Articles of Association.
5. Summary of The Company’s Key Financial Data
Profit (Loss) Review
(In Million Rupiah)
2020 2021 2022 2023 2024
Description
Audited Audited Audited Audited Audited
Revenue 27.925.661 31.388.311 46.752.319 51.228.782 55.886.870
(Expenses) Income (25.526.332) (21.034.305) (36.161.514) (40.801.060) (45.048.974)
Profit (Loss) before
(599.541) 7.506.974 6.535.789 5.931.583 6.732.525
Income Tax
Profit (Loss) for The
(630.160) 6.860.121 5.370.203 4.775.741 5.272.412
Year
Balance Sheet Review
(In Million Rupiah)
2020 2021 2022 2023 2024
Description
Audited Audited Audited Audited Audited
Current Assets 9.594.951 11.499.439 18.683.115 15.479.659 14.877.675
Non-Current Assets 53.183.789 51.897.709 94.974.231 99.242.590 99.509.023
Total Assets 62.778.740 63.397.148 113.657.346 114.722.249 114.386.698
Current Liabilities 22.658.094 28.658.152 35.874.074 34.134.343 31.009.045
Non-Current Liabilities 27.207.250 24.436.194 46.414.682 46.879.114 46.725.856
Total Liabilities 49.865.344 53.094.346 82.288.756 81.013.457 77.734.901
Equity 12.913.396 10.302.802 31.368.590 33.708.792 36.651.797
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2020 2021 2022 2023 2024
Description
Audited Audited Audited Audited Audited
Liabilities and Equity 62.778.740 63.397.148 113.657.346 114.722.249 114.386.698
Financial Ratios
2020 2021 2022 2023 2024
Description
Audited Audited Audited Audited Audited
LIQUIDITY RATIO
Current Ratio 42,35% 40,13% 52,08% 45,35% 47,98%
Cash Ratio 7,89% 14,26% 26,53% 15,26% 14,42%
Quick Ratio 19,17% 21,34% 33,03% 24,45% 24,96%
ACTIVITY RATIO
Account Receivable Turnover 33 24 18 22 21
Inventory Turnover 1 0 1 3 1
Account Payable Turnover 15 20 11 10 11
SOLVABILITY RATIO
Total Liabilities to Equity Ratio 386,15% 515,34% 262,33% 240,33% 212,09%
Total Liabilities to Assets Ratio 79,43% 83,75% 72,40% 70,62% 67,96%
PROFITABILITY RATIO
Net Profit Margin -2,26% 21,86% 11,49% 9,32% 9,43%
Rate of Return on Assets -1,00% 10,82% 4,72% 4,16% 4,61%
Rate of Return on Equity -4,88% 66,59% 17,12% 14,17% 14,39%
C. SUMMARY OF FEASIBILITY STUDY FOR CHANGES OF BUSINESS ACTIVITIES
The Company has appointed Kantor Jasa Penilai Publik Yanuar, Rosye dan Rekan (“Y&R”), with Business
License No. 2.20.0170 based on Minister of Finance Decree 365/KM.1/2020 dated 27 July 2020, registered
as a Capital Market Supporting Profession at OJK with a Registered Certificate (STTD) of Capital Market
Supporting Profession No. STTD.PB-38/PM.2/2018 dated 19 October 2018 as an independent appraiser, and
requested Y&R to provide a feasibility study opinion (“Report”) on the Changes of Business Activities of the
Company.
In preparing this Report, Y&R acted independently without any conflict of interest and Y&R is not affiliated
with the Company or with parties affiliated with the Company. Y&R also has no personal interest or benefit
related to this assignment.
The following is a summary of the Company's Feasibility Study Report related to the Change of Business
Activities with File No. 00004/2.0170-00/BS/NB-01/0045/1/V/2025 dated May 09th, 2025. The report is a
revision of the Feasibility Study Report File No. 00003/2.0170-00/BS/NB-01/0045/1/IV/2025 dated April 14th,
2025 which refers to the Letter of Request for Changes and/or Additional Information on the Plan to Add
Business Activities of PT Indosat Tbk No. S-164/PM.023/2025 dated April 25th, 2025.
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The issuance of the Company's Feasibility Study Report related to Changes in Business Activities with File
No. 00004/2.0170-00/BS/NB-01/0045/1/V/2025 dated May 09th, 2025 cancels the Feasibility Study Report
File No. 00003/2.0170-00/BS/NB-01/0045/1/IV/2025 dated April 14th, 2025.
