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Number : 079/CLD/HMS/VII/2026
Attachment : 1. Information Disclosure on Affiliated Transaction in connection with
Trademark License Agreement between the Company and
Philip Morris Products S.A. (“PMPSA”)
2. Fairness Opinion Report on the Affiliated Transaction
3. Statement of the Board of Commisioners and the Board of Directors
Re. : Information Disclosure on Affiliated Transaction between the
Company and PMPSA
Jakarta, July 2, 2026
To.
The Financial Services Authority (“OJK”)
Soemitro Djojohadikusumo Building
Jalan Lapangan Banteng Timur No.2-4
Jakarta Pusat - 10710
Dear Sirs,
Pursuant to Financial Services Authority Regulation (“POJK”) No. 17/POJK.04/2020 dated 21
April 2020 concerning Material Transactions and Changes in Main Business Activities, POJK
No. 42/POJK.04/2020 dated July 2, 2020, concerning Affiliated Transactions and Conflict of
Interest Transactions and POJK No. 31/POJK.04/2015 dated December 16, 2015, concerning
Disclosure on Material Information or Facts by Issuers or Public Companies, we hereby
inform you the following:
1. Name of Issuer : PT Hanjaya Mandala Sampoerna Tbk.
2. Business Activity : Cigarette Industry
3. Telephone : 021 – 5151234
4. Facsimile : 021 – 51402481
5. Email address : sampoerna.corporate@sampoerna.com
1. Date of Event : July 1, 2026
2. Type of Material Information : The Transaction constitutes an Affiliated
or Fact Transaction pursuant to the Trademark
License Agreement entered into between the
Company and PMPSA.
The Company and PMPSA are affiliated
parties as both entities are under the common
control of the same ultimate controlling
shareholder, namely Philip Morris
International Inc.
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3. Description on the Material : as attached
Information or Fact
4. Impact of the material event, : There is no potential risks which may result in
information or fact to the adverse impacts or disruption of the
Issuer’s operational activity, Company's business sustainability from such
legal, financial condition and events and information to the operational,
business continuity legal, financial condition, or business
continuity of the Company.
5. Other information : Transaction is a trademark license
agreement under which the Company
intends to utilize PMPSA’s trademarks and
intellectual property rights by combining
them with the Company’s trademarks on
products in the form of consumable tobacco
units ("Transaction").
In connection with the Transaction as defined in the Disclosure of Information above, the
Board of Directors and Board of Commissioners of the Company hereby state that, having
made all reasonable enquiries and to the best of our knowledge and belief, all material
information has been disclosed and such information is not misleading.
Thus, we submit the disclosure in connection with the Transaction.
Thank you for your attention.
Best Regards,
PT HM Sampoerna Tbk.
Signed and sealed
Maharani Djody Putri
Corporate Secretary
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DISCLOSURE OF INFORMATION
RELATED TO AFFILIATED TRANSACTION
THIS DISCLOSURE OF INFORMATION HAS BEEN MADE TO COMPLY WITH THE FINANCIAL SERVICES AUTHORITY (“OJK”)
REGULATION NO. 42/POJK.04/2020 DATED 2 JULY 2020 ON AFFILIATED TRANSACTIONS AND CONFLICT OF INTEREST
TRANSACTIONS (“POJK 42”) IN CONNECTION WITH THE EXECUTION OF TRADEMARK LICENSE AGREEMENT.
THE INFORMATION CONTAINED IN THIS DISCLOSURE OF INFORMATION IS IMPORTANT TO BE READ AND NOTED BY THE
COMPANY’S SHAREHOLDERS. IF YOU FIND DIFFICULTIES IN UNDERSTANDING THE INFORMATION SET FORTH IN THIS
DISCLOSURE OF INFORMATION, YOU ARE SUGGESTED TO CONSULT WITH YOUR BROKER, INVESTMENT MANAGER, LEGAL
COUNSEL, PUBLIC ACCOUNTANT OR OTHER PROFESSIONAL ADVISORS.
THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS ARE, JOINTLY AND SEVERALLY, FULLY RESPONSIBLE FOR
THE TRUE AND CORRECTNESS, AND COMPLETENESS OF THE INFORMATION DISCLOSED HEREIN AND IN ANY ADDITIONAL
DISCLOSURE, IF ANY, AND HEREBY CONFIRM THAT THE INFORMATION CONTAINED IN THIS DISCLOSURE OF
INFORMATION IS CORRECT, AND THERE IS NO SIGNIFICANT, MATERIAL AND RELEVANT FACT THAT HAS NOT BEEN
DISCLOSED OR HAS BEEN REMOVED SUCH THAT THE DISCLOSURE OF INFORMATION HEREIN BECOMING INCORRECT
AND/OR MISLEADING.
AFTER CAREFUL EXAMINATION, THE COMPANY'S BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS, JOINTLY AND
SEVERALLY STATES THAT THIS AFFILIATED TRANSACTION IS NOT CONSTITUTE A MATERIAL TRANSACTION AS MEANT BY
POJK 17 (AS DEFINED IN THIS DISCLOSURE OF INFORMATION) AND DO NOT CONTAIN ANY CONFLICT OF INTEREST AS
MEANT BY POJK 42.
THE BOARD OF DIRECTORS OF THE COMPANY, BOTH JOINTLY AND SEVERALLY STATES THAT THIS AFFILIATED
TRANSACTION HAS WENT THROUGH ADEQUATE PROCEDURES TO ENSURE THAT THIS AFFILIATED TRANSACTION IS
IMPLEMENTED IN ACCORDANCE WITH THE GENERALLY APPLICABLE BUSINESS PRACTICES.
PT HANJAYA MANDALA SAMPOERNA Tbk.
(the “Company”)
Domiciled in Surabaya
Business Line:
Cigarette Industry
Head Office:
Jl. Rungkut Industri Raya No. 18, Surabaya 60293, Indonesia
Telephone: 031 – 843 1699, Facsimile: 031 – 843 0986
Factory Location:
Surabaya, Pasuruan, Malang, Karawang, Probolinggo, Blitar, Tegal
Corporate Representative Office:
One Pacific Place, 18th Floor, Sudirman Central Business District,
Jl. Jend. Sudirman Kav. 52-53,
Jakarta 12190, Indonesia
Telephone: 021 – 515 1234, Facsimile: 021 – 515 2234
This Disclosure of Information is published in Jakarta on July 2, 2026
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DEFINITIONS
Disclosure of Information: means the disclosure of information related to affiliated transaction as
specified in the announcement and/or disclosure of information and any additional information that may
or will be made available.
Fairness Opinion Report: means a report submitted by the Independent Appraiser No. 00197/2.0012-
00/BS/04/0263/1/VI/2026 dated 29 June 2026 regarding fairness opinion on the Transaction.
The Financial Services Authority or OJK: means the independent institution as set forth under Law No.
