20241224_PEGE_Tanggapan atas Permintaan Penjelasan Bursa_31831155_lamp2.pdf

PANCA GLOBAL
KAPITAL

Response:
We understand this reguirement.

5. If the reguested explanation involves matters that cannot be published, are still confidential, or
cannot yet be determined/explained by the Company, the Company may respond by completing Form
EO74 through the SPE-IDXnet application (e-reporting), providing an explanation or statement that
the Company cannot fulfill the reguested clarification along with its reasons. Based on Article I.8 of
Exchange Regulation No. I-E, the Exchange will review the information and documents submitted by
the Listed Company and make decisions regarding these matters, considering not only administrative
reguirements but also the substantive aspects of the information.

Response:
We understand this reguirement.

6. If there is any discrepancy between the information provided by the Company in this response and
the financial statements as of September 30, 2024, previously submitted, the Company must make
adjustments to the financial statements as of September 30, 2024.

Response:
We understand this reguirement.

7. Under Article III.1.4 of Exchange Regulation No. I-L, it is stipulated that a suspension of securities may
occur if the Listed Company fails to provide information disclosure or provides incomplete or
inaccurate information disclosure. This includes cases where the Listed Company has important,
relevant information or experiences significant events that, in the Exchange's assessment, materially
affect investors' investment decisions, as reguired by the Exchange Regulation on Information
Disclosure Obligations and applicable capital market laws.

Response:
We understand this reguirement.

Thank you for your attention and cooperation.

Director

PT. PANCA GLOBAL KAPITAL Tbk.
Indonesia Stock Exchange Bullding, Tower | Suite 1711
Jl. Jend, Sudirman Kav. 52-53 Jakarta 12190, Indonesia
Tel. 62-21515 0196 (Hunting) Fax. 82-21 5155481
E-mail : pgkapital@pancaglobal.co.id

PANCA GLOBAL

KAPITAL

Attachment Number S-13369/BEI.PP3/12-2024
List Guestion

1.

Regarding CALK 7 — Other Investments, please explain:

a. The explanation for the decline in eguity securities investments despite their increasing trend
since 2022.

b. The rationale for eguity securities investments in PT Digital Mediatama Maxima Tbk (DMMX), PT
M Cash Integration Tbk (MCAS), and PT NFC Indonesia Tbk (NFCX) since 2021, given that DMMX
and MCAS stocks have shown fluctuating but declining trends in recent years.

c. The explanation for the Company's investment in bonds primarily in the paper processing industry
in 2024.

d. The rationale for the Company's increased investment in fixed-income securities in 2024 despite
recording investment losses.

Response:

a. The decline in the value of investments in securities was caused by prolonged negative sentiment
in the technology sector, as wellas a decline in the financial performance of the securities in which
the Company has invested.

b. The Company began investing in eguity securities, namely DMMX, MCAS, and NFCX stocks, in
2021, when market prices were at their peak and the technology sector was experiencing a bullish
trend. This decision was made because the Company saw the great potential of the technology
sector in Indonesia and believed that the stock prices of these companies would continue to
strengthen along with the growth of the technology industry.

However, following the Federal Reserve's (FED) interest rate hikes, technology stocks experienced
a sharp decline, which caused rapid changes in stock performance and resulted in unrealized losses
in the Company's investment portfolio. This decline impacted the Company's financial
performance, as previously expected potential gains turned into unrealized losses.

c. In 2024, the Company increased its investment in fixed-income securities, particularly corporate

bonds with a minimum rating of A. The Company invested in corporate bonds in the paper
processing and related industries, which offered yields above the average bank deposit rates.

d. The Company decided to allocate more investment in fixed-income instruments as they provide

more stable fixed income, which can help improve the Company's financial performance. Through
this approach, the Company aims to reduce the impact of losses and achieve more predictable
income while maintaining a balance between risk and potential returns.

2. Regarding CALK 8 — Accounts Receivable, please explain:

a. The decline in accounts receivable based on margin transactions as of September 30, 2024.

PT. PANCA GLOBAL KAPITAL Tbk,

Indonesia Stock Exchange Bullding, Tower | Suite 1711
Jl, Jend, Sudirman Kav. 52-53 Jakarta 12190, Indonesia
Tel, 62-21 515 0198 (Hunting) Fax. 62-21 515 5481

E-mail : pgkapital@pancaglobal.co.id

PANCA GLOBAL
KAPITAL

b. The Company's follow-up actions regarding receivables from other securities companies that
have not changed (before deducting the Allowance for Impairment Losses) since 2023.

Response:

a. The decline in accounts receivable from margin transactions as of September 30, 2024,
occurred because margin customers did not engage in significant stock purchase transactions
compared to the previous year. If there were transactions, the amounts were relatively small,
resulting in a significant decline in margin transaction receivables.

b. The Company believes that the allowance amount is sufficient to cover potential losses.
However, it does not rule out the possibility of increasing the allowance at the end of the year.

3. Regarding CALK 9— Other Receivables, where the sub-account shows a significant increase, please
explain:

a. The nature of the recognition of the sub-account.
b. The background of the increase in the sub-account as of September 30, 2024.

Response:

a. The other receivables account represents receivables from underwriting service income.
The increase in this account is due to the Company not yet receiving the remaining
underwriting service income from one client as of September 30, 2024. In October and
November 2024, the client settled the outstanding receivables.

