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AMENDMENTS AND/OR ADDITIONAL INFORMATION IN RESPECT OF THE DISCLOSURE OF
INFORMATION TO SHAREHOLDERS
(“ADDITIONAL DISCLOSURE OF INFORMATION”)
PT SARANA MENARA NUSANTARA TBK
IN COMPLIANCE WITH REGULATION OF THE FINANCIAL SERVICES AUTHORITY
NO. 17/POJK.04/2020 ON MATERIAL TRANSACTIONS
AND CHANGES IN BUSINESS ACTIVITIES
PT SARANA MENARA NUSANTARA TBK
(The “Company”)
Engaged in telecommunications central construction and holding company activities
Domiciled in Kudus, Indonesia
Head Office: Branch Office:
Jl. Jend. A. Yani No. 19A Menara BCA, 55th Floor
Kudus, Indonesia Jl. M.H. Thamrin No. 1
Phone. +62 291 431691 Jakarta 10310
Fax. +62 291 431718 Phone. +62 21 23585500
E-mail: corpsec@ptsmn.co.id Fax. +62 21 23586446
Website: www.ptsmn.co.id
IF YOU HAVE DIFFICULTY IN UNDERSTANDING THE INFORMATION SET OUT IN THIS
ADDITIONAL DISCLOSURE OF INFORMATION, YOU SHOULD CONSULT WITH YOUR SECURITIES
BROKER, INVESTMENT MANAGER, LEGAL ADVISOR, PUBLIC ACCOUNTANT OR OTHER
PROFESSIONAL ADVISOR.
THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS OF THE COMPANY,
INDIVIDUALLY AND COLLECTIVELY, ARE FULLY RESPONSIBLE FOR THE COMPLETENESS AND
ACCURACY OF ALL MATERIAL FACTS OR INFORMATION CONTAINED IN THIS ADDITIONAL
DISCLOSURE OF INFORMATION AND CONFIRM THAT THE INFORMATION SET FORTH IN THIS
ADDITIONAL DISCLOSURE OF INFORMATION IS TRUE AND THAT THERE ARE NO MATERIAL
FACTS THAT HAVE NOT BEEN DISCLOSED THAT COULD CAUSE THE MATERIAL INFORMATION
IN THIS ADDITIONAL DISCLOSURE OF INFORMATION TO BE INCORRECT AND/OR MISLEADING.
The Extraordinary General Meeting of Shareholders of the Company to approve the Proposed
Change of Business Activities will be held on 20 May 2026.
Additional Disclosure of Information was published on 18 May 2026.
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DEFINITIONS
Iforte : PT Iforte Solusi Infotek.
KBLI 2025 : Indonesian Standard Industrial Classification (Klasifikasi
Baku Lapangan Usaha Indonesia/“KBLI”) as set out in
Regulation of Statistics Indonesia (Badan Pusat Statistik) No.
7 of 2025.
Business Activities : means the business activities stated in the articles of
association of a company, that have been carried out.
31 December 2025 Financial : The Company's Consolidated Financial Statements as at 31
Statements December 2025 and for the year then ended, together with
the independent auditor's report, which have been audited
by Public Accounting Firm Purwanto, Susanti dan Surja.
Feasibility Study Report : The Feasibility Study Report, conducted by Public Valuation
Firm Yanuar, Rosye dan Rekan under Report No.
00010/2.0170-00/BS/NB-01/0045/1/V/2026 dated 18
May 2026.
OJK : Financial Services Authority (Otoritas Jasa Keuangan),
meaning the institution having regulatory, supervisory,
examination, and investigation functions and authority as
referred to in Law of the Republic of Indonesia No. 21 of
2011 on the Financial Services Authority as partially
amended by Law No. 4 of 2023 on the Development and
Strengthening of the Financial Sector ("Law No. 21/2011").
Since 31 December 2012, the functions, duties, and
authority for regulating and supervising financial services
activities in the Capital Market sector have been transferred
from Bapepam and LK to OJK, pursuant to Article 55 of Law
No. 21/2011.
Company : PT Sarana Menara Nusantara Tbk.
Controlled Companies : Protelindo and Iforte, subsidiaries of the Company, whose
financial statements are consolidated with those of the
Company. Each company has contributed more than 20% to
the Company's revenue as referred to in POJK 17/2020.
Protelindo : PT Profesional Telekomunikasi Indonesia.
POJK 15/2020 : OJK Regulation No. 15/POJK.04/2020 on Planning and
Convention of General Meetings of Shareholders by Public
Companies.
POJK 17/2020 : OJK Regulation No. 17/POJK.04/2020 on Material
Transaction and Change of Business Activities.
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POJK 14/2025 OJK Regulation No. 14/POJK.04/2025 on the Conduct of
General Meetings of Shareholders, General Meetings of
Bondholders, and General Meetings of Sukuk Holders
Electronically.
POJK 45 / 2024 OJK Regulation No. 45/POJK.04/2024 on the Development
and Strengthening of Issuers and Public Companies.
Proposed Change of Business : The plan to add Business Activities of the Controlled
Activities Companies that are not yet included in the articles of
association of each Controlled Company, which are to be
carried out, as described in Chapters I and II of this
Additional Disclosure of Information, and subject to the
provisions as regulated under POJK 17/2020.
EGMS : Extraordinary General Meeting of Shareholders of the
Company.
