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AMENDMENT AND/OR ADDITION TO THE DISCLOSURE OF INFORMATION TO
SHAREHOLDERS OF
PT DAYAMITRA TELEKOMUNIKASI TBK
IN COMPLIANCE WITH OJK REGULATION NO. 17/POJK.04/2020
REGARDING MATERIAL TRANSACTIONS AND CHANGES IN BUSINESS ACTIVITIES
PT DAYAMITRA TELEKOMUNIKASI TBK
(“Company”)
Business Activities
Telecommunications Installation, Construction of Telecommunications Facilities, Wire-Based
Telecommunications Activities, Wholesale of Telecommunications Equipment, Electricity Distribution,
and Other Electrical Power Support Activities
Domiciled in Jakarta, Indonesia
Head Office:
Telkom Landmark Tower, Lantai 27
Jl. Gatot Subroto Kav. 52
Jakarta 12710
Website www.mitratel.co.id
Email corporate.secretary@mitratel.co.id
If you are having difficulty in understanding the information contained in this Amendment and/or Addition
to the Disclosure of Information or have any doubt in taking a decision, you should consult with your
broker, investment manager, legal counsel, public accountant or other professional advisors.
The Board of Directors and the Board of Commissioners of the Company, both individually and jointly,
are fully responsible for the completeness and accuracy of the whole information or material facts
contained herein and emphasize that the information stated herein are accurate and there is no
omission of material facts which may cause the material information in this Amendment and/or Addition
to the Disclosure of Information to be inaccurate and/or misleading.
This Amendment and/or Addition of the Disclosure of Information is part and an addition to the
disclosure of information that was published on the Company’s website and Indonesia Stock
Exchange’s website on 17 April 2026.
This Amendment and/or Addition to the Disclosure of information is published on
26 June 2026
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TABLE OF CONTENT
DEFINITION AND ABBEREVIATIONS .................................................................................................. 2
I. INTRODUCTION, RATIONALE AND BACKGROUND .................................................................... 4
II. BRIEF HISTORY OF THE COMPANY .............................................................................................. 5
A. Brief History of The Company ....................................................................................................... 5
B. Purposes and Objectives as well as Business Activities of the Company .................................... 6
C. Capital Structure and Shareholding Composition of the Company .............................................. 7
D. Composition of the Board of Directors and Board of Commissioners .......................................... 7
E. Ownership Structure of the Company ........................................................................................... 8
F. Analysis of Finansial Statements .................................................................................................. 9
1. Consolidated Statement of Financial Position ......................................................................... 9
2. Consolidated Statement of Profit or Loss .............................................................................. 10
3. Consolidated Statement of Cash Flows ................................................................................ 11
4. Financial Ratios ..................................................................................................................... 11
III. SUMMARY OF THE FEASIBILITY STUDY ON THE PLANNED CHANGE OF BUSINESS
ACTIVITIES ..................................................................................................................................... 12
A. Purpose and Objective................................................................................................................ 12
B. Assumptions and Limiting Conditions ......................................................................................... 12
C. Feasibility Study Methodology .................................................................................................... 13
D. Market Feasibility Analysis .......................................................................................................... 14
E. Technical Feasibility Analysis ...................................................................................................... 14
F. Business Model Feasibility Analysis ........................................................................................... 14
G. Management Feasibility Analysis ................................................................................................ 14
H. Financial Feasibility Analysis ...................................................................................................... 15
I. Conclusion .................................................................................................................................. 15
IV. AVAILABILITY OF SKILLED PERSONNEL IN RELATION TO THE PROPOSED CHANGE IN
BUSINESS ACTIVITIES .................................................................................................................. 15
V. EXPLANATION, CONSIDERATIONS, AND RATIONALE FOR THE PROPOSED CHANGE IN
BUSINESS ACTIVITIES .................................................................................................................. 15
VI. IMPACT OF THE PROPOSED CHANGE IN BUSINESS ACTIVITIES ON THE COMPANY’S
FINANCIAL CONDITION................................................................................................................. 17
A. Pre-Adjustment Projection .......................................................................................................... 17
B. Post-Adjustment Projection ........................................................................................................ 18
VII. AGMS....................................................................................................................................... 19
VIII. ADDITIONAL INFORMATION ................................................................................................. 20
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DEFINITION AND ABBEREVIATIONS
In this document, the following words and terms have the following meanings unless the context
otherwise requires:
Capital Market and : Capital Market and Financial Institutions Supervisory Agency
Financial Institutions (Badan Pengawas Pasar Modal dan Lembaga Keuangan) as
Supervisory Agency referred to in Minister of Finance of the Republic of Indonesia
Regulation No. 184/PMK.01/2010 on the Organization and
Operational Procedures of the Ministry of Finance.
Stock Exchange or IDX : A stock exchange, as defined under Article 1 paragraph (4) of the
Capital Market Law, in this case operated by PT Bursa Efek
Indonesia (Indonesia Stock Exchange/IDX), headquartered in
Jakarta, or another exchange to be determined at a later date, on
which the Shares are listed.
Shareholders Register : Shareholders Register (Daftar Pemegang Saham).
KBLI : Indonesian Standard Business Sectors Classification (Klasifikasi
Baku Lapangan Usaha Indonesia).
Ministry of Law : Ministry of Law of the Republic of Indonesia.
Disclosure of : The Disclosure of Information issued on 17 April 2026 which
Information contained information regarding the Proposed Change in Business
Activities (as defined below), as amended by this Amendment
and/or Addition to the Disclosure of Information.
MOL : Minister of Law of the Republic of Indonesia.
OJK : Financial Services Authority, an independent institution as referred
to in Law No. 21 of 2011 on the Financial Services Authority as
amended by the Law No. 4 of 2023 on Development and
Strengthening of the Financial Sector (“OJK Law”), whose duties
and authorities include regulating and supervising financial services
activities in the banking, capital markets, insurance, pension funds,
financing institutions and other financial institutions sectors, in
which since 31 December 2012, the Financial Services Authority is
an institution that replaces and accepts the rights and obligations to
carry out regulatory and supervisory functions from the Ministry of
Finance of the Republic of Indonesia and the Capital Market and
Financial Institutions Supervisory Agency in accordance with the
provisions of Article 55 of the OJK Law.