4. Regarding CALK 16 — Trade Payables, please explain the increase in third-party trade payables as
of September 30, 2024, and the challenges in meeting these obligations.

Response:

The increase in third-party trade payables was due to higher stock trading transactions. These
payables will be settled on the second day (T42) afterthe transaction.

5. Regarding CALK 21— Retained Earnings, please explain the steps the Company will take to address
the retained earnings deficit, given the net losses recorded since 2020.

Response:
To improve retained earnings, the Company has implemented several operational and office rent

cost efficiencies. Additionally, the Company has maximized the placement of funds in fixed-income
securities and deposits.

PT. PANCA GLOBAL KAPITAL Tbk.
Indonesia Stock Exchange Building, Tower | Suite 1711
Jl, Jend, Sudirman Kav. 52-53 Jakarta 12190, Indonesia
Tel. 62-21515 0196 (Hunting) Fax. 82-21 515 5461
E-mail : pgkapital@pancaglobal.co.id

PANCA GLOBAL
KAPITAL

6. Regarding CALK 22 — Revenue, please explain:

a. Explanation of the decrease in revenue from Brokerage Activities as of September 30, 2024,
considering that there was also a decline in value for the period ending December 31, 2023.

b. Explanation of the continued investment losses for the period ending September 30, 2024,
considering that historically, investment losses have been recorded since 2020.

Cc. Strategy implemented to prevent the Company from recording investment losses in the
future.

d. Explanation of the decrease in dividend income for the period ending September 30, 2024.

Responses:

a. The decrease in revenue from Brokerage Activities for the period ending September 30,
2024, is due to the Company continuing to record investment losses caused by the decline
in stock values in most of its investments.

b. The Company continues to record investment losses because the value of investments in
its eguity portfolio is still experiencing losses, with the market prices of the stocks in the
portfolio still significantly below their acguisition costs.

Cc. The strategy implemented by the Company is to conduct more careful analysis in
monitoring industry trends, both on a macro and micro level.

d. Dividend income for the period ending September 30, 2023, was significant due to an
increase in shareholding in the Indonesia Stock Exchange (BEI) through the capitalization
of retained earnings, which raised the nominal value of BEI shares to Rp7,500,000,000 per
share. Asa result, the dividend income for the period ending September 30, 2023, was
relatively large. By the period ending September 30, 2024, the Company received dividend
income from shareholding in PT Telkom Indonesia Tbk amounting to Rp 7,675,679, PT
Mayora Indah Tbk amounting to Rp 4,785,000, and PT Pefindo amounting to Rp 5,464,750.

7. Regarding CALK 23 — Operating Expenses, please explain:

a. Explanation of the increase in the advertising and promotion sub-account, considering that
based on our review historically, advertising and promotion expenses have been below Rp500
million.

b. Explanation of the increase in the personnel expenses sub-account.

c. Explanation of the decrease in the administration and general expenses sub-account.

Responses:

a. The increase in the Advertising and Promotion expenses account for the period ending
September 30, 2024, is in line with the increase in Revenue from Underwriting Activities.
The Company's marketing strategy for Underwriting Activities involves collaborating with

PT. PANCA GLOBAL KAPITAL Tbk.
Indonesia Stock Exchange Bullding, Tower | Suite 1711
Jl. Jend, Sudirman Kav. 52-53 Jakarta 12190, Indonesia
Tel. 62-21 515 0196 (Hunting) Fax. 62-21 515 5461
E-mail : pgkapital@pancaglobal.co.id

PANCA GLOBAL
KAPITAL

third parties for client solicitation. Ifa third party successfully refers a client who can be
followed up, the third party receives a service fee, which is then recorded as a marketing
expense under the Advertising and Promotion account.

b. The increase in the Personnel Expenses account is due to salary increases for some
employees in 2024.

c. The significant decrease in the Administration and General expenses account occurred in
the sub-accounts for Transaction Expenses and OJK Fees. The Transaction Expenses sub-
account decreased because, as of September 30, 2024, the Company's transaction volume
decreased compared to the same period in 2023. The decrease in transaction volume also
led toa reduction in Transaction Expenses. The OJK Fees sub-account decreased because,
according to OJK calculations, the Company still has a surplus balance, so the fees billed
by OJK have been applied as a reduction to that surplus. Therefore, the Company has not
made many payments on OJK fee invoices throughout 2024.

8. Regarding CALK 24 — Other Income (Expenses), please explain:

a. Increase in the Interest Income sub-account for the period ending September 30, 2024.
b. Nature of recognition for the Other Income (Expenses) sub-account.

Responses:

a. The increase in the Interest Income account is due to the higher interest rates on deposit
placements compared to 2023.

b. The Other Income (Expenses) sub-account includes the recognition of income from transaction
service discounts provided by the Indonesia Stock Exchange (BEI) each month and the sale of
PT Berau Coal Energy Tbk shares through a tender offer.

Thus, we convey this information. We appreciate your attention and cooperation.

Sincerely,

PT Pagica Gtpbal Kapital Tbk

GL

KAPITAI

OBAL

isno Limanto

Director

PT. PANCA GLOBAL KAPITAL Tbk.
Indonesia Stock Exchange Building, Tower | Suite 1711
Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190, Indonesia
Tel. 62-21 515 0196 (Hunting) Fax. 62-21 515 5461
E-mail : pgkapital@pancaglobal.co.id