Company Law : Law of the Republic of Indonesia No. 40 of 2007 on Limited
Liability Companies, as amended and partially revoked by
Law No. 6 of 2023 on the Enactment of Government
Regulation in Lieu of Law No. 2 of 2022 on Job Creation as a
Law.
I. INTRODUCTION, REASONS AND BACKGROUND
This Additional Disclosure of Information is prepared in connection with the Proposed Change of
Business Activities of the Controlled Companies, namely the addition of Business Activities not yet
included in the articles of association of each Controlled Company, which are to be carried out, with
the following details:
A. Protelindo
No. KBLI No* Description
1. 77399 Rental and Leasing of Other Machinery, Equipment,
and Tangible Goods Not Elsewhere Classified
2. 35120 Electric Power Generation from Renewable Energy
Sources
3. 35151 Operation of Electric Power Supply Facility
4. 35152 Operation of Electric Power Utilization Facility
5. 35159 Other Electricity Supporting Activities
6. 43211 Electrical Installation
*Numbering based on KBLI 2025
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B. Iforte
No. KBLI No* Description
1. 77399 Rental and Leasing of Other Machinery, Equipment,
and Tangible Goods Not Elsewhere Classified
2. 64210 Activities of Holding Companies
3. 63102 Provision of Infrastructure for Computing, Hosting,
and Related Activities
4. 61102 Wireless telecommunications activities
*Numbering based on KBLI 2025
The Company does not undertake a change of Business Activities as referred to in the Elucidation of
Article 22 of POJK 17/2020. However, pursuant to Article 22 paragraph 1 letter a, and Article 32 of
POJK 17/2020, the Proposed Change of Business Activities undertaken by Controlled Companies that
are not Public Companies and that contribute 20% (twenty percent) or more of a Public Company’s
revenue, must first obtain approval from the Company’s EGMS. Based on the Company's consolidated
Financial Statements for the period ended 31 December 2025, the amount equivalent to 20% (twenty
percent) of the Company's revenue is Rp2,665,581 million, and the revenue contributions of each of
the Controlled Companies are as follows:
(a) Protelindo's contribution to the Company's revenue as at 31 December 2025 is 100%, or
equivalent to Rp13,327,907 million; and
(b) Iforte's contribution to the Company's revenue as at 31 December 2025 is 41%, or equivalent to
Rp5,469,783 million.
In connection with the Proposed Change of Business Activities, aside from the approval of the
Company’s EGMS as mentioned above, no prior approval and/or notification from the government or
any other body, institution, or third party is required.
In accordance with the foregoing and the provisions of POJK 17/2020, the Board of Directors of the
Company hereby announces this Additional Disclosure of Information through the Company’s and the
Indonesia Stock Exchange’s website with the intention of providing the Company’s shareholders with
more complete information and overview of the Proposed Change of Business Activities of the
Controlled Companies. This Additional Disclosure of Information serves as the basis for consideration
by the Company’s shareholders in granting approval for the Proposed Change of Business Activities
of the Controlled Companies, which will be proposed by the Company at the Company’s EGMS as set
out in Chapter VII of this Additional Disclosure of Information.
II. BRIEF DESCRIPTION OF THE COMPANY, PROTELINDO, AND IFORTE
A. The Company
(i) Brief History of the Company
PT Sarana Menara Nusantara Tbk. ("Company") was established pursuant to Deed of
Establishment No. 31 dated 2 June 2008, made before Dr. Irawan Soerodjo, S.H., MSi.,
Notary in Jakarta. The Company’s Articles of Association were ratified by the Minister
of Law and Human Rights pursuant to Decree No. AHU-37840.AH.01.01.Tahun 2008
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dated 2 July 2008 and were published in the State Gazette No. 66 dated 19 August 2014,
Supplement No. 44511. The Articles of Association of the Company as set forth in the
aforementioned deed of establishment have been amended several times, most recently
by: (i) Deed of Statement of Meeting Resolutions No. 257 dated 26 June 2024, made
before Christina Dwi Utami, S.H., M.Hum., M.Kn., Notary in West Jakarta, regarding the
amendment to the Company’s Articles of Association in connection with the obligation
to make adjustments pursuant to applicable OJK Regulations. Such amendment to the
Articles of Association was acknowledged by the Minister of Law and Human Rights
pursuant to Receipt of Notice No. AHU-AH.01.03-0170481 dated 10 July 2024; and (ii)
Deed of Statement of Meeting Resolutions No. 182 dated 22 November 2024, made
before Christina Dwi Utami, S.H., M.Hum., M.Kn., Notary in West Jakarta, regarding the
amendment to the Company’s Articles of Association in connection with an increase in
the Company’s authorized capital. Such amendment to the Articles of Association was
approved by the Minister of Law and Human Rights pursuant to Decree of the Minister
of Law of the Republic of Indonesia No. AHU-0075650.AH.01.02.TAHUN 2024 dated 22
November 2024; and (iii) Deed of Statement of Meeting Resolutions No. 216 dated 25
July 2025, made before Christina Dwi Utami, S.H., M.Hum., M.Kn., Notary in West Jakarta,
regarding the amendment to the Company’s Articles of Association in connection with
an increase in the Company’s issued and paid-up capital. Such amendment to the
Articles of Association was notified to and received by the Minister of Law and Human
Rights pursuant to Receipt of Notice Letter of the Minister of Law of the Republic of
Indonesia No. AH.01.03-0197063 dated 25 July 2025 (the "Company’s Articles of
Association").