21 of 2011 on the Financial Services Authority (“OJK Law”), who has the regulatory and supervisory duties
and authorities over the sectors of banking, capital market, insurance, pension fund, financing and other
financial institutions, and as of December 31, 2012, OJK is the institution that has replaced and accepts
the rights and obligations to run the regulatory and supervisory functions from Bapepam and/or Bapepam
and LK pursuant to Article 55 of the OJK Law.
Independent Appraiser: means the public appraiser firm of KJPP Rengganis, Hamid & Rekan, an
independent appraiser registered with OJK that has been appointed by the Company to appraise the
fairness of the Transaction.
Device: means all parts of components, such as heating devices, either in electronic or other forms,
electronic chargers, electronic holders/heaters, cleaners, batteries, electronic spares and other
accessories thereof that are bearing the trademarks of the brand families or unbranded, as determined
by PMPSA or its affiliates and/or registered by PMPSA in the Territory.
Trademark License Agreement: means the trademark license agreement signed by PMPSA as the licensor
and the Company as the licensee, which is effective as of July 1, 2026, in relation to the licensing of
trademarks and/or trademarks that combine PMPSA trademarks with the Company's trademarks for use
in or in relation with Product.
The Company: means PT Hanjaya Mandala Sampoerna Tbk., a publicly listed company incorporated under
and subject to the laws of Indonesia, domiciled in Surabaya, Indonesia.
PMID: means PT Philip Morris Indonesia, the major shareholder of the Company, a limited liability
company incorporated under the laws of Indonesia, engaged in the white cigarette industry.
PM International: means Philip Morris International Inc., a business entity incorporated under the laws
of the Commonwealth of Virginia, United States, engaged in the manufacturing and trading of cigarettes,
other tobacco products and other nicotine-containing products marketed outside the United States, and
owns, directly or indirectly, 100% of the shares in PMPSA and PMID.
PMPSA: means Philip Morris Products SA, a company incorporated under the Swiss law, engaged in the
manufacturing, trading and marketing of cigarettes, other tobacco products and other nicotine-containing
products.
POJK 17: means The Financial Services Authority Regulation No. 17/POJK.04/2020 dated 21 April 2020 on
Material Transactions and Changes in Main Business Activities.
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POJK 42: means The Financial Services Authority Regulation No. 42/POJK.04/2020 dated 2 July 2020 on
Affiliated Transactions and Conflict of Interest Transactions.
Product: patented consumable tobacco and/or non-tobacco units specifically designed to be used with
the Device through a heating system (including patented consumable tobacco sticks), where such
products in each case bear trademarks of the PMPSA brand family that are or have been registered by
PMPSA in the Territory, or trademarks and/or branding that combine the PMPSA trademark with the
Company’s trademark in respect of such products.
Transaction: means the granting of a license of a Product as referred in Trademark License Agreement to
enable the Company to manufacture Product with a trademark and/or branding that combines the PMPSA
trademark with the Company's trademark.
Capital Market Law: means Law No. 8 of 1995 dated 10 November 1995 on Capital Market.
Territory: means the duty paid and excise tax paid domestic market of the Republic of Indonesia.
INTRODUCTION
This Disclosure of Information is made in connection with the Transaction. The Agreement is an Affiliated
Transaction according to POJK 42. However, the Agreement is not a Transaction with Conflict of Interest
as defined under POJK 42 and is not a Material Transaction as defined under POJK 17, based on an
assessment report from the Independent Appraiser regarding the fairness of the Transaction, the
summary of which is presented in Section III of this Disclosure of Information.
I. DESCRIPTION ON THE TRANSACTION
A. Background and Reasons for the Transaction
PMPSA, as the owner of certain trademarks and other intellectual property rights, including
patents relating to Product in the Territory, intends and agrees to grant licenses and/or
sublicenses of these rights to the Company in order for the Company to manufacture and
distribute Product in the Territory by combining the PMPSA trademark with the Company's
trademark in the Territory.
The Company needs to ensure that it is able to manufacture and distribute the Products in the
Territory. The Company intends to use certain trademarks and other intellectual property rights
of PMPSA as referred to in the Trademark License Agreement for the following activities:
(i) create and distribute Product in the Territory;
(ii) make sales of Product;
(iii) import the Product, either directly or indirectly through local affiliates of the Company in
accordance with applicable regulations; and
(iv) advertising and promotion by the Company for Product in the Territory.
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B. Object of the Agreement
1. Object of the Transaction
PMPSA grants to the Company a non-transferable, non-exclusive, non-sub-licensable license
(except to subcontractors who have been engaged by the Company) to use the trademarks
and intellectual property rights owned by PMPSA on Product, for an indefinite period until
terminated by either party.
2. Transaction Value
Based on the Trademark License Agreement, the royalty paid by the Company to PMPSA is
6% (six percent) of the Net Sales Value of Product carried out by the Company.
The value of royalty payment for Product is estimated at IDR10,881,724,772 on average per
year. Based on the above, the value of the Trademark License is 0.04% of the Company's
equity based on the Company's audited annual financial statements as of December 31, 2025.
Thus, the Trademark License Agreements is not a material transaction as defined in POJK 17.
C. Benefits and Impact of Trademark License Agreements on the Company
The Trademark License Agreement enables the Company to legally produce Product and sell the
Product in the Territory so that the Company can maintain its competitive advantage by selling a
more diversified portfolio of tobacco products and at least can help maintain its market share.
D. Parties to the Transaction and Their Relationships with the Company
The chart below shows the affiliation relationship between the Company and PMPSA as parties to
the Trademark License Agreements:
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PMPSA is a business entity incorporated under Swiss law whose registered office is located at Quai
Jeanrenaud 3, 2000 Neuchatel, Switzerland, engaged in the manufacture, trading and marketing
of cigarettes, other tobacco products and other nicotine-containing products.
PMPSA is an affiliated company of the Company's major shareholder, namely PMID.
Currently, PMID owns 92.44% shares in the Company. PMID and PMPSA are controlled by PM
International.
The current composition of management of PMPSA is as follows:
President Director : Jacek Olczak
Vice President : Andolina Massimo
E. Nature of Affiliated Relation between Parties to Transaction
As explained above, PMID owns approximately 92.44% of the shares in the Company and
therefore PMID is the major shareholder of the Company. Furthermore, PMID and PMPSA are
owned (directly or indirectly) and therefore controlled by PM International. Based on these
matters, the Company is an Affiliated Party of PMPSA based on the Capital Market Law and POJK
42.