OSS : Online Single Submission.
Shareholders : The parties who hold beneficial ownership of the Company’s
Shares, whether in scrip form or in collective custody, which are
stored and administered in securities accounts at KSEI, and
recorded in the Company’s shareholders register administered by
the Share Registrar, PT Datindo Entrycom.
IX.J.1 Regulation : Regulation No. IX.J.1 on the Basic Provisions of the Articles of
Association of Companies Conducting Public Offerings of Equity
Securities and Public Companies, Attachment to the Decree of the
Chairman of the Capital Market and Financial Institutions
Supervisory Agency No. KEP-179/BL/2008 dated 14 May 2008.
Company : PT Dayamitra Telekomunikasi Tbk, a publicly listed company whose
shares are listed on the IDX, established under and governed by
the laws of the Republic of Indonesia.
PR No. 13/2018 : Presidential Regulation No. 13 of 2018 on the Implementation of the
Know Your Beneficial Owner Principle by Corporation for the
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Purpose of Prevention and Eradication of Money Laundering and
Terrorism Financing.
POJK 15/2020 : OJK Regulation Number 15/POJK.04/2020 on Planning and
Organization of General Meetings of Shareholders of Public
Companies.
POJK 17/2020 : OJK Regulation Number 17/POJK.04/2020 on Material
Transactions and Changes of Business Activities.
POJK 14/2025 : OJK Regulation Number 14 of 2025 on Implementation of Electronic
General Meetings of Shareholders, General Meetings of
Bondholders, and General Meetings of Sukuk Holders.
GMS : General Meeting of Shareholders.
AGMS : Annual GMS.
Shares : All shares that have been issued and fully paid-up in the Company.
Capital Market Law : Law Number 8 of 1995 on Capital Market as amended by Law
Number 4 of 2023 on Development and Strengthening of the
Financial Sector.
Company Law : Law Number 40 of 2007 on Limited Liability Company as amended
by Law Number 6 of 2023 on the Enactment of Government
Regulation in Lieu of Law of the Republic of Indonesia Number 2 of
2022 on Job Creation into Law.
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I. INTRODUCTION, RATIONALE AND BACKGROUND
This Disclosure of Information is issued in connection with the proposed change in business activities,
specifically the addition of business activities not currently included in the Company’s Articles of
Association, in accordance with the 2025 KBLI as stipulated in Central Statistics Agency Regulation No.
7 of 2025 on Standard Classification of Indonesian Economic Activities, with the following details (the
“Proposed Change in Business Activities”):
NO KBLI NUMBER DESCRIPTION
ELECTRICAL NETWORK INSTALLATION (PEMASANGAN JARINGAN
1 43211
LISTRIK)
OPERATION OF ELECTRICITY SUPPLY INSTALLATIONS
2 35151
(PENGOPERASIAN INSTALASI PENYEDIAAN TENAGA LISTRIK)
ELECTRICITY SUPPLY WITHIN A SINGLE BUSINESS ENTITY
3 35140
(PENYEDIAAN TENAGA LISTRIK DALAM SATU KESATUAN USAHA)
In relation to the supporting business activities as referred to in the provisions of IX.J.1 Regulation, the
Company will include additional supporting business activities in its Articles of Association, by referring
to Risk-Based Business Licensing, namely business activities (PB UMKU) as regulated under
Government Regulation No. 28 of 2025 on the Implementation of Risk-Based Business Licensing,
namely other business activities that are related to and support the Company’s main business activities
in accordance with the prevailing laws and regulations.
Pursuant to the Company Law, the Company is required to amend Article 3 of the Company’s Articles
of Association concerning the Purposes and Objectives as well as Business Activities of the Company,
to reflect the addition of such supporting business activities.
In accordance with the provisions of POJK 17/2020, the Board of Directors of the Company hereby
announces this Disclosure of Information through the Company’s website and the IDX website, with the
intention of providing the Company’s shareholders with more comprehensive information and an
overview of the Proposed Change in Business Activities. This Disclosure of Information serves as a
basis for the Company’s shareholders in considering and granting approval for the Proposed Change
in Business Activities.
Pursuant to the Company Law and POJK 17/2020, such Proposed Change in Business Activities is
subject to the approval of the Company’s General Meeting of Shareholders. The Company intends to
seek such approval at its AGMS, which is scheduled to be held on 30 June 2026.
There are no objections from any third party in relation to the Proposed Change in Business Activities
of the Company. Furthermore, other than the obligations required to be fulfilled by the Company
pursuant to POJK 17/2020, the Company is not subject to any obligation to obtain compliance with any
provisions, regulatory approvals, and/or approvals, licenses, and/or notifications from any governmental
authority, agency, institution, or any other third party in connection with the Proposed Change in
Business Activities.
In addition to the Proposed Change in Business Activities, in connection with the implementation of
KBLI 2025 in June 2026, the Company intends to make adjustments to the Company’s purposes and
objectives as set out in the Company’s articles of association to conform with KBLI 2025.
In conducting its PaaS business activities, the Company is required to obtain several licenses and
certifications, including the Electricity Supporting Services Business License (Izin Usaha Jasa
Penunjang Tenaga Listrik / “IUJPTL”), Electricity Supporting Services Business Entity Certificate
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(Sertifikat Badan Usaha Jasa Penunjang Tenaga Listrik / “SBUJPTL”), and Electricity Technical
Personnel Competency Certificate (Sertifikat Kompetensi Tenaga Teknik Ketenagalistrikan / “SKTTK”).
As of the date of this Disclosure of Information, the Company has obtained IUJPTL, SBUJPTL, and
SKTTK.