(ii) Purposes and Objectives as well as Business Activities of the Company
The business activities of the Company pursuant to the Company’s Articles of
Association are:
(a) Conducting other management consultancy activities, including provision of advice,
counsel, and operations of businesses and organizational and other management
matters;
(b) Conducting holding company business activities, including activities of holding
companies, namely a company possessing assets of a group of subsidiaries, and the
main business activity is ownership of such group.
(c) Conducting central telecommunication construction activities, including
construction, maintenance, and repair of central telecommunication construction
building, including its facilities.
Pursuant to the Company’s Business Identification Number (Nomor Induk Berusaha
/"NIB"), the business activities of the Company that have actually been carried out are
business activities under KBLI 70209 Other Management Consultancy Activities and
42206 Construction of Telecommunications Central.
(iii) Capital Structure and Shareholding of the Company
The shareholders of the Company, as set forth in the Shareholders Register as of 31
March 2026, made by PT Raya Saham Registra as the Securities Administration Bureau
of the Company, are as follows:
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Nominal Value of Rp10,-
Shareholders Percentage
Number of Nominal Value of
Shares (Rp) Ownership
(%)
Authorized Capital
Authorized Capital 200,000,000,000 2,000,000,000,000
Issued and Paid-Up Capital
PT Sapta Adhikari Investama 26,764,246,165 267,642,461,650 45.2878%
PT Dwimuria Investama Andalan 11,792,689,937 117,926,899,370 19.9544%
Ferdinandus Aming Santoso 30,338,281 303,382,810 0.0513%
Ario Wibisono 243,246,800 2,432,468,000 0.4116%
Anita Anwar 5,126,600 51,266,000 0.0087%
Indra Gunawan 7,800,490 78,004,900 0.0132%
Eko Santoso Hadiprodjo 10,630,000 106,300,000 0.0180%
Public 19,253,728,904 192,537,289,040 32.5793%
Treasury Shares 990,296,554 9,902,965,540 1.6757%
Total of Issued and Paid-Up 59,098,103,731 590,981,037,310 100.000%
Capital
The shareholding structure of the Company as of 31 March, 2026 is as set out in
Appendix 1 to this Additional Disclosure of Information.
The controlling shareholder of the Company, as referred to in POJK 45/2024, is PT
Sapta Adhikari Investama.
(iv) Management and Supervision of the Company
The composition of the Board of Commissioners and Board of Directors of the
Company pursuant to the Deed Statement of Meeting Resolution No. 113 dated 23
April 2025, made before Christina Dwi Utami, S.H., M.Hum., M.Kn., Notary in West
Jakarta Administrative City, which was notified to the Minister of Law and Human
Rights as evidenced by the Receipt of Notice on Changes to Company Data No. AHU-
AH.01.09-0204840 dated 24 April 2025 and registered in the Company Register
under No. AHU-0088937.AH.01.11.TAHUN 2025 dated 24 April 2025, is as follows:
Board of Commissioners
President Commissioner : Kenny Harjo
Independent Commissioner : Kusmayanto Kadiman
Independent Commissioner : John Aristianto Prasetio
Commissioner : Ario Wibisono
Board of Directors
President Director : Ferdinandus Aming Santoso
Director : Anita Anwar
Director : Eko Santoso Hadiprodjo
Director : Indra Gunawan
(v) Summary of Key Consolidated Financial Data
Set out below is a summary of the data of the Company (including the Controlled
Companies) as of 31 December 2025 based on the Consolidated Financial Statements
that have been audited by Public Accounting Firm Purwanto, Sungkoro & Surja, with
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Public Accountant Feniwati Chendana, pursuant to Report No.
00205/2.1505/AU.1/10/0694-1/1/III/2026 dated 16 March 2026, with an
unqualified opinion:
(in million Rupiah)
FINANCIAL POSITION 31 December 2024 31 December 2025
Assets
Current Assets 4,955,840 3,433,232
Non-Current Assets 72,872,540 73,836,460
Total Assets 77,828,380 77,269,692
Liabilities and equity
Current Liabilities 20,124,235 19,577,670
Non-current liabilities 38,534,936 30,608,716
Total liabilities 58,659,171 50,186,386
Equity 19,169,209 27,083,306
Total liabilities and 77,828,380 77,269,692
equity
STATEMENT OF PROFIT
31 December 2024 31 December 2025
AND LOSS
Net Sales 12,735,815 13,327,907
(Cost) of Sales (3,996,322) (4,188,377)
Gross Profit 8,739,493 9,139,530
Profit before income tax 3,536,683 3,688,100
Profit for the year 3,364,606 3,682,248
B. Protelindo
(i) Brief History of Protelindo
PT Profesional Telekomunikasi Indonesia. ("Protelindo") is a limited liability
company incorporated in Indonesia pursuant to Deed of Establishment No. 2 dated 8
November 2002, made before Hildayanti, S.H., Notary in Bandung. The Articles of
Association of Protelindo were ratified by the Minister of Law and Human Rights
pursuant to Decree No. C-00079 HT.01.01.TH.2003 dated 3 January 2003 and were
published in the State Gazette No. 21 dated 14 March 2003, Supplement No. 2095. The
Articles of Association of Protelindo, as set forth in the aforementioned deed of
establishment, have been amended several times. The most recent amendment is set
forth in the Deed of Statement of Meeting Resolutions No. 22 dated 28 July 2025, made
before Caesaria Dhamayanti, S.H., M.Kn., Notary in Tangerang Regency, regarding,
among others, changes in capitalization through increase in authorized capital, issued
capital, and paid-up capital, and the restatement of all provisions of Protelindo’s
Articles of Association. Such amendment to the articles of association was approved
by the Minister of Law and Human Rights pursuant to the Approval Letter for
Amendment to Articles of Association No. AHU-0050024.AH.01.02.TAHUN 2025
dated 29 July 2025 and registered in the Company Register under No. AHU-
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0172452.AH.01.11.TAHUN 2025 dated 29 July 2025 ("Protelindo’s Articles of
Association").