II. DESCRIPTION OF THE COMPANY
A. History
The Company is a publicly listed limited liability company established under the laws of the
Republic of Indonesia within the framework of the Indonesian Capital Investments Law. The
Company was established on October 19, 1963 by virtue of Deed No. 69 dated October 19, 1963
which was amended by Deed No. 46 dated April 15, 1964, both drawn up before Anwar
Mahajudin, S.H., Notary in Surabaya, which have been approved by the Minister of Justice of the
Republic of Indonesia by virtue of his Decree No. J.A.5/59/15 dated April 30, 1964 and have been
published in the State Gazette of the Republic of Indonesia No. 94 dated November 24, 1964,
Supplement No. 357. The articles of association of the Company have been amended several
times, lastly by virtue of Deed No. 94 dated June 17, 2022, drawn up before Notary Aulia Taufani,
S.H., which has obtained approval from the Minister of Law of the Republic of Indonesia by virtue
of its Decree No. AHU-0045020.AH.01.02.TAHUN 2026 , dated July 2, 2026.
B. Capital Structure and Shareholding Composition
The capital structure and the shareholding composition of the Company based on Shareholders’
Register of the Company as June 30, 2026, are as follows:
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Authorized Capital: IDR 630,000,000,000 Nominal Value : IDR 4/share
Subscribed and Issued Capital: IDR 465,272,307,600
No Name Number of Shares Nominal Value (IDR) %
1 Public shareholders holding more than 5% - PMID 107.523.239.925 430.092.959.700 92.44
2 Other public shareholders 8.794.836.975 35.179.347.900 7.56
Total 116.318.076.900 465.272.307.600 100
C. Capital Structure and Shareholding Composition
The compositions of members of the Board of Commissioners and of the Board of Directors of the
Company pursuant to Deed No. 40 dated May 18, 2026, drawn up before Aulia Taufani, S.H.,
Notary in Administrative City of South Jakarta, which has obtained the Receipt of the Notification
of Changes in the Company's Data from the Minister of Law No. AHU-AH.01.09-0326202 dated
June 10, 2026, are as follows:
The Board of Commissioners
President Commissioner : Paul Janelle
Vice President Commissioner : Mindaugas Trumpaitis
Independent Commissioner : Justin Guy Mayall
Independent Commissioner : Luthfi Mardiansyah
The Board of Directors
President Director : The Ivan Cahyadi
Director : Andre Dahan
Director : Sharmen Karthigasu
Director : Yohan Lesmana
Director : Reno Bontemps
Director : Houria Raselma
Director : Rianto Probo Hartono
Director : Umer Jawaid
Director : Virawaty
Director : Joy Kartika Widjaja
III. SUMMARY OF OPINION OF THE INDEPENDENT APPRAISER
To ensure fairness of the Transaction and also to ensure that the Transaction do not have a conflict-of-
interest element, the Company has appointed Rengganis, Hamid & Rekan as the Independent Appraiser
carrying out the assessment of the fairness of the Transaction.
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The Independent Appraiser states that it has no affiliate relationship either directly or indirectly with the
Company as defined under the Capital Market Law.
Summary of Fairness Opinion of the Independent Appraiser
(i) Parties to the Transaction
• The Company, as the Licensee; and
• PMPSA, as the Licensor.
(ii) Object of the Fairness Opinion
The royalty to be paid by HMSP to PMPSA in relation to the imposition of royalties on the
Company for co-branding of certain variants of Products in the form of consumable tobacco
units under the TEREA brand.
(iii) Purpose of the Fairness Opinion
The purpose of the fairness analysis is to provide a Fairness Opinion on the proposed
Transaction in connection with public disclosure requirements. This fairness opinion analysis
relates to a proposed Transaction classified as an affiliated transaction in accordance with
POJK 42.
(iv) Assumptions Used in the Fairness Analysis
a) The Independent Appraiser assumes that the proposed Transaction will be carried out as
disclosed by the Company’s management and in accordance with the agreements, as well
as the reliability of the information provided by the Company’s management;
b) the Independent Appraiser also assumes that there are no significant changes to the
assumptions used in preparing the Fairness Opinion between the issuance date of the
Fairness Opinion and the effective date of the proposed Transaction;
c) The Independent Appraiser assumes that all data and information obtained from the
Company’s management in relation to the proposed Transaction are accurate and
correct, and that no information has been withheld or deliberately omitted;
d) This opinion should be considered as a whole, and the use of any part of this analysis
without considering the entire information and analysis may result in a misleading
understanding of the process underlying the opinion. The preparation of this opinion is a
complex process and may not be conducted based on incomplete analysis;
e) This opinion is prepared based on the current general financial, monetary, regulatory, and
market conditions. Changes in certain conditions beyond the Company’s control may
have unpredictable impacts and may affect the fairness opinion;
f) The Independent Appraiser has no obligation to update the Fairness Opinion in the event
of significant events occurring after the date of analysis (subsequent events), but will
disclose such events in the report;
g) This report is not intended to provide a recommendation to the Company’s shareholders
to approve or reject the proposed Transaction.
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(v) Valuation Date
Valuation date of the Transaction is 31 December 2025.
(vi) Methodology for Assessing the Fairness of the Transaction
The fairness analysis of the Transaction is carried out on the following aspects:
a) Analysis of the Proposed Transaction
The proposed Transaction involves the royalty payment to be made by the Company to
PMPSA for the co-branding of certain variants of the Product, namely TEREA tobacco sticks.
b) Qualitative and Quantitative Analysis of the Proposed Transaction
Benefits of the Proposed Transaction
The purpose of the proposed Transaction is to utilize the trademarks and intellectual
property rights owned by PMPSA and to combine PMPSA's trademarks with the Company's
trademarks in connection with the conduct of business activities in Indonesia.
Financial Analysis Before and After the Transaction
The proposed Transaction does not result in any changes to revenue or gross profit, as it
only leads to a reduction in the royalty expense payable to PMPSA and therefore affects
operating expenses only. As a result, the Company's net profit after the proposed
Transaction is expected to increase by approximately 0.14% to 1.01%.
Incremental Analysis
As a result of the proposed Transaction, total assets are expected to increase slightly,
particularly in cash and cash equivalents, due to the higher profit earned by the Company.
This also has a positive impact on the Company's equity, which increases as a result of the
higher profit. Meanwhile, total liabilities are expected to increase due to higher tax
payables.
c) Fairness Analysis of the Value of the Proposed Transaction
The fairness of the royalty rate was assessed by comparing it against comparable royalty
arrangements available in the market. Based on the draft Trademark License Agreement,
the proposed co-branding royalty to be paid under the Proposed Transaction is 6% of net
sales.
Based on the comparable market analysis, the proposed co-branding royalty rate is lower
than the average co-branding royalty rate observed in the market but higher than the
median market royalty rate. Accordingly, the Proposed Transaction may be considered fair
as the royalty rate remains within the maximum deviation threshold of 7.5% from the
average market royalty rate, as stipulated under Financial Services Authority of the Republic
of Indonesia Regulation No. 35/POJK.04/2020 on Guidelines for Business Valuation and
Business Valuation Reports in the Capital Market.