AT
II. BRIEF HISTORY OF THE COMPANY
AR BELAK
A. Brief History of The Company
The Company, formerly known as PT Dayamitra Malindo, was established on 18 October 1995 under
the Foreign Investment Law of the Republic of Indonesia No. 1 of 1967, as amended by Law No. 11
of 1970, based on the approval of the President of the Republic of Indonesia as set forth in Decree
No. B-576/Pres/10/1995 dated 16 October 1995. The Company’s Articles of Association were drawn
up under Deed No. 50 dated 18 October 1995 of H.M. Afdal Gazali, S.H., a Notary in Jakarta, and
were approved by the Minister of Justice of the Republic of Indonesia (currently MOL) pursuant to
Decree No. C2-13273 HT.01.01.Th 95 dated 19 October 1995 (“Company’s Deed of
Establishment”). The Company subsequently changed its name from PT Dayamitra Malindo to PT
Dayamitra Telekomunikasi based on Notarial Deed No. 53 dated 28 August 1997 of Hendra Karyadi,
S.H. Furthermore, pursuant to the Decree of the Head of the Investment Coordinating Board No.
244/T/Perhubungan/2006 dated 22 March 2006, the Company’s status was changed from a Foreign
Investment Company to a Domestic Investment Company.
Based on the Deed of Circular Resolution of the Shareholders in lieu of a General Meeting of
Shareholders (Circular) No. 31 dated 21 August 2021, drawn up before Fathiah Helmi, S.H., a Notary
in Jakarta, which has been received and recorded by the Ministry of Law and Human Rights of the
Republic of Indonesia (currently Ministry of Law) in the Legal Entity Administration System database
under letter No. AHU-0045337.AH.01.02.Tahun 2021 dated 23 August 2021 regarding the Approval
of Amendment to the Articles of Association of PT Dayamitra Telekomunikasi Tbk and letter Number
AHU-AH.01.03-0439750 dated 23 August 2021 regarding the Receipt of Notification of Amendment
to the Articles of Association, whereby the shareholders approved the change in the Company’s
status from a private company to a public company, by adding the suffix “Tbk” to the Company’s
name, thereby becoming PT Dayamitra Telekomunikasi Tbk.
The Company’s articles of association have been amended from time to time, with the latest
amendment as set forth in the Deed of Resolutions of the Annual General Meeting of Shareholders
of PT Dayamitra Telekomunikasi Tbk No. 60 dated 28 May 2025, drawn up before Ashoya Ratam,
S.H., M.Kn., a Notary in Jakarta, which has been received and recorded by the MOL under Receipt
of Notification of Amendment to the Articles of Association Letter Number AHU-AH.01.03-0146876
dated 28 May 2025 and has been registered in the Company Register at the Ministry of Law under
Number AHU-0119109.AH.01.11.2025 on 28 May 2025 (“Deed No. 60/2025”) and Deed of
Resolution in Lieu the Board of Commissioners’ Meeting No. 122 dated 31 December 2025, drawn
up before Ashoya Ratam, S.H., M.Kn., Notary in Jakarta, which has been notified to and received
by the MOL pursuant to the Receipt of Notification of Amendment to the Articles of Association No.
AHU-AH. 01.03-0260857 dated 19 January 2026 and registered in the Company Register at the
Ministry of Law under Number AHU-0297937.AH.01.11.Tahun 2025 dated 19 January 2026 (“Deed
No. 122/2025”).
The Deed of Establishment of the Company, together with the Company’s articles of association as
last amended by Deed No. 60/2025 and Deed No. 122/2025, as well as all amendments thereto
from time to time, hereinafter referred to as the “Company’s Articles of Association”.
The Company is domiciled at Telkom Landmark Tower, 27th Floor, Jalan Jenderal Gatot Subroto
Kav. 52, South Jakarta, Indonesia.
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B. Purposes and Objectives as well as Business Activities of the Company
Pursuant to the Company’s Articles of Association, the Company’s purpose and objectives are to
conduct business in the field of telecommunications towers and their ecosystem, including digital
support services for mobile infrastructure, as well as to optimize the utilization of the Company’s
resources.
Based on the Company’s Articles of Association, the Company’s main business activities are
focused on the telecommunications sector, which include:
1. Telecommunications Installation (KBLI 43212);
2. Telecommunications Central Construction (KBLI 42206);
3. Telecommunications Activities with Cables (KBLI 61100); and
4. Wireless Telecommunications Activities (KBLI 61200).
These activities reflect the Company’s role as a comprehensive provider of telecommunications
infrastructure and network services.
In addition to its main business activities, the Company also carries out supporting business
activities, which include:
1. Construction of Telecommunication Civil Buildings for Transportation Infrastructure (KBLI
42205);
2. Special Telecommunications Activities for the Purpose of Defense and Security (KBLI 61993);
3. Wholesale of Telecommunications Equipment (KBLI 46523);
4. Railway Signal and Telecommunication Installation (KBLI 43215);
5. Installation of Highway Signals and Signs (KBLI 43216);
6. Electronic Installation (KBLI 43213);
7. Other Information Technology and Computer Services Activities (KBLI 62090);
8. Installation or Installation of Industrial Machinery and Equipment (KBLI 33200);
9. Electrical Civil Building Construction (KBLI 42204);
10. Electricity Generation (KBLI 35111);
11. Electricity Distribution (KBLI 35113); and
12. Other Electrical Power Support Activities (KBLI 35129).
These supporting activities are intended to support the continuity and development of the Company’s
main business activities.
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From the Company’s business activities described above, the business activities that have actually
been carried out are as follows:
1. Telecommunications Installation (KBLI 43212);
2. Telecommunications Central Construction (KBLI 42206);
3. Telecommunications Activities with Cables (KBLI 61100);
4. Wholesale of Telecommunications Equipment (KBLI 46523);
5. Electricity Distribution (KBLI 35113); and
6. Other Electrical Power Support Activities (KBLI 35129).
C. Capital Structure and Shareholding Composition of the Company
Based on Deed No. 122/2025 and the Company’s Shareholders Register as of 31 December 2025,
issued by PT Datindo Entrycom as the Company’s Share Registrar, the Company’s capital structure
and shareholder composition as of the date of this Disclosure of Information are as follows:
Nominal Value IDR 228 per Share
Description Total Nominal Value %
Number of Shares
(in Rupiah)
Authorized Capital 220,000,000,000 50,160,000,000,000
Issued and Paid-Up Capital
1. PT Telkom Indonesia (Persero) Tbk 60,021,928,043 13,684,999,593,804 71.83
2. Singapore Government 4,450,091,300 1,014,620,816,400 5.33
3. PT Maleo Investasi 4,993,349,700 1,138,483,731,600 5.98
4. Theodorus Ardi Hartoko 8,162,700 1,861,095,600 0
5. Ian Sigit Kurniawan 2,100,000 478,800,000 0
6. Hastining Bagyo Astuti 307,100 70,018,800 0
7. Agus Winarno 157,300 35,864,400 0
8. Hendra Purnama 5,130,000 1,169,640,000 0.01
9. Public ownership (each under 5%) 11,539,305,401 2,630,961,631,428 13.81
Treasury Shares 2,539,145,900 578,925,265,200 3.04
Total Amount of Issued and Paid-Up 83,559,677,444 19,051,606,457,232 100
Capital
Amount of Shares in Portfolio 136,440,322,556 31,108,393,542,768 -
D. Composition of the Board of Directors and Board of Commissioners
Pursuant to the Deed of Resolution of the Extraordinary General Meeting of Shareholders No. 19
dated 16 September 2025, drawn up before Ashoya Ratam, S.H., M.Kn., a Notary in South Jakarta,
which has been notified to and received by the MOL based on the Receipt of Notification of Changes
to Company Data No. AHU-AH.01.09-0341477 dated 23 September 2025, and registered in the
Company Register at the Ministry of Law under No. AHU-0222831.AH.01.11.Tahun 2025 dated 23
September 2025, the composition of the Company’s board of directors and board of commissioners
is as follows:
Board of Commissioners
President Commissioner Fadli Tri Hartono
Commissioner Mira Tayyiba
Commissioner Faisal Amir Masduki
Commissioner Ratu Isyana Bagoes Oka
Independent Commissioner Ibnu Sulistyo Pradipto
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Independent Commissioner Gunawan Susanto
Board of Directors
President Director Theodorus Ardi Hartoko
Director of Finance and Risk Management Ian Sigit Kurniawan
Director of Operation and Development Hastining Bagyo Astuti
Director of Business Agus Winarno
Director of Investment Hendra Purnama
Director of Asset Management Fandi Wijaya
E. Ownership Structure of the Company
As of the date of this Disclosure of Information, the ownership structure of the Company up to the
individual ownership is as follows:
The Company has determined the beneficial owner of the Company as required under Article 3 of
PR No. 13/2018 and submitted the relevant information to the MOL on 17 June 2025 and to the OJK
through the Letter No. Tel. 4311/LP 210/DMT-10000000/2025 on the Update of Beneficial Ownership
Identity Information dated 13 November 2025, in which the beneficial owners designated and
reported by the Company are Theodorus Ardi Hartoko and Arthur Angelo Syailendra. However, the
individuals designated by the Company as the beneficial owners do not satisfy the criteria of
beneficial ownership as set out in Article 4 of PR No. 13/2018. Given PR No. 13/2018 requires an
individual to become a beneficial owner, whereas the actual beneficial owner under PR No. 13/2018
is the Government of the Republic of Indonesia, the Company decided to designate Theodorus Ardi
Hartoko dan Arthur Angelo Syailendra as the beneficial owners based on the criteria under Article 4
paragraph (1) letter (e) of PR No. 13/2018. The designation of individuals set out above is solely for
the purpose of complying with the requirements under PR No. 13/2018, which mandates that an
individual be designated as the beneficial owner of a limited liability company.
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F. Analysis of Finansial Statements
Based on the Company’s audited consolidated financial statements for the period from 31 December
2021 to 31 December 2025, the Company’s financial condition is as follows:
1. Consolidated Statement of Financial Position
Presented in Millions of Rupiah
Audited Audited Audited* Audited Audited
Keterangan
31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25
Assets
Current Assets
Total Current Assets 21.302.799 7.886.438 3.459.655 3.446.526 3.051.397
Non-Current Assets
Total Non-Current Assets 36.425.520 48.185.121 53.819.060 54.693.176 55.298.732
Total Assets 57.728.318 56.071.559 57.278.715 58.139.702 58.350.129
Liabilities & Equity
Current Liabilities
Total Current Liabilities 6.475.515 10.200.553 11.124.294 12.285.940 7.500.364
Non-Current Liabilities
Total Non-Current Liabilities 17.607.193 12.063.572 12.036.069 12.467.068 17.498.564
Total Liabilities 24.082.708 22.264.125 23.160.363 24.753.008 24.998.928
Equity
Total Equity 33.645.610 33.807.434 34.118.352 33.386.694 33.351.201
Total Liabilities & Equity 57.728.318 56.071.559 57.278.715 58.139.702 58.350.129
*As restated in the 2024 financial statements
Total assets increased at a Compound Annual Growth Rate (CAGR) of 0.27% from 31 December
2021 to 31 December 2025 or rising from IDR 57,728,318 million as of 31 December 2021 to IDR
58,350,129 million as of 31 December 2025.
Total liabilities increased at a CAGR of 0.94% over the same period or rising from IDR 24,082,708
million as of 31 December 2021 to IDR 24,998,928 million as of 31 December 2025.