(ii) Purposes and Objectives of Business Activities of Protelindo
The business activities of Protelindo pursuant to Protelindo’s Articles of Association
and NIB are:
(a) Construction of Telecommunications Central (KBLI 42206); and
(b) Activities of Holding Companies (KBLI 64200).
(iii) Capital Structure and Shareholding of Protelindo
The capital structure and shareholders of Protelindo as of 31 March 2026 pursuant to
Protelindo's Articles of Association are as follows:
Nominal Value of Rp100
Shareholders
Percentage of
Nominal Value
Number of Shares Ownership
(Rp)
(%)
Authorized Capital
Authorized Capital 200,000,000,000 20,000,000,000,000
Issued and Paid-Up Capital
PT Sarana Menara Nusantara 58,322,620,186 5,832,262,018,600 99.999999998%
Tbk.
Ferdinandus Aming Santoso 1 100 0.000000002%
Total of Issued and Paid-Up 58,322,620,187 5,832,262,018,700 100.000%
Capital
(iv) Management and Supervision of Protelindo
The composition of the Board of Commissioners and Board of Directors of Protelindo
pursuant to the Deed of Statement of Shareholders’ Resolutions in Lieu of an
Extraordinary General Meeting of Shareholders No. 21 dated 26 January 2026, made
before Caesaria Dhamayanti, S.H., M.Kn., Notary in Tangerang Regency, which was
notified to the Minister of Law as evidenced by the Receipt of Notice on Changes to
Company Data No. AHU-AH.01.09-0051069 dated 18 February 2026 and registered
in the Company Register under No. AHU-0029075.AH.01.11.TAHUN 2026 dated 18
February 2026, is as follows:
Board of Commissioners
President Commissioner : Ario Wibisono
Independent Commissioner : Kusmayanto Kadiman
Independent Commissioner : John Aristianto Prasetio
Commissioner : Kenny Harjo
Board of Directors
President Director : Ferdinandus Aming Santoso
Vice President Director : Anita Anwar
Vice President Director : Juliawati Gunawan Halim
Director : Eko Santoso Hadiprodjo
Director : Indra Gunawan
Director : Onggo Wijaya
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C. Iforte
(i) Brief History of Iforte
Iforte was established under the name PT Prisma Sentra Telekomunikasi, a limited
liability company incorporated under the laws of the Republic of Indonesia, domiciled
in Kudus, and established pursuant to Deed of Establishment No. 174 dated 16 May
1997 made before Buntario Tigris Darmawa, S.H., Notary in Jakarta. The Deed of
Establishment of Iforte was ratified by the Minister of Justice of the Republic of
Indonesia pursuant to Decree No. C2-7361.HT.01.01.Th.1997 dated 30 July 1997.
The articles of association of Iforte have been amended several times, most recently
pursuant to Deed No. 5 dated 7 July 2022, made before Notary Caesaria Dhamayanti,
S.H., M.Kn., Notary in Tangerang. Such amendment was approved by the Minister of
Law (formerly the Minister of Law and Human Rights) pursuant to Decree No. AHU-
0048645.AH.01.02.Tahun dated 14 July 2022 and registered in the Company Register
pursuant to the Company Law under No. AHU-0134521.AH.01.11.TAHUN 2022 dated
14 July 2022 ("Iforte’s Articles of Association").
(ii) Purposes and Objectives as well as Business Activities of Iforte
The business activities of Iforte pursuant to Iforte’s Articles of Association and NIB
are
a) Installation of Telecommunications (KBLI 43212);
b) Wired Telecommunications Activities (KBLI 61100);
c) Satellite Telecommunications Activities (KBLI 61300);
d) Internet Service Provider (KBLI 61921);
e) Data Communications System Service (KBLI 61922);
f) Internet Interconnection (Network Access Provider) (KBLI 61924);
g) Wholesale of Telecommunications Equipment (KBLI 46523); and
h) Construction of Telecommunications Central (KBLI 42206);
(iii) Capital Structure and Shareholding of Iforte
The capital structure and shareholders of Iforte are as follows. It is pursuant to the
Deed of Statement of Shareholders’ Resolutions No. 145 dated 28 March 2016, made
before Dr. Irawan Soerodjo, S.H., M.Si., Notary in Jakarta. Such deed was approved
by the Minister of Law and Human Rights pursuant to Decree No. AHU-
0007671.AH.01.02 Tahun 2016 dated 21 April 2016, notified to the Minister of Law
and Human Rights pursuant to Receipt of Notice of Amendment to Articles of
Association No. AHU-AH.01.03-0042299 dated 21 April 2016, and registered in the
Company Register under No. AHU-0050325.AH.01.11.TAHUN 2016 dated 21 April
2016, juncto the Deed of Statement of Shareholders’ Resolutions in Lieu of a General
Meeting of Shareholders No. 306 dated 31 October 2019, made by Christina Dwi
Utami, S.H., Notary in West Jakarta. Such deed was notified to the Minister of Law
and Human Rights, as evidenced by the Receipt of Notice of Amendment to Articles
of Association No. AHU-AH.01.03-0363977 dated 25 November 2019 and registered
in the Company Register under No. AHU-0226471.AH.01.11.Tahun 2019 dated 25
November 2019, is as follows:
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Nominal Value of Rp1,000,000,-
Shareholders
Percentage of
Number of Nominal Value
Ownership
Shares (Rp)
(%)
Authorized Capital
Authorized Capital 790,000 790,000,000,000
Issued and Paid-Up Capital
Protelindo 789,416 789,416,000,000 99.9999%
PT Sarana Menara 1 1,000,000 0.0001%
Nusantara Tbk.