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(vii) Conclusion of the Fairness Analysis
Based on the fairness analysis of the Proposed Transaction which includes analysis of the
transaction, qualitative and quantitative analysis, analysis of the fairness of the value of the
Proposed Transaction, and analysis of relevant factors, we are of the opinion that overall the
Proposed Transaction is fair.
IV. STATEMENT OF THE BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS
In connection with the Transaction, the Board of Directors and the Board of Commissioners of the
Company declare that, after conducting a reasonable examination and to the best of their knowledge and
belief, all material information has been disclosed in this Disclosure of Information and such information
is not misleading.
V. ADDITIONAL INFORMATION
Shareholders who have questions about this Disclosure of Information or who wish to have additional
information are invited to contact:
The Corporate Secretary and Investor Relations
PT HANJAYA MANDALA SAMPOERNA Tbk.
One Pacific Place, 18th Floor,
Sudirman Central Business District,
Jl. Jend. Sudirman Kav. 52-53,
Jakarta 12190, Indonesia
Telephone: 021 – 515 1234
Facsimile: 021 – 515 2234
Jakarta, July 2, 2026
The Board of Directors of the Company
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PT Hanjaya Mandala Sampoerna Tbk Laporan Ringkas / Short Form Analisis Pendapat Kewajaran atas Royalti Merek “TEREA” Fairness Opinion on Royalty of “TEREA” Brand No. Laporan / Report No. : 00197/2.0012-00/BS/04/0263/1/VI/2026 Tanggal Laporan / Report Date : 29 Juni / June 2026
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To : The Board of Directors Ref : RHR00BC2E0326055.0
PT Hanjaya Mandala Sampoerna Tbk Report No. : 00197/2.0012-00/BS/04/0263/1/VI/2026
One Pacific Place Building, 18th Floor, Date : 29 Juni / June 2026
Sudirman Central Business District (SCBD)
Jalan Jenderal Sudirman, Kav. 52 – 53,
Jakarta 12190
Laporan Ringkas Short Form
Analisis Pendapat Kewajaran atas Fairness Opinion on
Royalti Merek “TEREA” Royalty of “TEREA” Brand
Dengan Hormat, Dear Sir/Madam,
Menyambung instruksi PT Hanjaya Mandala Sampoerna Referring to assignment by PT Hanjaya Mandala
Tbk. (“HMSP” atau “Perseroan”) sesuai dengan kontrak Sampoerna Tbk. (“HMSP” or the “Company”) as per
No. RHR00BC2E0326055.0 tanggal 12 Maret 2026 dan contract No. RHR00BC2E0326055.0 dated 12 March
amendemen kontrak No. RHR00BC2E0326055.1 2026 and amendment contract No.
tanggal 29 Juni 2026, untuk memberikan Pendapat RHR00BC2E0326055.0 dated 29 June 2026 to provide a
Kewajaran atas royalti yang akan dibayarkan oleh HMSP Fairness Opinion on the royalty to be paid by HMSP to
ke Philip Morris Products S.A. (“PMPSA”), afiliasi dari Philip Morris Products S.A. (“PMPSA”), affiliate of Philip
Philip Morris International (“PMI”) terkait pengenaan Morris International (“PMI”) in relation to the imposition
royalti atas co-branding pada beberapa varian tertentu of royalties for co-branding on certain variants of Smoke-
dari Produk Bebas Asap berupa Unit Tembakau Habis Free Products in the form of Consumable Tobacco Unit
Pakai (“TEREA”) (“Rencana Transaksi”), dengan ini (“TEREA”) (“Proposed Transaction”), in this regard we are
menyatakan bahwa kami telah melakukan analisis dan pleased to confirm that we have completed our analysis
menyampaikan laporan ini untuk Pemberi Tugas dan and submit the report to Client and Intended User.
Pengguna Laporan.
1. Status Penilai 1. Valuer Status
Pekerjaan penilaian ini dilaksanakan oleh penilai This valuation has been carried out by an
independen yang merupakan Penilai Publik dan independent valuer who is a Public Valuer and one
salah satu rekan pada KJPP Rengganis, Hamid & of the partners in KJPP Rengganis, Hamid & Rekan
Rekan (KJPP-RHR). Penilai Publik dan KJPP-RHR telah (KJPP-RHR). The Public Valuer and KJPP-RHR have a
memiliki perizinan dan terdaftar sebagai Penilai business permit and are registered as a Public Valuer
Publik di Kementerian Keuangan Republik Indonesia in the Ministry of Finance of Republic of Indonesia
dan Otoritas Jasa Keuangan (OJK). and Financial Services Authority (Otoritas Jasa
Keuangan – OJK).
KJPP-RHR telah menjalin kerjasama aliansi strategis KJPP RHR has established a strategic alliance with
dengan CBRE, yang merupakan perusahaan CBRE, an integrated global property consultant listed
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konsultan properti global terintegrasi yang terdaftar in New York Stock Exchange (www.cbre.com).
di Bursa Efek New York (www.cbre.com).
Penilaian ini dilakukan secara objektif dan tidak This valuation is carried out in an objective and
memihak serta Penilai juga tidak mempunyai potensi impartial manner where the Valuer does not have a
benturan kepentingan dengan Objek Penilaian, potential conflict of interest with the Subject
Pemberi Tugas dan Pengguna Laporan. Company, the Client and the Intended User.
Seluruh penilai, tenaga ahli dan staf pelaksana All valuers, experts and executive staffs in this
dalam penugasan ini adalah satu kesatuan tim valuation are acted as a unified assignment team
penugasan di bawah koordinasi Penilai Berizin atau under the coordination of a Licensed Public Valuer
penanggung jawab penilaian yang mempunyai or person in charge of the valuation who has the
kompetensi untuk melakukan penilaian. competence to conduct such valuation.
2. Pemberi Tugas 2. Client
Pemberi Tugas adalah HMSP, dengan uraian The Client is HMSP, with details as follows:
sebagai berikut:
Manufaktur tembakau, perdagangan, serta Bidang Usaha / Tobacco manufacturing, trading, and other
industri produk tembakau lainnya Business Segment tobacco product industries
One Pacific Place Building, Lantai 18, Sudirman One Pacific Place Building, Lantai 18, Sudirman
Central Business District (SCBD), Jalan Jend. Alamat / Central Business District (SCBD), Jalan Jend.
Address
Sudriman, Kav. 52-53, Jakarta 12190 Sudriman, Kav. 52-53, Jakarta 12190
021 5151 234 No. Telepon / 021 5151 234
Phone No.
No. Faks / n/a
n/a
Fax No.
Alamat e-mail /
corporate.secretary@sampoerna.com corporate.secretary@sampoerna.com
e-mail address
www.sampoerna.com Website www.sampoerna.com
3. Pengguna Laporan 3. Intended User
Pengguna laporan adalah HMSP. The intended user is HMSP.