1. Public Appraisal Identity
Public Appraiser Name : Rosye Yunita, S.E., M.M, MAPPI (Cert)
Public Appraiser License Number : B-1.08.00045
STTD Number : STTD.PB-38/PJ-1/PM.02/2023
Qualification of License : Business Appraiser (B)
MAPPI Number : 02-S-01532
2. Purposes and Objectives of Feasibility Study
This Report aims to provide an opinion on the feasibility of the Changes of Business Activities. The
review of the Report covers various aspects including macro aspects, market aspects, technical
aspects, business pattern aspects, management model aspects, and financial aspects.
This Report is prepared in order to fulfill the provisions stipulated in POJK 17/2020. The regulation
requires a feasibility study report on the Changes of Business Activities prepared by an Appraiser.
3. Cut Off Date of Feasibility Study
The Cut Off Date of the Report is December 31st, 2024, where the limit is taken based on consideration
of interests and purpose of Feasibility Study. The validity period of the Report is until June 30th, 2025.
4. Object of Feasibility Study
The Object of Feasibility Study in this assignment is the Changes of Business Activities through the
addition of KBLI in accordance with KBLI 2020, namely:
1. 61993: Special Telecommunications Activities for Defense and Security Needs;
2. 73100: Advertising;
3. 73201: Market Research;
4. 61994: Resale of Telecommunication Services;
5. 61912: Premium SMS Content Services;
6. 62015: Artificial Intelligence Programming Activities;
7. 62024: Internet of Things (IoT) Consultation and Design Activities; and
8. 66413: Payment System Support Providers.
5. Limiting Conditions and Main Assumptions
Assumptions
Some of the assumptions used in the preparation of this feasibility study are:
• Y&R released a Report which is a non-disclaimer opinion.
• Y&R have conducted a review of the documents used in the feasibility study process.
• In preparing this Report, Y&R relies on the accuracy and completeness of the information
provided by the Company and/or data obtained from publicly available information and other
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information that Y&R considers relevant.
• The Company stated that all material information regarding the feasibility study assignment had
been fully disclosed to Y&R and there was no reduction in important facts.
• Y&R uses adjusted financial projections that reflect the reasonableness of the financial
projections made by the Company management with the ability to achieve them (fiduciary duty).
• Y&R is responsible for the conduct of the valuation and the reasonableness of the adjusted
financial projections.
• The result report is open to the public unless there is confidential information, which could affect
the Company operations.
• Y&R is responsible for the Report and the resulting conclusions.
• Y&R has obtained information on the legal status of the object of the Report from the Company.
• This Report is intended to fulfill the interests of the Capital Market and compliance with OJK
regulations and not for tax purposes.
• This Report is prepared based on market and economic conditions, general business and financial
conditions, as well as Government regulations related to the Changes of Business Activities to be
carried out on the date of this opinion.
• In preparing this Report, Y&R uses several assumptions, such as the fulfillment of all conditions
and obligations of the Company and all parties involved in the feasibility study and the accuracy
of information regarding the feasibility study disclosed by the Company.
• This Report should be viewed as an integral part and the use of part of the analysis and
information without considering other information and analysis as a whole may result in
misleading views and conclusions on the process underlying the Report. The preparation of this
Report is a complex process and may not be possible through incomplete analysis.
• Y&R also assumes that there have been no changes that materially affect the assumptions used
in the preparation of this Report. Y&R is not responsible for reaffirming or completing, updating
Y&R opinion due to changes in assumptions and conditions and events occuring after the issue
date of the Report.
The limitations in carrying out this assignment are:
• In carrying out the analysis, Y&R assumes and relies on the accuracy, reliability and completeness
of all financial and other information provided by the Company to Y&R or which is publicly
available which is substantially true, complete and not misleading, and Y&R is not responsible for
conducting an independent examination of such information. Y&R also relies on assurances from
the Company's management that they are not aware of facts that would cause the information
provided to Y&R to be incomplete or misleading.
• Feasibility study analysis of the Changes of Business Activities has been prepared using the data
and information as disclosed above. Any changes to such data and information may materially
affect the outcome of Y&R's opinion. Therefore, Y&R is not responsible for any changes in the
conclusions of the Y&R Report due to changes in such data and information.
• Y&R does not provide an opinion on the taxation impact of this Report. The services provided by
Y&R to the Company in relation to the Changes of Business Activities are only the provision of a
Report on the object to be carried out and not accounting, auditing or taxation services. Y&R
does not conduct research on the validity of the legal aspects and the implications of these tax
aspects.