Total equity decreased at a CAGR of 0.22% from 31 December 2021 to 31 December 2025 or
declining from IDR 33,645,610 million as of 31 December 2021 to IDR 33,351,201 million as of
31 December 2025.
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2. Consolidated Statement of Profit or Loss
Presented in Millions of Rupiah
Audited Audited Audited* Audited Audited
Keterangan
31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25
Revenue 6.869.569 7.728.930 8.683.800 9.307.786 9.534.083
Cost of Revenue -3.651.171 -4.074.862 -4.408.555 -4.506.730 -4.727.954
Gross Profit 3.218.398 3.654.068 4.275.245 4.801.056 4.806.129
General & administrative expenses -206.816 -264.706 -298.209 -322.387 -309.780
Employee compensation expenses -254.751 -252.602 -284.954 -299.415 -308.783
Other operating income (expenses) -16.652 16.577 -14.492 -308 -34.594
Operating profit 2.740.179 3.153.338 3.677.590 4.178.946 4.152.972
Other income 113.293 70.986 337.476 136.587 137.316
Other expenses -96.286 -82.023 -59.490 -40.686 -46.619
Finance income 75.538 330.727 142.635 35.646 42.489
Finance costs -913.180 -1.055.547 -1.343.748 -1.356.544 -1.305.603
Profit Before Tax 1.919.545 2.417.481 2.754.463 2.953.949 2.980.555
Final tax expense -308.202 -457.659 -600.601 -692.629 -732.450
Current & deferred income tax expense -230.271 -174.754 -132.304 -157.324 -128.753
Profit for the Year before the Effect of Pro Forma Adjustments 1.381.071 1.785.068 2.021.558 2.103.996 2.119.352
Effect of pro forma adjustments on profit for the year 0 0 -11.230 3.675 0
Profit for the Year 1.381.071 1.785.068 2.010.328 2.107.671 2.119.352
*As restated in the 2024 financial statements
Total revenue increased at a Compound Annual Growth Rate (CAGR) of 8.54% from 31
December 2021 to 31 December 2025 or rising from IDR 6,869,569 million as of 31 December
2021 to IDR 9,534,083 million as of 31 December 2025.
Gross profit increased at a CAGR of 10.54% over the same period or rising from IDR 3,218,398
million as of 31 December 2021 to IDR 4,806,129 million as of 31 December 2025.
Profit before tax increased at a CAGR of 11.63% from 31 December 2021 to 31 December 2025
or rising from IDR 1,919,545 million as of 31 December 2021 to IDR 2,980,555 million as of 31
December 2025.
Profit for the current year increased at a CAGR of 11.30% from 31 December 2021 to 31
December 2025 or rising from IDR 1,381,071 million as of 31 December 2021 to IDR 2,119,352
million as of 31 December 2025.
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3. Consolidated Statement of Cash Flows
Presented in Millions of Rupiah
Audited Audited Audited* Audited Audited
Description
31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25
Cash Flows from Operating Activities
Net Cash Provided by Operating Activities 5.363.187 6.019.654 5.206.963 6.632.221 6.776.465
Cash Flows from Investing Activities
Net Cash Used in Investing Activities -12.597.047 -10.893.297 -6.555.803 -3.489.876 -2.250.538
Cash Flows from Financing Activities
Net Cash Provided by (Used in) Financing Activities 25.851.027 -7.920.777 -4.108.316 -3.436.111 -4.513.812
Net increase (decrease) in cash and cash equivalents 18.617.168 -12.794.420 -5.457.156 -293.766 12.115
Cash & cash equivalents at beginning of year 516.026 19.133.193 6.347.476 890.320 596.554
Cash & cash equivalents at end of year 19.133.193 6.338.773 890.320 596.554 608.669
*As restated in the 2024 financial statements
During the period from 2021 to 2024, the Company’s cash flows from operating activities,
although positive, were not sufficient to cover the cash requirements for investing and financing
activities. However, this condition improved in 2025, where cash flows from operating activities
were able to meet the requirements for both investing and financing activities. Overall, from 2021
to 2025, the Company consistently generated positive cash flows from operating activities.
4. Financial Ratios
Ratio Analysis 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25
Liquidity Ratios
Current ratio 3,29 0,77 0,31 0,28 0,41
Quick ratio 3,29 0,77 0,31 0,28 0,41
Cash ratio 2,95 0,62 0,08 0,05 0,08
Solvency Ratios
Debt to equity ratio 53,71% 45,23% 47,20% 53,55% 57,47%
Long-term debt to equity ratio 46,56% 28,60% 28,47% 30,46% 45,73%
Debt to total assets 31,30% 27,27% 28,12% 30,75% 32,85%
Profitability Ratios
Gross profit margin 46,85% 47,28% 49,23% 51,58% 50,41%
EBIT margin 39,89% 40,80% 42,35% 44,90% 43,56%
EBITDA margin 75,48% 79,47% 80,43% 82,68% 82,18%
Net profit margin 20,10% 23,10% 23,28% 22,60% 22,23%
Liquidity Ratios
The current ratio decreased from 3.29x in 2021 to 0.41x in 2025. The quick ratio declined from
3.19x in 2021 to 0.41x in 2025, while the cash ratio decreased from 2.95x in 2021 to 0.08x in
2025.
Overall, the Company’s current assets are not sufficient to cover its short-term liabilities, as the
liquidity ratios are below 1.
Solvency Ratios
The debt to equity ratio increased from 53.71% in 2021 to 57.47% in 2025. The long term debt
to equity ratio decreased from 46.56% in 2021 to 45.73% in 2025, while the debt to total assets
ratio increased from 31.30% in 2021 to 32.85% in 2025. Overall, the proportion of the Company’s
interest-bearing debt has increased.
Profitability Ratios
The gross profit margin increased from 46.85% in 2021 to 50.41% in 2025. The EBIT margin
improved from 39.89% in 2021 to 43.56% in 2025, while the EBITDA margin increased from
75.48% in 2021 to 82.18% in 2025. The net profit margin also rose from 20.10% in 2021 to
22.23% in 2025.
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III. SUMMARY OF THE FEASIBILITY STUDY ON THE PLANNED CHANGE OF BUSINESS
ACTIVITIES
The Company has appointed KJPP Nirboyo Adiputro, Dewi Apriyanti & Rekan (“KJPP NDR”) as the
Independent Public Appraisal Firm pursuant to the Decree of the Minister of Finance No.
357/KM.1/2009, with Business License No. 2.09.0018 dated 2 April 2009, and registered as a capital
market supporting professional services firm with the OJK. The valuation was conducted by Public
Appraiser Satya Bima Nugraha, S.E., MAPPI (Cert.), a Partner of KJPP NDR, holding Appraiser License
No. B-1.23.00654 issued by the Ministry of Finance of the Republic of Indonesia and registered with
OJK in the capital market sector under Supporting Professional Registration Certificate No. STTD.PB-
58/PM.021/2024.