Total of Issued and 789,417 789,417,000,000 100.00%
Paid-Up Capital
(iv) Management and Supervision of Iforte
The composition of the Board of Commissioners and Board of Directors of Iforte
pursuant to the Deed of Statement of Shareholders’ Resolutions No. 07 dated 11
September 2025, made before Caesaria Dhamayanti, S.H., M.Kn., Notary in
Tangerang Regency, which was received and recorded by the Minister of Law as
evidenced by the Receipt of Notice on Changes to Company Data No. AHU-AH.01.09-
0337378 dated 15 September 2025, is as follows:
Board of Commissioners
President Commissioner : Peter Djatmiko
Commissioner : Mohamad Iwan
Commissioner : Nur Hermawan Thendean
Board of Directors
President Director : Ferdinandus Aming Santoso
Vice President Director : Rony Ardhitia Soetedjo
Vice President Director : Silvi Liswanda
Director : Hartono Tanuwidjaja
Director : Handoko Siputro
III. SUMMARY OF THE FEASIBILITY STUDY ON THE PROPOSED CHANGE OF BUSINESS
ACTIVITIES
In connection with the Proposed Change of Business Activities, the Company has appointed Public
Appraisal Firm (Kantor Jasa Penilai Publik) Yanuar, Rosye dan Rekan ("Y&R") with Business
License No. 2.20.0170 pursuant to Decree of the Minister of Finance 365/KM.1/2020 dated 27 July
2020. The responsible appraiser is Rosye Yunita, S.E., M.M., MAPPI (Cert.), registered as a Capital
Market Supporting Professional with OJK under Registration Certificate (Surat Tanda
Terdaftar/STTD) of Capital Market Supporting Professional No. KEP-104/KS.13/2026 dated 13
May 2026, as an independent appraiser, to conduct the feasibility study and render an opinion on
the Proposed Change of Business Activities pursuant to POJK 17/2020 by issuing the Feasibility
Study Report.
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Previously, Y&R had issued the Company's Feasibility Study Report in connection with the Change
of Business Activities under File No. 00006/2.0170-00/BS/NB-01/0045/1/IV/2026 dated April 1,
2026, and with reference to the Letter on Amendment and/or Additional Information regarding
the Proposed Addition of Business Activities by PT Sarana Menara Nusantara Tbk No. S-
35/PM.212/2026 dated April 16, 2026 from the OJK (“OJK Letter”). In response to such letter, Y&R
subsequently issued a revised Feasibility Study Report under No. 00007/2.0170-00/BS/NB-
01/0045/1/V/2026 dated May 4, 2026.
Subsequently, Y&R further revised the report to complete the adjustments in response to the OJK
Letter by reissuing the Feasibility Study Report under File No. 00010/2.0170-00/BS/NB-
01/0045/1/V/2026 dated May 18, 2026. This report supersedes and replaces the Feasibility Study
Report under File No. 00006/2.0170-00/BS/NB-01/0045/1/IV/2026 dated April 1, 2026 and the
Feasibility Study Report under File No. 00007/2.0170-00/BS/NB-01/0045/1/V/2026 dated May
4, 2026.
In preparing the Feasibility Study Report, Y&R acted independently without any conflict of interest,
and Y&R is not affiliated with the Company or any parties affiliated with the Company. Y&R also
has no personal interest or benefit in connection with this engagement.
Set out below is a summary of Y&R’s Feasibility Study Report on the Proposed Change of Business
Activities
(i) Purpose and Objective
The purpose of preparing the Feasibility Study Report is to render an opinion on the
feasibility of the Proposed Change of Business Activities in order to comply with the
provisions of POJK 17/2020. The review set out in the Feasibility Study Report covers various
aspects, including macroeconomic aspects, market aspects, technical aspects, business model
aspects, management model aspects, and financial aspects.