• Y&R's assignment relating to this Report does not constitute, and should not be construed to
constitute in any form, a review or audit or the performance of certain procedures over financial
information. Nor can such work be intended to disclose weaknesses in internal control, errors, or
irregularities in the financial statements or violations of law. In addition, Y&R has no authority
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and is not in a position to obtain and analyze any form of other transactions outside the corporate
action that are and may be available to the Company and the effect of such transactions on this
corporate action.
6. Methods Used
In reviewing the Change of Business Activities, Y&R has analyzed through a feasibility study approach
to the Change of Business Activities of the following matters:
• Primary data collection from the Company related to Changes of Business Activities which
includes identity data, permits, business plans and other data related.
• Macroeconomic analysis, industry analysis to evaluate the influence of these factors on the
Company’s future performance.
• Feasibility analysis through market aspects, technical aspects, business pattern aspects,
management model aspects, and financial aspects of the Changes of Business Activities.
7. Market Feasibility Analysis
Currently, the market opportunity for the Changes of Business Activities is still wide open, considering
that the Company engaged in telecommunications services and information technology. The
magnitude of market opportunities can be shown by the existence of several potential markets that
become the Company's target in 2025.
8. Technical Feasibility Analysis
Changes of Business Activities of the Company are new business activities that will be carried out by
the Company related to platforms & services, merchant aggregators, internet & connectivity services
and digital content as well as business activities carried out as support related to digital marketing,
marketing research and artificial intelligence (AI) - IoT.
In conducting the Changes of Business Activities, the Company utilizes existing resources, workers and
professional experts. This is based on the condition that not all new KBLI to be added require special
certification. The Company's resources, workers and professional experts as of 31 December 2024
amounted to 4,097 people.
9. Business Pattern Feasibility Analysis
The Company will offer several new products and services for the Changes of Business Activities that
will be carried out. Some of these products and services include resale of telecommunication services,
short message services with monetization features, and Indosat Digital Analytics (iDA), as a data
insight & analytics platform in collaboration with Google and iDA SHIELD, which is a ready-to-use
platform in the form of a dashboard for checking Mobile Station International Subscriber Directory
Number (MSISDN). iDA is ready to help large companies and entrepreneurs in developing their
business. The Company also offers AI-based IoT products such as AI CCTV and IoT design consulting
services such as smart building, smart mining and smart mobility.
The Changes of Business Activities to be carried out have a competitive advantage supported by the
Company itself as a player in the telecommunications industry in Indonesia which has advantages in
terms of a wide and stable network, 4G LTE Technology, collaboration with strategic partners,
attractive packages and promos and the ability to analyze user data to improve service quality.
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The development of information technology and telecommunications has caused players in the
telecommunications industry to start offering innovative solutions by optimizing resources in the form
of data owned by the company.
10. Management Model Feasibility Analysis
Changes of Business Activities is a plan to add a new KBLI and business development that will be carried
out by the Company on several types of businesses that have been explored. In its implementation,
the business activities will use existing human resources and experts who have been certified in the
field of AI and IoT. KBLI 61994 will also be supported by human resources from partner providers in
accordance with the scope and responsibilities between the Company and partner providers.
From the overall addition of KBLI, the intellectual property management aspect will be related to KBLI
62015 and KBLI 62024. The Company plans to prioritize the development of differentiating elements,
such as product identity, naming, and work processes structured into operational models. Thus, the
solutions developed, such as AI CCTV and Video Analytics, are expected to have their own added value
and characteristics that reflect the Company's contribution and ownership of the solution.
In addition to KBLI 62015 and KBLI 62024, intellectual property rights are also related to KBLI 73201
and KBLI 61993 where the products of KBLI 73201 are Market Insight and Location Optimizer, while
the products of KBLI 61993 are SHIELD platform and user interface (UI) tailored to the needs of each
Law Enforcement Official (APH) as well as technical processes and methods of data processing for
SHIELD.
Changes of Business Activities implements risk management that refers to ISO 31000: 2018.
11. Financial Feasibility Analysis
Based on the aspects discussed above, to carry out the Changes of Business Activities, the Company
does not need any special source of funds, and is targeted to be able to utilize the working capital
turnover of the Changes of Business Activities carried out. Feasibility analysis is conducted using the
parameters of Net Present Value, Break Even Point, Profitability Analysis and Return on Investment.