A. Purpose and Objective
The purpose of this engagement is to assess the feasibility of the proposed addition of business
activities, which will serve as a reference for the Company’s management in making decisions based
on various relevant aspects, in order to comply with the provisions of POJK 17/2020.
B. Assumptions and Limiting Conditions
Assumptions
1. KJPP NDR assumes that the business activities to be added will constitute sustainable operations
in the future and will be managed by professional and competent management (going concern);
2. all data and information received from, and based on the best knowledge and efforts of, the
Company in connection with this feasibility study are relevant, accurate, and reliable;
3. all statements, data, and information contained in the Feasibility Study Report are relevant,
accurate, and accountable in accordance with generally accepted feasibility study preparation
procedures and have been provided in good faith;
4. KJPP NDR has obtained information regarding the legal status of the subject of the feasibility study
from the Company, however, KJPP NDR has not conducted verification of its validity;
5. there are no material and significant changes in the political, economic, and legal environment in
which the subject of the feasibility study conducts its business activities;
6. there are no material and significant changes in the management composition of the subject of the
feasibility study;
7. there are no material and significant changes in the prevailing laws and regulations that may affect
the revenue of the subject of the feasibility study in conducting its business;
8. there are no material and significant changes in labor costs and other significant costs;
9. there are no material and significant disruptions in industrial relations or labor associations;
10. there are no material and significant changes in the accounting policies applied by the subject of
the feasibility study; and
11. there are no material and significant changes in industry technology and market competition in
which the subject of the feasibility study operates its business.
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Page 14
Limiting Conditions
1. this Feasibility Study Report constitutes a non-disclaimer opinion;
2. this Feasibility Study Report has been prepared in accordance with the purpose and objectives
stated herein and, therefore, may not be used and/or quoted for any other purpose;
3. this Feasibility Study Report is publicly available, except for any confidential information that may
affect the company operations;
4. the values stated in this Feasibility Study Report, as well as any other value forming part of the
subject of valuation, is valid solely for the purpose of this feasibility study and must not be used for
any other purpose that may result in error;
5. the information provided by the Company to KJPP NDR, based on its best knowledge and efforts
as disclosed in this Feasibility Study Report, is considered reasonable and reliable; however, KJPP
NDR shall not be responsible if such information is proven to be inconsistent with the actual facts.
Information presented without reference to its source constitutes the result of KJPP NDR’s review
of available data, examination of documents, or information obtained from the relevant government
authorities;
6. the feasibility analysis conducted by KJPP NDR is based on data and information provided by the
Company. As the results of the analysis are highly dependent on the completeness, accuracy, and
presentation of such data and underlying assumptions, any changes in the data, including new
public information, results of specific investigations, or information from other sources, may affect
the outcome of the analysis. Accordingly, such changes may result in material differences in the
conclusions. Although this Feasibility Study Report has been prepared in good faith and in a
professional manner, KJPP NDR shall not be responsible for any differences in conclusions arising
from additional analyses or changes in the underlying data;
7. KJPP NDR has utilized financial projections obtained from the Company and has made
adjustments to reflect the reasonableness of such projections in accordance with their achievability
(fiduciary duty). KJPP NDR is responsible for the feasibility analysis performed and the
reasonableness of the adjusted financial projections;
8. KJPP NDR is responsible for this Feasibility Study Report and its value conclusions;
9. KJPP NDR assumes no obligation to update or supplement this feasibility analysis for events
occurring after the date of this Feasibility Study Report (subsequent events); and
10. this Feasibility Study Report shall be deemed valid upon the affixation of the seal of KJPP Nirboyo
Adiputro, Dewi Apriyanti & Rekan on the signature page of the person in charge of the report.
C. Feasibility Study Methodology
The approach and methodology applied in conducting the feasibility study for the proposed addition
of new KBLI classifications involves an analysis of the following aspects:
• Market feasibility
This includes an assessment of market conditions relevant to the addition of Power as a Service
(“PaaS”) business activities, covering potential demand, target customers, customer needs, level
of competition, the Company’s market position, and the marketing strategies to be implemented.
• Technical feasibility
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Page 15
This includes an assessment of the technical aspects of implementing the PaaS business,
covering service concepts, infrastructure and technology requirements, system design,
operational processes, readiness of facilities and infrastructure, and the technical support
required for implementation.
• Business model feasibility
This includes an assessment of the business model to be applied in the development of the PaaS
business, covering the form of services, value propositions offered to customers, and an
evaluation of the strengths, limitations, opportunities, and challenges inherent in the business
model as a basis for the feasibility study.
• Management feasibility
This includes an assessment of organizational readiness and business management, covering
organizational structure, management functions, human resource requirements, allocation of
roles and responsibilities, operational control mechanisms, and governance to support the
implementation of the PaaS business.
• Financial Feasibility
This includes an assessment of investment requirements, working capital needs, sources of
financing, financial projection assumptions, investment feasibility analysis, and financial
evaluation of the project using parameters such as Net Present Value (NPV), Internal Rate of
Return (IRR), and Payback Period.
D. Market Feasibility Analysis
From the market perspective, the proposed addition of PaaS business activities is considered
feasible as it demonstrates strong prospects, supported by the growing demand for digital
infrastructure, the expansion of telecommunications networks, increasing needs for reliable and
efficient energy supply, and the tendency of operators to outsource energy system management to
more integrated service providers. The Company also has a broad captive market and opportunities
to integrate tower, fiber, and energy services.
E. Technical Feasibility Analysis
From the technical perspective, the proposed addition of PaaS business activities is considered
feasible as the Company has established appropriate solution concepts and designs for various site
conditions, including on-grid, semi on-grid, and off-grid. The planned system includes key
components such as batteries, rectifiers, inverters, controllers, monitoring systems, solar PV, and
other supporting equipment, and is supported by operations and maintenance approaches aligned
with the characteristics of PaaS services.