4. Objek Analisis Kewajaran 4. Object of Fairness Analysis
Objek analisis kewajaran adalah royalti yang akan Object of Fairness Analysis is the royalty to be paid
dibayarkan oleh HMSP ke PMPSA, afiliasi dari PMI by HMSP to PMPSA, affiliate of PMI in relation to the
terkait pengenaan royalti kepada Perseroan atas co- imposition of royalties on the Company for co-
branding pada beberapa varian tertentu dari Produk branding on certain variants of Smoke-Free Products
Bebas Asap berupa Unit Tembakau Habis Pakai in the form of Consumable Tobacco Unit with TEREA
dengan merek TEREA (“Rencana Transaksi”). brand (“Proposed Transaction”).
5. Jenis Mata Uang yang Digunakan 5. Applicable Currency
Objek penilaian dinilai dengan menggunakan mata The Subject Business is valued using the Rupiah
uang Rupiah (“IDR” atau “Rp”). Nilai tukar pada currency (“IDR” or “Rp”). The exchange rate as of
tanggal penilaian adalah USD1 = Rp16.782,- (kurs valuation date is USD1 = Rp16,782/- (Bank
tengah Bank Indonesia). Indonesia middle rate).
VALUATION & ADVISORY SERVICES ii
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6. Maksud dan Tujuan Analisis Kewajaran 6. Purpose and Objective of Fairness Analysis
Maksud dan tujuan analisis kewajaran ini adalah This fairness opinion analysis is intended to provide
memberikan Pendapat Kewajaran atas Rencana a Fairness Opinion of the Proposed Transaction in
Transaksi sehubungan dengan keterbukaan connection with information disclosure to the public.
informasi kepada publik.
Analisis pendapat kewajaran ini berkaitan dengan This fairness analysis report relates to the Proposed
Rencana Transaksi yang tergolong transaksi afilitasi Transaction which is classified as an affiliate
sesuai dengan Peraturan OJK Republik Indonesia transaction in according to the Republic of Indonesia
No. 42/POJK.04/2020 tentang Transaksi Afiliasi dan OJK Regulation No. 42/POJK.04/2020 of Affiliate
Transaksi Benturan Kepentingan. Transactions and Conflict of Interest Transactions.
7. Tanggal Analisis Kewajaran 7. Date of Fairness Analysis
Tanggal analisis kewajaran adalah 31 Desember Date of fairness analysis is 31 December 2025.
2025.
8. Tingkat Kedalaman Investigasi 8. Depth of Investigation
Pemberian Pendapat Kewajaran dilakukan dengan The provision of the Fairness Opinion is carried out
investigasi yang meliputi pengumpulan data dan through an investigation that includes collecting data
informasi dari pihak manajemen Perseroan yang and information from the Company’s management
bertujuan untuk memperoleh dokumen kelengkapan with the aim of obtaining complete analytical
analisis yang dibutuhkan dan selanjutnya diverifikasi documents required and then verified through
melalui wawancara melalui surat elektronik. interviews via electronic mail.
Penilai tidak melakukan kegiatan atau analisis Valuer did not perform these following activities or
sebagai berikut. analysis.
a) Uji tuntas atas laporan keuangan tidak a) Due diligence on the financial statements was
dilakukan dan penelahaan atas informasi pada not conducted and the review on information in
laporan keuangan hanya dilakukan sebatas the financial statements are only limited to the
untuk keperluan analisis kewajaran; fairness opinion needs;
b) Uji tuntas atas aspek legal termasuk dokumen b) Due diligence on legal documents of the Object
legalitas Objek Analisis Kewajaran tidak of the Fairness Opinion Analysis was not
dilakukan; conducted;
c) Analisis dampak pajak untuk para pihak terkait c) Analysis of the tax impact on the parties
Transaksi; involved in the Transaction;
d) Transaksi lain selain yang disebutkan dalam d) Transactions other than those mentioned in the
Objek Analisis Kewajaran. Object of the Fairness Opinion Analysis.
9. Sifat dan Sumber Informasi yang Dapat Diandalkan 9. Nature and Sources of Reliable Information Data
Sifat dan sumber informasi yang relevan namun Relevant unverified information and data could be
tidak membutuhkan verifikasi, dapat disetujui untuk accepted to use as long as the source of the data is
digunakan sepanjang sumber data tersebut published in domestic or international levels. The
dipublikasikan pada tingkat nasional maupun data sources are as follows:
internasional. Sumber data tersebut antara lain:
a) Bank Indonesia atau bank sentral lain; a) Bank Indonesia or other central banks;
b) Bursa Efek Indonesia atau bursa lainnya; b) Indonesia Stock Exchange or other exchange;
c) Badan Pusat Statistik atau lembaga statistik c) Statistics Indonesia or other statistic institution;
lain;
VALUATION & ADVISORY SERVICES iii
Page 16
d) Data riset dari lembaga independen, namun d) Research data from independent institutions, but
tidak terbatas kepada Damodaran, not limited to Damodaran, Bloomberg, World
Bloomberg, Penilai Harga Efek Indonesia Bank, Penilai Harga Efek Indonesia (PHEI),
(PHEI), International Monetary Fund (IMF); dan International Monetary Fund (IMF); and
e) Informasi dari media elektronik dan media e) Information from the electronic and printed
cetak yang dianggap mewakili. media which are considered representative.