The following is the feasibility analysis of the Changes of Business Activities:
Net Present Value : IDR4,045,914 Million
Average Break Even Point : IDR176,163 Million (13.13% to Sales)
Profitability Analysis : 22.80% (end of projection period)
Return on Investment : 30.08% (average during projection
period)
12. Conclusion
Based on the study, evaluation of market aspects, technical, business patterns, feasibility of
management models and financial analysis as well as other projections provided that the assumptions
that have been determined can be fulfilled, it can be concluded that the plan to the Changes of Business
Activities to be carried out by the Company is feasible.
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D. AVAILABILITY OF EXPERTS RELATED TO THE PLAN OF THE CHANGES OF BUSINESS ACTIVITIES
In connection with the plan on the Changes of Business Activities, the Company has prepared the workforce
needed to support the operational implementation of the Changes of Business Activities. The Company is
committed to meeting the need for competent workforce in the relevant fields associated to the new business
activities. The Changes of Business Activities will be supported by the Company's existing experts. In addition,
KBLI 61994 will also be supported by human resources from partner providers in accordance with the scope
and responsibilities between the Company and partner providers. The experts currently owned by the
Company are as follows:
No. KBLI Code Total Employee
9 Persons (Data Analytics)
9 Persons (Product)
1 61993, 73100, 73201 7 Persons (Sales)
6 Persons (GTM, Strategy and Partnership)
3 Persons (Product Manager)
2 62015 dan 62024
7 Persons (IoT Solution Specialist)
1 Person (Product)
3 61994 1 Person (Sales)
1 Person (Presales/Enterprise)
1 Person (Digital Growth)
1 Person (Digital Partner Enablement)
4 61912
1 Person (Digital Insights & Performance)
1 Person (Growth Hack)
1 Person (Developer)
3 Persons (Product & Service)
2 Persons (Delivery & Operation)
2 Persons (Receivable & Collaction Assurance)
5 66413
4 Persons (Service & Quality Assurance)
2 Persons (Revenue Accounting)
1 Person (Cash Management)
1 Person (Billing & Revenue Assurance)
Total 67 Persons
In carrying out the Change of Business Activities, the Company requires experts who have the ability related
to ICT, broadband, AI, IoT, payment aggregator, data analytics, data scientist, big data, cloud and digital
content knowledge.
E. EXPLANATION, CONSIDERATIONS AND REASONS OF CHANGES OF BUSINESS ACTIVITIES
In order to improve the Company's future performance, the Company as a company engaged in the
telecommunications business and carries out activities including in the field of telecommunications networks;
telecommunications services and multimedia services; data communication system services; informatics and
communications, plans to add business activities, activities that are not yet included in the Company’s Articles
of Association, which include telecommunication activities specifically for defense and security purposes,
resale of telecommunication services, artificial intelligence programming activities, IoT consultation and
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design activities, provider of payment system support, advertising and market research.
By the Changes of Business Activities , the Company will expand the business segments that have been carried
out by the Company so far, which in the future the Company will receive additional income from these
business activities. The Company is expected to be able to contribute to the progress of the
telecommunication industry in Indonesia and to become a company that is able to compete fairly in providing
services to its customers.
The advantages obtained by the Company with the Changes of Business Activities are that it can support the
long-term growth of the Company, and can provide added value for the Company.
As an example of the existing business activities that the Company has carried out and the business activities
that will be added are as follows:
No Kode KBLI Judul KBLI Contoh Riil dari Kegiatan Usaha
Existing The Company KBLI
1 41012 Office Building Construction
2 41013 Industrial Building Construction
3 41014 Shopping Building Construction
4 41019 Other Building Construction
5 42204 Electrical Civil Building Construction
Provision of Smart Building services (including
Telecommunication Civil Building Construction for
6 42205 but not limited to: CCTV, Access Control, Smart
Transportation Infrastructure
Meeting Room).
7 42206 Telecommunications Central Construction
8 43211 Electrical Installations
9 43213 Electronic Installation
10 43215 Railway Signal and Telecommunications Installations
11 43224 Air Conditioning and Ventilation Installation
• Sale of computer devices and accessories to
corporate clients, such as desktop PCs,
business notebooks, workstations, printers,
docking stations, and other peripherals.
12 46511 Wholesale of Computers and Computer Equipment
• Distribution of IT devices from principals to
enterprise end-users through a bundling
scheme with the Company’s
telecommunication services.
• Sale of Cloud Platforms and Software as a
Service (SaaS);
• Provision of Software Solutions for
13 46512 Software Wholesale
Enterprises;
• Partnerships with Software Developers
(including IoT).