F. Business Model Feasibility Analysis
From the business model perspective, the proposed addition of PaaS business activities is
considered feasible as it provides significant value to the Company through diversification of
recurring revenue streams, strengthening its position as an integrated digital infrastructure provider,
and enhancing competitiveness through value-added energy solutions for customers. In addition,
this business model presents relatively high barriers to entry, as it requires scale, capital investment,
operational experience, and service integration capabilities that are not easily replicated by
competitors.
G. Management Feasibility Analysis
From the management perspective, the proposed addition of PaaS business activities is considered
feasible as the Company fundamentally possesses sufficient organizational and governance
foundations to support the implementation of the PaaS business. While this business activity does
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Page 16
not require material changes to the organizational structure, its successful implementation will
require enhancements in operational oversight, quality control, vendor management, performance
monitoring, and risk management across operational, technological, commercial, investment, and
human resource aspects. Nevertheless, such risks are, in principle, manageable through adequate
control systems.
H. Financial Feasibility Analysis
The financial feasibility analysis of the Company’s implementation of the Proposed Change in
Business Activities will utilize funds from operating activities, cash and cash equivalents, as well as
the Company’s undrawn factory facilities, and will be analyzed further. The feasibility analysis was
conducted by KJPP NDR using the parameters of net present value, projected Internal Rate of
Return, Payback Period, and Return on Investment based on projections for the period from 2026
to 2035. The following is the feasibility analysis for the Proposed Change in Business Activities:
Net Present Value : IDR 28,925,598,185,-
Internal Rate of Return Project : 11.98% (at the end of the projection period)
Payback Period : 7 Years 8 Months
Return on Investment : 8.60% (at the end of the projection period)
I. Conclusion
Based on the overall results of the analyses and discussions conducted across the aspects of the
Company’s general overview, market, technical, business model, management, and financial
feasibility, the proposed addition of business activities of the Company relation to the development
of PaaS business activities can, in principle, be considered feasible to be implemented.
IV. AVAILABILITY OF SKILLED PERSONNEL IN RELATION TO THE PROPOSED CHANGE
IN BUSINESS ACTIVITIES
In connection with the Company’s Proposed Change in Business Activities, the addition of new
employees on an organic basis is, in principle, not a primary requirement, as the Company can leverage
its existing internal structure to perform core functions and utilize an on-demand operator scheme during
the delivery and operational phases. Nevertheless, the Company is still strengthening its oversight,
quality control, performance monitoring, and vendor governance functions to ensure that operational
risks remain well managed.
Company currently collaborates with third parties, including Technology Partners and Power System
goods/services providers, to support the electricity requirements (backup power systems) of Mobile
Network Operator (MNO) equipment at both on-grid and off-grid sites.
V. EXPLANATION, CONSIDERATIONS, AND RATIONALE FOR THE PROPOSED CHANGE
IN BUSINESS ACTIVITIES
The Company, which operates in the digital infrastructure sector, recognizes the importance of aligning
its business direction with industry dynamics, not only to meet customer needs but also to strengthen
its position within its business ecosystem, thereby creating sustainable value for all stakeholders.
In delivering more integrated and reliable services, the Company continues to diversify its service
offerings, optimize the utilization of its assets, and enhance operational efficiency as part of its long-
term growth strategy.
In line with such developments, the Company’s management considers it necessary to expand its
business activities and service offerings in order to address evolving customer needs while
strengthening the overall structure and scope of the Company’s business.
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Page 17
The following sets out the explanation, considerations, and rationale for the addition of the Company’s
business activities.
The subject of the feasibility study is the proposed addition of 3 new KBLI classifications, as follows:
1. KBLI 35151 – Operation of Electricity Supply Installations (Pengoperasian Instalasi
Penyediaan Tenaga Listrik). This classification includes the operation of transmission systems
that deliver electricity from generation facilities to distribution systems or between systems through
high-voltage (35 kilovolts up to 245 kilovolts) and/or extra high-voltage networks (above 245
kilovolts), including substations, whether sourced from own generation or third parties; the operation
of distribution systems (such as lines, poles, meters, and cables) that deliver electricity from
generation facilities or transmission systems to end consumers, typically at medium to low voltage
levels (below 35 kilovolts), including distribution substations; leasing and lending of electricity
distribution networks; distribution of electricity through power networks; sale of electricity to
consumers using owned transmission/distribution network assets; operation of electricity capacity
exchange and transmission, except through intermediaries; and distribution of stored electricity
through power networks.
The addition of this activity is intended to support the increasing energy requirements driven by the
growth of the Company’s digital infrastructure, particularly its telecommunications towers and
related supporting assets. With a broad and geographically dispersed asset portfolio, including in
areas with limited access to reliable electricity supply, the Company considers it important to
develop capabilities in providing energy in an efficient and self-sustained manner. The development
of electricity supply systems, particularly those supported by renewable energy and hybrid
solutions, is expected to enhance operational efficiency, reduce dependence on external energy
sources, and support sustainability initiatives, while remaining in compliance with applicable laws
and regulations in the electricity sector.
In relation to this KBLI, the Company requires business licenses such as SBUJPTL, IUJPTL, and
SKTTK that are issued by OSS.
2. KBLI 35140 – Integrated Electricity Supply Activities (Penyediaan Tenaga Listrik Dalam Satu
Kesatuan Usaha). This classification includes integrated electricity supply activities comprising
power generation, transmission and/or distribution through electricity networks, electricity storage,
and the sale of electricity to end consumers, all conducted within a single integrated business
framework.
The addition of this activity is intended as part of the Company’s strategy to develop integrated
energy services (PaaS) in support of its digital infrastructure operations. With a strong customer
base and a potential captive market across its existing sites, the Company is well-positioned to
optimize energy management as part of its service offerings. This activity is not intended to replace
the role of the primary electricity provider, but rather to enhance service efficiency and integration
within the Company’s business ecosystem. Its implementation will be carried out on a limited basis
and in compliance with applicable laws and regulations in the electricity sector.
In relation to this KBLI, the Company requires business licenses such as IUJPTL, and SKTTK that
are issued by OSS.