(ii) Subject Matter of the Feasibility Study
The subject matter of the feasibility study in this engagement is the Change of Business
Activities, namely:
Protelindo
a. 77399 : Rental and Leasing of Other Machinery, Equipment, and Tangible
Goods Not Elsewhere Classified
b. 35120 : Electric Power Generation from Renewable Energy Sources
c. 35151 : Operation of Electric Power Supply Facility
d. 35152 : Operation of Electric Power Utilization Facility
e. 35159 : Other Electricity Supporting Activities
f. 43211 : Electrical Installation
Iforte
a. 77399 : Rental and Leasing of Other Machinery, Equipment, and Tangible
Goods Not Elsewhere Classified
b. 64210 : Activities of Holding Companies
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c. 63102 : Provision of Infrastructure for Computing, Hosting, and Related
Activities
d. 61102 : Wireless Telecommunications Activities
(iii) Date of the Feasibility Study
The feasibility study in respect of the Proposed Change of Business Activities set out in the
Feasibility Study Report is as at 31 December 2025. This date was selected on the basis of the
interests and objectives underlying the preparation of the Feasibility Study on the Proposed
Change of Business Activities and the financial data received from the Company. The validity
period of the Feasibility Study Report is until 30 June 2026.
(iv) Assumptions and Limiting Conditions
(a) Assumptions
Some assumptions and limiting conditions used in preparing this Report are:
• Y&R produces the Feasibility Study Report, which is of a non-disclaimer opinion
nature;
• Y&R has conducted a review of the documents used in the Feasibility Study
process;
• Y&R obtains data and information from the Management of the Company, which is
of reliable accuracy;
• Y&R uses adjusted financial projections that reflect the reasonableness of financial
projections prepared by management in terms of their achievability (fiduciary
duty);
• Y&R is responsible for the conduct of the Feasibility Study and the fairness of the
adjusted financial projections;
• The Feasibility Study Report produced is open to the public, except for confidential
information that may affect the operations of the company;
• Y&R is responsible for the Feasibility Study Report and the conclusions on Value;
and
• Y&R has obtained information on the legal status of the subject of the Feasibility
Study from the principal.
(v) Feasibility Study Methodology
The methods used in preparing the Feasibility Study Report are:
• Collection of primary data from the Company relevant to the Proposed Change of
Business Activities, comprising data on identity, licensing, business plans, and
other data.
• Conducting inspections or site visits and holding discussions with Management in
relation to the Change of Business Activities.
• Macroeconomic analysis and industry analysis to evaluate the impact of such
factors on the future performance of the Company.
• Conducting feasibility analysis through market, technical, business model,
management model, and financial aspects of the Proposed Change of Business
Activities.
• Presenting the conclusions of the Feasibility Study on Change of Business
Activities.
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(vi) Market Feasibility Analysis
The market opportunity for the implementation of the Proposed Change of Business
Activities remains wide open.
The following sets out the market potential of each KBLI in the relevant industry:
Potensi Pasar
Nomor KBLI Produk Industri
(2025)
KBLI 7399, KBLI
5120, KBLI 5151,
Telecom Tower – Power System
KBLI 5152, KBLI Solar Panels USD17.87 Million
Indonesia (Off – Grid)
5159 and KBLI
43211
Indonesian
KBLI 77399 Tower Leasing USD1.8 Billion
Telecommunications Tower
KBLI 64210 Holding Company Investment USD115.08 Million
KBLI 63102 Data Center Services Indonesia Data Center Market USD1.44 Billion
Internet Services using Indonesian B2B
KBLI 61102 USD1.88 Billion
Microwave Network Telecommunications
Source: Public Data, processed by Y&R
The level of business competition in respect of the Proposed Change of Business Activities
to be undertaken is relatively competitive, with different characteristics in each business
segment, namely solar panels, BTS tower leasing, holding company, data centre services,
and microwave network services. In particular, with respect to the development of the data
centre segment, there are several key factors to be considered in conducting data centre
business activities, namely the capital-intensive nature of the investment required,
adequate mastery of technology, availability of skilled personnel, a strong customer base,
and a relatively long investment payback period. However, given Iforte's position as part of
the Company Group, which has a solid financial foundation and an existing customer base,
Iforte has adequate capacity to conduct such business activities.
With respect to the solar panel segment, business development is focused on the
optimisation of Protelindo's existing assets (towers), particularly telecommunications
towers that do not yet have access to electricity. The Company plans to leverage such
potential through the transition from the use of conventional generators to solar panel-
based renewable energy. In addition to supporting clean energy initiatives, this step is also
expected to improve Protelindo's operational efficiency.
The Company has devised a marketing strategy to address such business competition. In
respect of solar panels, Protelindo focuses on B2B (Business-to-Business) with an emphasis
on long-term efficiency. In addition, Protelindo emphasises synergies with its existing
business, a partnership approach, competitive pricing schemes, and the strengthening of
relevant sales channels. Meanwhile, for data centre activities, the marketing strategy is
focused on the hyperscale and enterprise customer segments that require reliable
infrastructure services. The approach adopted is based on direct sales and long-term
relationships, and is supported by collaboration with strategic partners and vendors to
expand market reach.
Based on the foregoing, the Proposed Change of Business Activities, viewed from the market
feasibility analysis, is feasible.
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(vii) Technical Feasibility Analysis
The Proposed Change of Business Activities encompasses new KBLI classifications intended
to accommodate new business opportunities not yet covered by the KBLI classifications
currently held by the Controlled Companies. The addition and adjustment of KBLI
classifications for existing business activities are also in line with the issuance of KBLI 2025.
Protelindo will carry out KBLI activities related to solar panels, while Iforte will carry out
KBLI activities related to base transceiver station (“BTS”) telecommunications tower
leasing, holding company, data center services, and microwave network provision.
With respect to the Change of Business Activities to be undertaken by the Controlled
Companies, in principle, they do not depend on raw materials as in manufacturing business
activities, but rather on the availability of core infrastructure, supporting technical
equipment, and human resources with competency in solar panel, BTS telecommunications,
data center, and microwave operations.