Provision of rental or lease-to-own services for
network devices, including WAN equipment
14 46523 Telecommunication Equipment Wholesale (Routers & SD-WAN) and LAN equipment
(Switches & Wi-Fi), with optional installation,
managed services, and/or maintenance services.
• Application development services;
15 58200 Software Publishing
• Cloud Service Provider.
• Provision of branch-to-branch connectivity
16 61100 Telecommunication Activities by Cable services using Fiber Optic last-mile
connections;
13
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No Kode KBLI Judul KBLI Contoh Riil dari Kegiatan Usaha
• Provision of internet services using Fiber
Optic last-mile connections.
• Provision of branch-to-branch connectivity
services using Microwave Radio last-mile
17 61200 Wireless Telecommunications Activities connections.
• Provision of internet services using
Microwave Radio last-mile connections
18 61300 Satellite Telecommunication Activities Provision of internet services via satellite.
Provision of internet telephony services for
19 61913 Internet Telephony Services for Public Purposes (ITKP)
international/overseas calls.
Provision of internet access services in the form
20 61921 Internet Service Provider
of Dedicated Internet & Broadband Internet.
Required as a supporting KBLI for M2M
21 61922 Data Communication System Services (Machine-to-Machine) SIM card
products/services.
Provision of internet traffic routing and transit
services for other Telecommunication Service
22 61924 Internet Interconnection Services (NAP)
Providers to connect to international internet
networks (IP Transit services).
Provision of Smart Building services (including
23 61929 Other Multimedia Services but not limited to: CCTV, Access Control, Smart
Meeting Rooms).
Offering application development services
24 62019 Other Computer Programming Activities
tailored to customer needs.
Providing comprehensive protection for
customer computer systems and networks
against various cyber threats, including malware,
25 62021 Information Security Consulting Activities phishing, and DDoS attacks, through Indosat
Managed SOC, Managed EDR, Managed Anti-
DDoS, and Cyber Threat Intelligence (CTI)
services.
• Consulting services for customer IT
infrastructure planning, such as network
architecture or data center migration
strategies;
• Managed services such as desktop
Computer Consulting and Other Computer Facilities
26 62029 management (Endpoint Management),
Management Activities
technical support, and remote monitoring of
customer IT devices;
• Provision of IT Operations services (NOC & IT
Helpdesk) to support customer operations
24/7.
• Deployment and installation services for IT
devices (computers, servers, networks) for
corporate clients;
Information Technology Activities and Other
27 62090 • Provision of IT services such as hardware
Computer Services
maintenance (break-fix), software
installation, and other ad-hoc technical
services.
• Digital Advertising;
• Market Insights / Reports based on Telco
28 63111 Data Processing Activities data and primary sources;
• Customer Identity Verification
• Data Management/Data Sandbox
Provision of hosting/colocation data center
29 63112 Hosting Activities and Related thereto
services.
Web Portal And/or Digital Platform with Commercial Provision of mobile money services for
30 63122
Purpose consumers and retailers as a payment method
14
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No Kode KBLI Judul KBLI Contoh Riil dari Kegiatan Usaha
(source of funds).
Issuer of electronic money, provision of payment
system services, and supporting services for
Financial Services and Other Related Activities Non-
31 64999 payment transactions through
Insurance and Pension Funds
telecommunications networks and convergence
technology.
Provision of Smart Building services (CCTV,
Access Control, Smart Meeting Rooms, etc.),
Leasing and Lease Activities Without Option Rights for Smart Mobility services (Connected Vehicles,
32 77322
Digital Technology Tools Connected Assets, Connected Workers, etc.),
and Smart Manufacturing services (Energy
Management, OEE, etc.).
• Rental of IT devices such as laptops,
desktops, printers, and other office
equipment to business clients for a specified
period (monthly/annually);
• Leasing financing schemes for IT devices,
Leasing and Lease Activities without Option Right for accompanied by supporting services such as
33 77394
Office Machinery and Equipment warranty, maintenance, and technical
support;
• Offering solutions such as "SEAT
management" or "Managed Device" that
include devices, setup services, and technical
support in one rental package.
Provision of call center services, both incoming
and outgoing domestic calls, for corporations
34 82200 Call Center Activity
with access codes, local numbers, or mobile
numbers.
New KBLI
Provision of a Surveillance Hub platform for
authorized law enforcement agencies to query
Special Telecommunication Activities for Defense and relevant information in accordance with
1 61993
Security Purposes applicable laws, such as personal data, mobility,
communication history, etc., for investigative
and case inquiry purposes.