3. KBLI 43211 – Electrical Network Installation (Pemasangan Jaringan Listrik). This classification
includes activities related to the construction, installation, repair, maintenance, and reconstruction
of electrical networks in buildings, both residential and non-residential, such as low-voltage
electrical installations, photovoltaic systems, energy storage systems, and electric charging
Page 16 of 20
Page 18
systems. It also includes the installation and maintenance of electrical networks in civil infrastructure
such as roads, railways, and airports.
The addition of this activity is intended to strengthen the Company’s internal capabilities in
supporting the implementation and development of infrastructure and integrated energy services.
Given the scale and distribution of its assets, the need for installation, capacity upgrades, and
standardization of electrical systems is increasingly critical to ensure operational reliability. Through
this activity, the Company is expected to enhance control over work quality, improve time and cost
efficiency, and support the deployment of technology-based energy solutions such as solar PV
systems, battery storage, and energy monitoring systems.
In relation to this KBLI, the Company requires business licenses such as SBUJPTL, IUJPTL, and
SKTTK that are issued by OSS.
VI. IMPACT OF THE PROPOSED CHANGE IN BUSINESS ACTIVITIES ON THE COMPANY’S
FINANCIAL CONDITION
The following are the impacts on the Company’s financial performance arising from the Planned
Change of Business Activities:
A. Financial Projections Before the Change in Business Activities
Presented in Millions of Rupiah
Presented in Millions of Rupiah
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Page 19
B. Financial Projections After the Change in Business Activities
Presented in Millions of Rupiah
Presented in Millions of Rupiah
The post-projection results indicate that PaaS contributes positively to revenue generation overall.
PaaS provides a highly stable incremental revenue contribution of approximately IDR 47.2 billion per
year throughout the 2026–2030 period. While this increase raises the Company's total revenue, PaaS
is not the primary driver of the Company's growth; rather, it serves as a relatively small supplementary
contributor in proportion to the Company's overall revenue.
From a balance sheet perspective, PaaS also increases the Company's total assets gradually,
particularly in the early years, with an additional IDR 269 billion in total assets in 2026. This incremental
Page 18 of 20
Page 20
asset value declines over time, indicating the impact of depreciation. On the financing side, liabilities
continue to dominate at the beginning of the period, although the proportion of equity gradually
increases over time.
When comparing the projections before and after the implementation of PaaS, the Company's financial
ratios exhibit a largely consistent pattern. Liquidity remains relatively unchanged, indicating that PaaS
does not place significant pressure on current assets. Meanwhile, leverage increases slightly in the
early years due to additional debt financing but remains stable and improves toward the end of the
projection period. In terms of profitability, the EBITDA margin improves slightly, while the EBIT margin
and Net Profit Margin decline marginally because of relatively high depreciation expenses.
Nevertheless, in nominal terms, both EBIT and Net Profit increase when comparing the pre- and post-
projection scenarios, indicating that PaaS makes a positive contribution to the Company's financial
performance.
VII. AGMS
In connection with the Company’s Proposed Change in Business Activities as described in this
Disclosure of Information, the Company intends to obtain approval from its shareholders at the AGMS
to be held on Tuesday, 30 June 2026. The AGMS will be conducted in accordance with the provisions
of POJK 15/2020, POJK 14/2025, as well as the Company’s Articles of Association.
In accordance with the provisions of the Company’s Articles of Association and the Company Law, the
quorum requirements for attendance and adoption of resolutions at the AGMS in relation to the
Proposed Change in Business Activities are as follows:
1. GMS must be attended by shareholders and/or their lawful proxies representing at least 2/3 of the
total issued shares with valid voting rights, and resolutions shall be valid if approved by
shareholders and/or their lawful proxies representing more than 2/3 of the total shares with voting
rights present at the GMS;
2. if the attendance quorum referred to in paragraph 1 above is not achieved, the second GMS shall
be valid if attended by shareholders and/or their lawful proxies representing at least 3/5 of the total
issued shares with valid voting rights, and resolutions must be approved by shareholders and/or
their lawful proxies representing more than 1/2 of the total shares with voting rights present at the
GMS; and
3. if the attendance quorum referred to in paragraph 2 above is not achieved, the third GMS can be
convened provided that the third GMS shall be valid and entitled to adopt resolutions based on the
attendance quorum and voting requirements determined by the OJK upon request of the Company.
For information purposes, the following are the key dates for the implementation of the AGMS:
AGMS SCHEDULE
AGMS Announcement 17 April 2026
Disclosure of Information to Shareholders in relation to the 17 April 2026
Company’s Proposed Change in Business Activities
Revision to the AGMS Announcement 4 May 2026
Recording Date (Shareholders entitled to attend the AGMS) 5 June 2026
AGMS Invitation 8 June 2026
AGMS 30 June 2026
Summary of Minutes of AGMS 1 July 2026
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Page 21
VIII. ADDITIONAL INFORMATION
For further information regarding the above matters, please contact the Company during business hours
at the following address:
Attn. : Corporate Secretary of PT Dayamitra Telekomunikasi Tbk
Address :Telkom Landmark Tower, Lantai 27, Jalan Jenderal Gatot Subroto Kaveling 52,
Jakarta, 12710
Website : www.mitratel.co.id
Email : corporate.secretary@mitratel.co.id
Jakarta, 26 June 2026
On behalf of Board of Directors
Page 20 of 20
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Indonesia Stock Exchange
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H. Financial Feasibility Analysis
p.2 ×2
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Pengawas Pasar Modal dan Lembaga Keuangan
p.3
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Minister of Finance
p.3 ×2
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Ministry of Finance. Stock Exchange
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Ministry of Law
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Minister of Law
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Financial Services Authority
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Ministry of Finance
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PT Datindo Entrycom. IX.
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IX.J.1 Regulation
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PR No. 13/2018
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Jasa Penunjang Tenaga Listrik
p.6
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PT Dayamitra Malindo
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H.M. Afdal Gazali
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Minister of Justice
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Hendra Karyadi
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Fathiah Helmi
· Notaris
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Ministry of Law and Human Rights
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Ashoya Ratam
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Government of the Republic of Indonesia
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KJPP Nirboyo Adiputro
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Dewi Apriyanti & Rekan
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KJPP NDR
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12 Sep 2026 22:01
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