10. Asumsi dan Asumsi Khusus 10. Assumption and Special Assumption
Asumsi Assumption
Pendapat Kewajaran ini bergantung pada asumsi This Fairness Opinion is based on the following
berikut: assumptions:
a) KJPP RHR berasumsi bahwa Rencana Transaksi a) KJPP RHR assumed that the Proposed
akan dijalankan seperti yang telah diungkapkan Transaction will be implemented as disclosed by
oleh manajemen Perseroan dan sesuai dengan the Company's management and in accordance
kesepakatan serta keandalan informasi with the agreement and the reliability of the
mengenai transaksi tersebut sebagaimana information regarding the transaction as
diungkapkan oleh manajemen Perseroan; disclosed by the Company's management;
b) KJPP RHR juga mengasumsikan bahwa tidak b) KJPP RHR also assumed that there have been no
terdapat perubahan signifikan atas asumsi- significant changes to the assumptions used in
asumsi yang digunakan dalam penyusunan preparing this Fairness Opinion between the
Pendapat Kewajaran ini antara penerbitan issuance of the Fairness Opinion and the
Pendapat Kewajaran dengan tanggal efektif effective date of the Proposed Transaction;
Rencana Transaksi;
c) KJPP RHR mengasumsikan bahwa seluruh data c) KJPP RHR assumed that all data and
dan informasi yang diperoleh dari manajemen information obtained from the Company's
Perseroan sehubungan dengan Rencana management in connection with the Proposed
Transaksi adalah akurat dan benar serta tidak Transaction are accurate and correct and no
ada informasi yang disembunyikan atau information is hidden or intentionally hidden;
sengaja disembunyikan;
d) Pendapat ini harus dipandang sebagai satu d) This opinion should be viewed as a whole, and
kesatuan dan bahwa penggunaan sebagian using part of this analysis and information
dari analisis ini dan informasi tanpa without considering the entire information and
mempertimbangkan keseluruhan informasi dan analysis may lead to a misleading view of the
analisis dapat menyebabkan pandangan yang process underlying the opinion. The preparation
menyesatkan atas proses yang mendasari of this opinion is a complex process and may
pendapat tersebut. Penyusunan pendapat ini not be possible through incomplete analysis;
merupakan suatu proses yang kompleks dan
mungkin tidak dapat dilakukan melalui analisis
yang tidak lengkap;
e) Pendapat ini disusun berdasarkan kondisi e) This opinion is prepared based on the current
umum keuangan, moneter, peraturan dan financial, monetary, regulatory, and market
kondisi pasar yang ada saat ini. Perubahan atas conditions. Changes in certain conditions
kondisi-kondisi tertentu yang berada di luar beyond the company's control may have
kendali Perseroan akan dapat memberikan unpredictable impacts and may affect this
dampak yang tidak dapat diprediksi dan dapat fairness opinion;
berpengaruh terhadap pendapat kewajaran ini;
f) KJPP-RHR tidak berkewajiban untuk f) KJPP-RHR is not obligated to update the
memutakhirkan Pendapat Kewajaran apabila Fairness Opinion if significant events occur after
VALUATION & ADVISORY SERVICES iv
Page 17
terdapat kejadian-kejadian penting yang terjadi the analysis date (subsequent events), but will
setelah tanggal analisis (subsequent events), only disclose them in the report;
namun hanya akan mengungkapkannya di
dalam laporan;
g) Laporan ini tidak dimaksudkan untuk memberi g) This report is not intended to provide a
rekomendasi kepada pemegang saham recommendation to the Company's
Perseroan untuk menyetujui atau tidak shareholders to approve or disapprove the
menyetujui Rencana Transaksi tersebut. Proposed Transaction.
11. Persyaratan atas Persetujuan Publikasi 11. Term on Approval for Publication
Laporan terbuka untuk publik kecuali terdapat Reports are open to the public unless they contain
informasi yang bersifat rahasia, yang dapat confidential information that could affect the
mempengaruhi operasional perusahaan. company's operations.
12. Konfirmasi Pendapat Kewajaran Dilakukan 12. Confirmation on Indonesia Valuation Standard and
Berdasarkan SPI dan Peraturan Terkait Related Regulation
Analisis pendapat kewajaran ini dilakukan sesuai This fairness opinion analysis was carried out in
Kode Etik Penilai Indonesia (KEPI) dan Standar accordance with the Indonesian Valuer’s Code of
Penilaian Indonesia (SPI) Edisi VII – 2018, Peraturan Ethics (KEPI) and Indonesian Valuation Standards
OJK Republik Indonesia Nomor 35/POJK.04/2020 (SPI) VII Edition – 2018, OJK Regulation Number
dan Surat Edaran OJK Republik Indonesia Nomor 35/POJK.04/2020 and the OJK Circular Letter
17/SEOJK.04/2020, dan Peraturan OJK Republik Number 17/SEOJK.04/2020, and OJK Regulation
Indonesia No. 42/POJK.04/2020. Number 42/POJK.04/2020.
13. Analisis Kewajaran 13. Fairness Analysis
Analisis kewajaran Rencana Transaksi dilakukan The fairness analysis of the Proposed Transaction is
terhadap beberapa aspek berikut. conducted on the following aspects:
Analisis Rencana Transaksi; Analysis of the Proposed Transaction;
Rencana Transaksi merupakan pembayaran royalti The Proposed Transaction refers to the royalty
yang akan dibayarkan HMSP kepada PMPSA atas payments that will be paid to PMPSA in relation to
co-branding pada beberapa varian tertentu dari the co-branding of certain variants of Smoke-Free
Produk Bebas Asap berupa Unit Tembakau Habis Products tobacco sticks with TEREA brand.
Pakai dengan merek TEREA.
Analisis kualitatif dan kuantitatif yang terkait dengan Qualitative and quantitative analysis related to the
Rencana Transaksi; Proposed Transaction;
Manfaat atas Rencana Transaksi The Benefit of Proposed Transaction
Rencana Transaksi ini bertujuan untuk The purpose of this Proposed Transaction is to utilize
memanfaatkan merek dagang dan hak kekayaan PMPSA's trademarks and intellectual property rights
intelektual milik PMPSA serta menggabungkan and to combine PMPSA's trademarks with HMSP's
merek dagang PMPSA dengan merek dagang HMSP trademarks in connection with the conduct of its
dalam rangka pelaksanaan kegiatan usaha di business activities in Indonesia.
Indonesia.
Analisis Keuangan Sebelum dan Setelah Transaksi Financial Analysis Before and After Transaction
Rencana Transaksi tidak memberikan perubahan With the Proposed Transaction, there is no change in
pada pendapatan dan laba kotor dikarenakan revenue and gross profit since the Proposed
VALUATION & ADVISORY SERVICES v
Page 18
Rencana Transaksi ini hanya menyebabkan Transaction only results in lower royalty expenses
penurunan beban royalti yang dibayarkan kepada paid to PMPSA, hence it impacts the operating
PMPSA, sehingga hanya berdampak pada biaya expenses only. The net profit of HMSP after Proposed
operasi. Laba bersih setelah Rencana Transaksi Transaction is increased by 0.14% - 1.01%.
HMSP mengalami kenaikan sekitar 0,14% - 1,01%.
Analisis Inkremental Incremental Analysis
Dengan Rencana Transaksi, total aset mengalami With the Proposed Transaction, total assets slightly
sedikit peningkatan pada kas dan setara kas, karena increase in cash and cash equivalents, driven by
laba yang diterima HMSP lebih tinggi. Hal ini juga higher profits received by HMSP. This also has an
berdampak pada ekuitas HMSP yang mengalami impact on HMSP’s equity, which is slightly increased
peningkatan karena laba HMSP mengalami sedikit in profit. Total liabilities also increase due to higher
peningkatan. Untuk total liabilitas mengalami tax payables.
peningkatan karena meningkatnya utang pajak.
Analisis Kewajaran atas Nilai Rencana Transaksi Fairness Opinion of the Proposed Transaction Value
Analisis kewajaran royalti dilakukan dengan The analysis of royalty fairness is carried out by
membandingkan royalti yang sejenis yang tersedia comparing comparables royalty rates available in the
di pasar. market.
Berdasarkan draf perjanjian lisensi antara HMSP Based on the agreement between HMSP and PMPSA,
dengan PMPSA, Rencana Transaksi terkait royalti the Proposed Transaction related to royalty payment
atas co-branding yang akan dibayarkan sebesar 6% regarding co-branding is 6% of net sales value.
dari nilai penjualan bersih.