Provision of targeted advertising to IOH users
through advertising channels such as SMS,
2 73100 Advertising
WhatsApp, Google RCS, META Ads, Google Ads,
and other SDA channels..
Provision of the Company’s aggregated data
analysis results in the form of PDF reports,
datasets, or access through cloud/platforms to
3 73201 Market Research
assist clients in making various business
decisions, such as event planning, branch
business expansion, etc.
Customers with high SLA requirements need link
diversity using internet connections from
4 61994 Resale of Telecommunication Services
different providers and multi-site needs for
resale to clients.
Provision of payment services for digital content
such as articles, videos, or music, as well as paid
SMS services for information or entertainment,
5 61912 Premium SMS Content Services including subscription payments for Spotify,
YouTube Premium, Google, and in-game
purchases for titles like Mobile Legends & Free
Fire.
6 62015 Artificial Intelligence Programming Activities IoT products such as Smart Building, Smart
15
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No Kode KBLI Judul KBLI Contoh Riil dari Kegiatan Usaha
Internet of Things (IoT) Consultation and Design Manufacturing, and Smart Mobility (Nextfleet).
7 62024
Activities
Assisting clients in connecting to various
8 66413 Provider of Payment System Support payment gateways so that their end users can
make payments using various sources of funds.
In relation to fulfilling a crucial element in the Indonesian business system, ensuring the Company as a
company that has a clear legal foundation, has a valid operational permit and official recognition from the
Government, The Company’s Management are planning to add licenses in accordance with the KBLI 2020.
With the proper KBLI, The Company is expected to conduct its business safely, transparently and in accordance
with the regulations.
The Company currently requires additional business licenses to support the needs of Indosat Digital Analytics
(‘iDA’) Group in creating strategies and maps for data-driven product development, licenses to support
Internet of Things (‘IoT’) Group to develop Closed-Circuit Television (‘CCTV’) products based on video analytics
using Artificial Intelligence approach and the needs of Information Communication Technology (‘ICT’) Group
to accelerate the marketing growth of merchant aggregator services by providing payment system support
provider services. In addition, The Company also requires additional licenses related to telecommunication
service resale business license and premium SMS (short message) and content service business license.
The products resulting from the changes of business activities are as follows:
61993: The Company provides data and platform services to support the investigation process and law enforcement
activities of Indonesian Law Enforcement Agencies (APH).
73100: The Company provides targeted SMS (short message) advertising for various client campaign solutions.
73201: The Company to provide branch optimization via geospatial and big data analysis.
61994: Reseller of Internet Provider's end-to-end products through fibre, microwave and VSAT media to cover a wider
area and as diversity for high service availability.
61912: Premium SMS (short message) content services provide bundled packages that include data quota, access to
exclusive content, and other digital services.
62015: The Company provides Artificial Intelligence based products and Solutions integrated with IoT Solutions.
62024: The Company provides IoT consulting and design solutions to suit customer needs.
66413: IndosatSwift as merchant aggregator to integrate customer application to payment gateway .
F. IMPACT OF CHANGES OF BUSINESS ACTIVITIES ON THE COMPANY'S FINANCIAL CONDITION
These key assumptions are targeted forecasts by the Company and will have an impact on the Company's
financial performance, the achievement of which will be influenced by several factors, such as technological
changes, government policies, natural disasters and others. The following are the key assumptions for the
Changes in Business Activities:
1. The period of the projection period is January 1st, 2025 to December 31st, 2029. With the following
details:
- KBLI 61993 related to Special Telecommunications Activities for Defense and Security Needs is
assumed to start business activities in early 2025. Business activities related to the development
of Surveillance Hub for Intelligence, Enforcement, and Law Defense solutions/products (“Shield
16
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Product”) are assumed to start in June 2025 because the previous months were used to obtain
licenses for the addition of related KBLI.
- KBLI 73100 and 73201 related to Advertising & Market Research are assumed to start from March
2025 because the previous months were used to take care of licensing for the addition of related
KBLI, the addition of KBLI was carried out to support the Company's existing KBLI, namely related
to KBLI 63111 (Data Processing Activities).
- KBLI 61912 related to Premium SMS Content Services. To strengthen the legal and administrative
foundation of its business activities, the Company will add KBLI code 61912 in accordance with
the KBLI 2020 provisions, in line with the services it operates.