In undertaking the Change of Business Activities, in the preliminary operational stage,
Protelindo and Iforte will utilize existing resources, workers, and professional experts. Some
of the KBLI codes to be added, none require special certification, except for the KBLI code
for telecommunications tower leasing, which requires certification for high-altitude work
and high-rise construction work.
With respect to the data center business plan to be undertaken by Iforte, the Company is
currently still conducting a preliminary assessment on the feasibility of the data center
business activities by taking into consideration market demand, land readiness and
suitability, availability of electricity supply, as well as organizational and human resources
readiness. Based on the preliminary assessment conducted by the Company up to the date
hereof and taking into account the foregoing factors, the Company estimates that the initial
capacity of the data center business to be operated by Iforte in the initial phase will gradually
reach up to 10 MW IT load. Such estimation will continue to be evaluated from time to time
in line with market demand, land readiness and suitability, availability of electricity supply,
as well as organizational and human resources readiness.
Based on the foregoing, the Proposed Change of Business Activities, viewed from the
technical feasibility analysis, is feasible.
(viii) Business Model Feasibility Analysis
The competitive advantage arising from the Proposed Change of Business Activities, from
the unique business model of solar panels in the telecommunications sector, lies in the
transformation of Protelindo's role from merely a passive tower infrastructure provider to
a renewable energy provider. This constitutes added value for Protelindo, given that not all
competitors are able to provide such services.
The competitive advantages of Iforte in respect of the addition of KBLIs include BTS
telecommunications tower leasing located in premium areas and equipped with fibre optic
connections, which enables higher data transmission capacity, more stable connections, and
low latency. Whereas, in respect of data centre activities, Iforte's competitive advantage lies
in the uniqueness of Iforte's business model, which is not merely a provider of fibre optic
services, but forms part of a digital infrastructure ecosystem that was established earlier,
with a market share already held by the Company Group. This business model provides
added value because data center services can be developed in an integrated manner with
the connectivity, network, and digital infrastructure services already held by Iforte.
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Iforte's competitive advantage in respect of internet network services using microwave lies
in the potential to offer such services on the tower infrastructure already owned by the
Company Group.
Competitors cannot easily replicate the services in respect of the Change of Business
Activities and, with the competitive advantage of the business model held, Protelindo and
Iforte are therefore able to enhance their competitiveness against their competitors.
Based on the foregoing, the Proposed Change of Business Activities, viewed from the
business model feasibility analysis, is feasible.
(ix) Management Model Feasibility Analysis
In implementing the Change of Business Activities, the Company (together with the
Controlled Companies) has conducted an evaluation of the current organizational structure
and management model. Management considers that the new business activities to be
carried out remain aligned with the existing business lines and can be accommodated by the
existing divisions. In connection with the foregoing, there is no need to change the
organizational structure or to establish new divisions. Currently, all operational activities,
management, and supervision of the new business activities will be carried out through the
existing work units, with adjustments to the internal allocation of duties and
responsibilities.
With respect to the addition of KBLI classifications, in principle, these will be supported by
a combination of existing experts experienced in their respective fields, as well as additional
experts to be appointed or recruited in accordance with the requirements of business
development and operations. As of 31 December 2025, the total employees of the Company
Group comprised 1,905 permanent employees and 929 contract employees.
Of all the KBLI additions, the aspect of intellectual property management will be relevant to
KBLI 63102 relating to data center services. With respect to the addition of a new KBLI in
the data center sector, Iforte considers that intellectual property management constitutes
an important component in supporting business development, particularly with respect to
systems, working methods, service designs, technical documentation, operational
processes, and commercial materials used in such business activities.
In its implementation, Iforte will treat intellectual property related to the addition of new
KBLI classifications as business assets to be managed, kept confidential, and used in a
controlled manner in accordance with Iforte’s business interests. The relevant forms of
intellectual property may include, among others, technical design documents, standard
operating procedures, system configurations, service implementation methods, offering
materials, solution designs, supporting software, databases, and other business and
technical information developed or used in business operations.
The scope of the Company Group’s risk management policy encompasses all plans, activities,
business processes, policies, procedures, and individuals within the Company Group. In
managing its risks pursuant to the risk management policy, the Company Group applies ISO
31000:2018 as a reference in conducting the risk management process. The Risk
Management Policy is also reviewed periodically in accordance with, among other matters,
the development of the Company Group’s business and as a result of changes in laws and
regulations.
15
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Based on the foregoing, the Proposed Change of Business Activities, viewed from the
management model feasibility analysis, is feasible.
(x) Financial Feasibility Analysis
Protelindo and Iforte require funding for capital expenditure to implement the Proposed
Change of Business Activities, which is estimated at Rp2,072,571 million, in relation to the
solar panel business, holding company activities, tower leasing, data center, and microwave
businesses, with the following details:
(In Millions Rupiah)
Capex Details Total
PROTELINDO
Solar Panel (KBLI 77399, 35120, 35151, 35152, 35159 dan 43211) 447.816
iForte
Holding Company Activities (KBLI 64210) 16.500
Tower Lease (KBLI 77399) 21.000
Data Center (KBLI 63102) 1.470.000
Microwave (KBLI 61102) 117.254
TOTAL CAPEX 2.072.571
Such funding requirements will be financed using the Company Group’s cash and cash
equivalents, as well as undrawn bank credit facilities.