Berdasarkan analisis data pembanding, besaran Based on comparable data analysis, the co-branding
royalti atas co-branding yang akan dibayarkan lebih royalty to be paid is lower than average co-branding
rendah dari rata – rata royalti co-branding yang ada royalty rate in the market but higher than median of
di pasar namun lebih tinggi dari median royalti co- co-branding royalty rate in the market. Therefore,
branding di pasar, sehingga Rencana Transaksi the Proposed Transaction is considered fair as it is
dapat dikatakan wajar karena masih berada still within the maximum deviation of 7.5% from
didalam deviasi maksimum 7,5% dari rata-rata average royalty rate in the market (maximum limit
royalti di pasar (batas maksimum yang dinyatakan set forth in Peraturan Otoritas Jasa Keuangan
dalam Peraturan Otoritas Jasa Keuangan Republik Republik Indonesia Nomor 35 /POJK.04/2020
Indonesia No. 35 /POJK.04/2020 tentang Pedoman regarding Guidelines for Business Valuation and
untuk Penilaian dan Laporan Penilaian Bisnis di Reporting in Capital Market).
Pasar Modal).
VALUATION & ADVISORY SERVICES vi
Page 19
14. Kejadian Penting setelah Tanggal Analisis Kewajaran 14. Subsequent Event
Dalam analisis ini, kami tidak mempertimbangkan In this analysis, we do not consider the impact of any
peristiwa setelah tanggal analisis. subsequent event after the analysis date.
Sebagai informasi per tanggal 18 Mei 2026, HMSP For information, as of 18 May 2026, HMSP changed
melakukan perubahan susunan direksi menjadi the composition of its Board of Directors as follows.
sebagai berikut.
Dewan Komisaris Board of Commissioner
Presiden Komisaris Paul Norman Janelle President Commissioner
Wakil Presiden Komisaris Mindaugas Trumpaitis Vice President Commissioner
Komisaris Independen Justin Mayall Independent Commissioner
Luthfi Mardiansyah
Direksi Board of Directors
Presiden Direktur The Ivan Cahyadi President Director
Direktur Andre Dahan Director
Sharmen Karthigasu
Yohan Lesmana
Houria Raselma
Reno Bontemps
Rianto Probo Hartono
Umer Jawaid
Virawaty
Joy Kartika Widjaja
VALUATION & ADVISORY SERVICES vii
Page 20
15. Kesimpulan 15. Conclusion
Berdasarkan analisis kewajaran atas Rencana Based on the fairness analysis of the Proposed
Transaksi yang dilakukan meliputi analisis terhadap Transaction which includes analysis of the
transaksi, analisis kualitatif dan kuantitatif, analisis transaction, qualitative and quantitative analysis,
atas kewajaran nilai Rencana Transaksi, dan analisis analysis of the fairness of the value of the Proposed
atas faktor-faktor yang relevan, maka kami Transaction, and analysis of relevant factors, we are
berpendapat bahwa secara keseluruhan Rencana of the opinion that overall the Proposed Transaction
Transaksi adalah wajar. is fair.
Kami menekankan untuk menggunakan laporan ini We prompt to use this report with great caution and
dengan penuh kehati-hatian dan memahami seluruh you have to fully understand that it is subject to
asumsi, batasan, kondisi, komentar dan detail assumptions, limitations, conditions, comments and
keseluruhan bagian laporan yang mendasari opini all parts of this report which are adopted as the basis
analisi dimaksud. for this analysis.
Hormat Kami / Yours Sincerely,
Jakarta, 29 Juni / June 2026
KJPP Rengganis, Hamid & Rekan
Vivien Heriyanthi, MAPPI (Cert.), MRICS
Rekan – Penilai Properti dan Bisnis
Partner – Property and Business Valuer
Izin Penilai Publik / Licensed Valuer No. PB-1.09.00263
STTD BAPEPAM / OJK No. STTD.PPB-29/PJ-1/PM.02/2023
MAPPI No. 00-S-01256
Sehubungan dengan meningkatnya konflik geopolitik di In view of the escalating geopolitical conflict in the Middle East
kawasan Timur Tengah yang telah menyebabkan which has disrupted global energy markets and heightened
gangguan pada pasar energi global serta meningkatkan financial market volatility, as an addition to the imposition of
volatilitas pasar keuangan, dan pemberlakuan tarif major trade tariffs by US government on foreign countries which
perdagangan yang signifikan oleh Pemerintah Amerika has created financial turmoil in the global economy, we advise
Serikat terhadap sejumlah negara yang menimbulkan that a greater level of uncertainty and a higher degree of caution
gejolak pada perekonomian global, maka kami should be attached to our analysis than which would normally
menyarankan untuk menggunakan hasil analisis ini dengan be the case. Given the unknown level of economic impact that
tingkat kehati-hatian yang lebih tinggi serta memahami these events have on the markets and the absence or lack of
adanya tingkat ketidakpastian yang lebih tinggi market data to inform or support a quantitative estimate, as a
dibandingkan dengan kondisi yang secara normal berlaku. precaution/risk mitigation we strongly recommend that more
Dikarenakan belum diketahuinya besaran dampak dari frequent and updated analysis should be conducted on a go
pengenaan tarif perdagangan tersebut yang terjadi di forward basis to ensure accurate analysis are achieved.
pasar dan ketiadaan atau kurangnya data pasar untuk
menginformasikan atau mendukung estimasi kuantitatif,
sebagai langkah pencegahan/mitigasi resiko kami sangat
menyarankan untuk dilakukannya pemutakhiran secara
berkala terhadap hasil analisis ini untuk memastikan
adanya analisis yang akurat.