- KBLI 62015 (Artificial Intelligence Programming Activities), 62024 (Internet of Things (IoT)
Consultation and Design Activities), 66413 (Payment System Support Providers) and 61994
(Resale of Telecommunications Services) are assumed to start in June 2025 because the previous
months were used to obtain licenses for the addition of the relevant KBLI.
2. Revenues from Changes of Business Activities are derived from revenues from Special
Telecommunications Activities for Defense and Security Purposes, Advertising & Market Research,
Artificial Intelligence-Based Programming Activities, Internet of Things Consulting and Design Activities,
Payment System Support Providers, Resale of Telecommunications Services, and Premium SMS
Content Services. Estimated total revenue growth in 2026 reached 10%, then experienced growth of
around 3-5% in 2027-2029. Estimated revenue in 2026 experienced higher growth because in 2025,
revenue from changes of business activities had not been received for 12 months, along with the
licensing process for each KBLI. In the following years, revenue growth is projected to stabilize.
3. The average Cost of Revenue to revenue over the projection period is assumed to be 67.37%. These
expenses consist of rent and installation expenses. Each of these expenses adjusts to the cost
requirements of each new KBLI.
4. The average Operating Expenses to Revenue over the projection period is assumed to average 4.29%.
These expenses consist of maintenance expenses, regulatory fees, marketing expenses, general and
administrative expenses and depreciation expenses. Each of these expenses adjusts to the cost
requirements of each new KBLI.
5. The tax applied is 22.00% in accordance with Law of the Republic of Indonesia No. 17 of 2021
concerning Harmonization of Tax Regulations Article 17 paragraph (1) item b, which is 22% (twenty-
two percent).
6. The working capital turnover assumptions are determined based on the Company's consolidated
working capital turnover performance and targets which over the average projection period are
assumed to be as follows:
a. Accounts receivable turnover for 94 days.
b. Accounts payable turnover for 100 days.
Financial Projections of Changes of Business Activities show positive financial ratios. Financial ratios can be
analyzed through several parameters, namely liquidity ratios, activity ratios, solvency ratios and profitability
ratios.
The financial projection of the Change of Business Activity results in a positive liquidity ratio, where the
17
Page 18
Company has the ability to pay all of its short-term debt through its current assets. Cash flows from the
Company's business activities and currently available sources of financing will be sufficient to meet anticipated
funding requirements. In the projection period as of December 31st, 2029, the Company's Current Ratio was
recorded at 685.65%.
Projected Turnover of Receivables and Accounts Payable for Changes of Business Activities of the Company is
assumed to be faster until the end of the projection period. On December 31st, 2029, the turnover of accounts
receivable and accounts payable was recorded at 90 days. Meanwhile, the ratio of total liabilities to equity
tends to decrease. On December 31st, 2029, the ratio of total liabilities to equity was recorded at 17.07%.
With the Change of Business Activity, the profitability ratio in the financial projection shows the Company's
ability to generate profits. In the projection period of December 31st, 2029, it is assumed that due to the
Change of Business Activities, the Company generates a Net Profit of 22.80% of total revenue. Meanwhile, the
return on investment was recorded at 19.03%.
The impact on financial performance of Changes of Business Activities is as follows:
1. Total Revenue from Change of Business Activities during 2025-2029 is 11.98% of the Company's
Revenue as of December 31st, 2024. Such revenue will be an added value for the Company on a
Consolidated basis.
2. The average Net Profit Margin on Changes of Business Activities for 2025-2029 is 22.10%. Such profit
will be an added value for the Company on a Consolidated basis.
3. The value of Cash and Cash Equivalents for Changes of Business Activities at the end of the projection
period was recorded at 30.95% of the Company's Cash and Cash Equivalents as of December 31st, 2024.
December 31st, 2024. The cash and cash equivalents will be an added value for the Company on a
Consolidated basis.
4. The total Assets of the Change of Business Activities at the end of the projection period is recorded at
1.52% of the Company's Total Assets as of December 31st, 2024. The total assets will be an added value
for the Company on a Consolidated basis.
The revenue generated by the Changes of Business Activities in the first year of the projection amounts to
IDR1,180,998 Million and experiences an average growth of 5% with an average gross profit margin of 33%.
For the Changes of Business Activities, the return on investment at the end of the projection period is 19.03%
and an average of 30.08%.
Based on these financial projections, the Changes of Business Activities will increase the scale of the
Company's business and provide additional revenue during the projection period of 11.98% compared to the
amount of total revenue in 2024.
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G. OTHER MATERIAL INFORMATIONS RELATED TO THE CHANGES OF BUSINESS ACTIVITIES
1. In addition to shareholder approval through the General Meeting of Shareholders (GMS), any Change in
Business Activities requires licensing processed through the OSS system administered by the Ministry of
Investment and Downstreaming/Investment Coordinating Board (BKPM).
2. The Company does not require approval from any other parties, including its creditors, for the proposed
Change in Business Activities.
3. The Changes of Business Activities will be effective after the Company:
a. obtain shareholder’s approval at the GMS for amending article 3 of the Company’s Articles of
Association and obtain approval from the Ministry of Law and Human Rights; and
b. obtain the necessary licenses from the competent authorities to conduct new business activities (as
long as required by applicable regulations).
4. The Changes of Business Activities will be proposed at the GMS which will be held by the Company on
28 May 2025 at the Indosat Ooredoo Hutchison Building with electronic and physical mechanisms. The
invitation of the GMS was made by the Company on 29 April 2025.
5. The agenda of GMS related to Changes of Business Activities as follows:
a. discussion of the feasibility study report prepared by Independent Appraisal Service Office related
to the plan of adding business activities of the Company to comply with Financial Service Authority
Regulation No. 17/POJK.04/2020 regarding the Material Transactions and Alteration of Business
Activities; and
b. approval of the amendment to the provision of Article 3 of the Company’s Article of Association
regarding the Company’s Purposes, Objectives and Business Activities.
Below are the important dates in relation to the Company’s GMS:
a. GMS Announcement through the Company’s, IDX and PT Kustodian Sentral Efek Indonesia (KSEI)
website dated 14 April 2025;
b. Announcement of Disclosure of Information related to Changes of Business Activities through the
Company’s and IDX website dated 14 April 2025;
c. Recording date of shareholders dated 28 April 2025;
d. GMS Invitation through the Company’s, IDX and KSEI website dated 29 April 2025;
e. AGMS dated 28 May 2025; and
f. Plan of announcement of summary minutes of GMS through the Company’s, IDX, and KSEI website
dated 2 June 2025.
19
Page 20
Based on Article 28 of the Company's Articles of Association, the GMS for the Changes of Business
Activities must meet the quorum of attendance and decisions as follows:
a. The GMS is valid and has the right to make decisions if it is attended and/or represented by at least
2/3 (two-thirds) of the total number of shares with valid voting rights that have been issued by the
Company and the GMS resolutions must be approved by the shareholders and/or their duly
authorized representatives who jointly represent more than 2/3 (two-third) of the total number of
shares with voting rights attending the GMS including serie A share.
b. If the quorum as referred to in point a is not met, a second GMS may be held, provided that the
second GMS is valid and entitled to make decisions if attended by at least 3/5 (three-fifths) of the
total issued shares with valid voting rights of the Company, and resolutions of the GMS must be
approved by shareholders and/or their valid proxies representing more than 1/2 (one-half) of the
total shares with voting rights present at the GMS, including Series A shares.
c. Without prejudice to the quorum and the approval of the holder of series A share, if the quorum
as referred to in point b is not met, then upon the Company’s request, the quorum for attendance,
voting requirements, summons, and the timing of the GMS shall be determined by OJK.
In the event that the plan for the additional of new business activities is not approved by the GMS, then
the plan for the additional of new business activities may be requested for approval from the GMS again
within no less than 12 (twelve) months after the implementation of the GMS which did not approve the
additional of new business activities.
20
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Names mentioned 27 people and organisations named in the text · linked when the evidence is strong
unresolved
org
FINANCIAL SERVICES AUTHORITY
p.1 ×2
unresolved
person
Mohamad Said Tadjoedin
· Notaris
p.2
unresolved
person
Buchari Hanafi
· Notaris
p.2 ×3
unresolved
org
Ministry of Law
p.2
unresolved
org
Ooredoo Hutchison Asia Pte. Ltd.
p.3 ×2
unresolved
org
CK Hutchison Holdings Limited
p.4
unresolved
person
Mala Mukti
· Notaris
p.4
unresolved
org
Minister of Law and Human Rights
p.4
unresolved
org
Kantor Jasa Penilai Publik Yanuar
p.7
unresolved
org
Rosye dan Rekan
p.7
unresolved
org
Minister of Finance Decree
p.7
unresolved
person
Rosye Yunita
p.8
unresolved
org
Ministry of Investment and Downstreaming
p.19
unresolved
org
Ministry of Law and Human Rights
p.19
unresolved
org
PT Kustodian Sentral Efek Indonesia
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
3371 ms
12 Sep 2026 22:51
Raw output
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