VALUATION & ADVISORY SERVICES viii
Page 21
KONDISI DAN SYARAT PEMBATAS/
TERMS AND LIMITING CONDITIONS
Analisis dan Laporan Pendapat Kewajaran bergantung This Analysis and Fairness Opinion Report is subject to
kepada syarat dan kondisi pembatas sebagai berikut: the following terms and limiting conditions:
1. Kami mengasumsikan bahwa merek merupakan 1. We have assumed that the brand is part of a going
bagian dari Bisnis yang berjalan dan akan concern business and will continue in operation for
melanjutkan kegiatan operasionalnya di masa yang the foreseeable future;
akan datang;
2. Pendapat kewajaran ini dibuat atas dasar semua data 2. This fairness opinion is made on the basis of all
dan kenyataan yang ada serta dilaksanakan sesuai existing data and facts and is carried out in
tata cara pemberian pendapat kewajaran yang accordance with the applicable procedures for
berlaku; providing fairness opinions;
3. Kami mengasumsikan bahwa semua data 3. We have assumed that all supporting evidences,
pendukung, informasi dalam laporan keuangan dan information on financial statement and other
informasi lainnya yang diberikan oleh Perusahaan information related to the business, given by the
telah mengungkapkan sepenuhnya dan sejujurnya Company has disclosed all necessary and relevant
informasi yang perlu dan relevan; dan kami information fully and frankly; and we have assumed
mengasumsikan bahwa informasi tersebut benar dan these are true and correct. For the purpose of this
akurat. Dalam analisa ini kami tidak melakukan analysis we have not made any due diligence on the
verifikasi atas laporan keuangan baik yang telah audited and un-audited financial statement;
diaudit maupun belum audit;
4. KJPP Rengganis, Hamid & Rekan merupakan penilai 4. KJPP Rengganis, Hamid & Rekan is an independent
independen dan kami tidak mempunyai kepentingan valuer and we have no interest whatsoever in the
apapun atas objek analisis kewajaran yang kami fairness opinion object that we assess, either now or
nilai, baik sekarang maupun dikemudian hari, dan in the future, and our task in carrying out this
tugas kami untuk melaksanakan penilaian ini tidak appraisal is independent of the reported analysis;
tergantung dari analisis yang dilaporkan;
5. KJPP Rengganis, Hamid & Rekan karena penilaian ini 5. KJPP Rengganis, Hamid & Rekan is not obliged to
tidak berkewajiban untuk memberikan kesaksian atau provide testimony or appear before a court or
hadir didepan pengadilan atau pejabat pemerintah government official regarding this assessment, unless
mengenai penilaian ini, terkecuali jika telah diadakan prior agreement has been made;
persetujuan sebelumnya;
6. Laporan ini hanya ditujukan kepada yang 6. This report is intended solely for the intended purpose.
bersangkutan dan digunakan sesuai dengan tujuan We are not responsible to any third party, and no
yang telah ditetapkan sebelumnya. Kami tidak part, reference, or entire report may be published in
bertanggung jawab terhadap pihak ketiga dan tidak any form to any third party without our written
ada bagian/referensi maupun laporan keseluruhan consent;
dapat dipublikasikan dalam bentuk apapun kepada
pihak ketiga tanpa persetujuan tertulis dari kami;
7. Terkait dengan kondisi geopolitik yang diikuti dengan 7. Related to the geopolitical conditions and the
ketidakpastian situasi ekonomi global, kami uncertainty of the global economic situation, we
menyarankan untuk menggunakan analisis ini recommend using this analysis with a higher degree
dengan tingkat kehati-hatian yang lebih tinggi serta of caution and understanding that there is a higher
memahami adanya tingkat ketidakpastian yang lebih level of uncertainty than under normal conditions.
tinggi dibandingkan dengan kondisi yang secara Due to the unknown magnitude of the impact of the
normal berlaku. Disebabkan belum diketahuinya geopolitical conditions on the market and the absence
VALUATION & ADVISORY SERVICES ix
Page 22
besaran dampak dari kondisi geopolitik yang terjadi or lack of market data to inform or support
di pasar dan ketiadaan atau kurangnya data pasar quantitative estimates, we recommend conducting
untuk menginformasikan atau mendukung estimasi periodic reviews of the results of this analysis as a
kuantitatif, kami menyarankan untuk dilakukannya precautionary measure;
review/kaji ulang secara berkala terhadap hasil
analisis ini sebagai tindakan berjaga-jaga;
8. Perbedaan kondisi yang mungkin terjadi antara 8. Differences in conditions that may occur between the
tanggal analisis dengan waktu penggunaan hasil analysis date and the time of use of the analysis
analisis, dapat menurunkan relevansi analisis results can reduce the relevance of the analysis to the
terhadap kebutuhan pengguna hasil analisis, needs of the analysis results users, due to differences
dikarenakan adanya perbedaan akses data dan in data and information access as well as assumptions
informasi serta asumsi dan analisis kewajaran. and reasonableness analysis. If the analysis results
Apabila pengguna hasil analisis menemukan kondisi user encounters such conditions, it is recommended to
tersebut, disarankan untuk menugaskan Penilai assign the Valuer to review the assignment that has
melakukan reviu terhadap penugasan yang telah been carried out and if possible and necessary, the
dilaksanakan dan apabila dimungkinkan dan Valuer can conduct a reanalysis by repeating the
dibutuhkan, Penilai dapat melakukan analisis ulang analysis procedures previously carried out, in more
dengan mengulang kembali prosedur analisis yang detail. These processes and procedures must be
sebelumnya dilakukan, secara lebih lengkap. Proses outlined in a stand-alone assignment and different
dan prosedur tersebut harus dituangkan dalam from the previous analysis assignment.
penugasan yang berdiri sendiri dan berbeda dengan
penugasan analisis sebelumnya.
VALUATION & ADVISORY SERVICES x
Page 23
Main Office: Menara Kuningan 8th Floor Jalan HR. Rasuna Said Blok X-7 Kav. 5, Jakarta 12940 Phone: +62-21 3001 6002 Fax: +62-21 3001 6003 Email: kjpp.rhp@rhp-valuation.com Our Offices: Medan (P) | Yogyakarta (P) | Surabaya (P) | Bali (P) | Makassar (P) | Semarang (P) | Jakarta (P) | Batam (P) | Mataram (P) | Bandung (P) www.rhr.co.id
Page 24
Page 25
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Names mentioned 45 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Financial Services Authority
p.1 ×9
unresolved
org
Morris International Inc.
p.1
unresolved
org
Bapepam
p.4 ×5
unresolved
org
KJPP Rengganis
p.4 ×8
unresolved
org
Hamid & Rekan
p.4 ×8
unresolved
org
Philip Morris International Inc.
p.4
unresolved
person
Anwar Mahajudin
· Notaris
p.7
unresolved
org
Minister of Justice
p.7
unresolved
person
Notary Aulia Taufani
· Notaris
p.7 ×2
unresolved
org
Minister of Law
p.7
unresolved
org
Public shareholders holding more than 5% - PMID
p.8
unresolved
org
Minister of Law No. AHU-AH.
p.8
unresolved
org
Hanjaya Mandala Tbk.
p.13 ×2
unresolved
org
Sampoerna Tbk.
p.13
unresolved
org
Kementerian Keuangan Republik Indonesia
p.13
unresolved
org
Ministry of Finance of Republic of Indonesia dan Otoritas Jasa Keuangan
p.13
unresolved
org
KJPP RHR
p.13 ×7
unresolved
org
Bank Indonesia
p.14 ×3
unresolved
org
Indonesia Stock Exchange
p.15
unresolved
org
Pusat Statistik
p.15
unresolved
org
Rekan Vivien Heriyanthi
p.20
unresolved
person
Vivien Heriyanthi, MAPPI (Cert.), MRICS
· Rekan – Penilai Properti dan Bisnis
p.20
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
6277 ms
12 Sep 2026 21:53
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}