The feasibility analysis was conducted using the parameters of Net Present Value, Average
Break Even, Profitability Analysis, and Return on Investment based on projections for the
period from 2026 to 2035, by applying a discount rate (“Weighted Average Cost of Capital”
or “WACC”) of 9.00%. The following is the feasibility analysis of the Change of Business
Activities:
Net Present Value : Rp1,331,569 million
Average Break Even : Rp136,537 million (38.20% of revenue for the years 2028-2035)
Profitability Analysis : 41.76% (at the end of the projection period)
Return on Investment : 8.58% (average over the projection period)
Based on the foregoing, the Proposed Change of Business Activities, viewed from the
financial feasibility analysis, is feasible.
(xi) Conclusion
Based on the review and evaluation of market feasibility analysis, technical feasibility
analysis, business model feasibility analysis, management model feasibility analysis, and
financial feasibility analysis, as well as other projections, subject to the fulfillment of the
stipulated assumptions, it can be concluded that the proposed addition of business activities
to be implemented by Protelindo and Iforte is feasible.
IV. AVAILABILITY OF EXPERTS IN CONNECTION WITH THE PROPOSED CHANGE OF
BUSINESS ACTIVITIES
In relation to the Proposed Change of Business Activities, each of Protelindo and Iforte will, in
principle, be supported by a combination of existing experts with experience in their respective
fields, as well as additional experts to be appointed or recruited in accordance with the business
development and operational needs. The recruitment of certified experts relevant to the additional
16
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business activities will be carried out by Protelindo and Iforte selectively and gradually, taking into
account the development needs and operational scale of each business line, while continuing to
observe the principles of operational efficiency and effectiveness.
Through such approach, Protelindo and Iforte believe that the required competencies can be
adequately fulfilled without necessitating changes to the organizational structure, considering that
the new functions will be integrated into the existing structure with enhancements at the
operational and technical levels.
V. EXPLANATION, CONSIDERATIONS, AND REASONS FOR THE PROPOSED CHANGE OF
BUSINESS ACTIVITIES
As a group of companies engaged in the digital infrastructure sector, the Company and its
subsidiaries consistently recognize the need to implement adaptive business strategies tailored
to industry needs which not only align with customer needs while also complementing and
supporting the existing group’s business ecosystem aiming for delivering value to the group and
its stakeholders.
The Company and its subsidiaries, in delivering reliable integrated solutions to their customers,
continuously diversify their services and synergize their assets over time, while improving
operational efficiency within the group to ensure the long-term growth of the Company and its
subsidiaries.
In line with such developments, the management of the Company and its subsidiaries are
considering the expansion of their line of business and services offered by its subsidiaries,
particularly Protelindo and Iforte, aligning with customor needs as well as complementing and
supporting the existing group’s business ecosystem.
A. Plan for the Addition of Business Activities of Protelindo:
Set out below are the explanations and considerations/reasons for the addition of Business
Activities by Protelindo as described in Chapter I of this Additional Disclosure of Information:
1. KBLI 77399 (Rental and Leasing of Machinery, Equipment, and Other Tangible Goods Not
Elsewhere Classified)
This business activity is added to support the development of Protelindo's core business
activity as an infrastructure provider, particularly in the leasing of telecommunications
equipment (including active equipment, power systems, etc.) and the provision of
infrastructure sharing services (beyond tower).
This addition is also intended to accommodate Protelindo’s potential future business
expansion, including in active sharing schemes (such as equipment sharing and power
sharing) and equipment leasing activities to operators as well as enterprise customers,
while simultaneously providing the flexibility to monetize non-tower assets held by the
Company. This addition is in line with the direction of the Company's transformation from
a tower company into a digital infrastructure provider.
2. KBLI 35120 (Electric Power Generation from Renewable Energy Sources)
This business activity is added to support the fulfillment of energy requirements for tower
sites (BTS) as well as edge data centers or micro data centers. Furthermore, such business
model is expected to reduce dependence on conventional energy sources, thereby
improving the Company's long-term operational cost efficiency. The development of this
17
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business model is also deemed to potentially deliver renewable energy solutions through
the deployment of solar panels at tower sites and the development of hybrid energy
systems combining solar energy with battery systems, in line with sustainability principles
(ESG).
3. KBLI 35151 (Operation of Electric Power Supply Facility)
By adding this business activity, the Company is expected to be capable of managing
internal electricity systems going forward, including power systems at BTS sites and
electricity distribution between devices as well as between sites, as required to support
the development of energy-based business models, such as managed energy services and
power leasing schemes to tenants.
The inclusion of this business activity enables Protelindo to expand its role into an
integrated power service provider for operators.
4. KBLI 35152 (Operation of Electric Power Utilization Facility)
The addition of this business activity is aimed at enabling Protelindo to operate or manage
the utilization of electrical power for telecommunications infrastructure and digital
systems (including edge computing and the Internet of Things (IoT)), which is expected to
improve energy utilization efficiency and ensure operational reliability and network
availability. This addition is expected to further strengthen Protelindo's position as a
critical infrastructure operator with end-to-end energy management capabilities.
5. KBLI 35159 (Other Electricity Supporting Activities)
The addition of this business activity is intended to accommodate ancillary activities
required by Protelindo in the conduct of its business activities, such as energy system
maintenance, smart energy management services (including energy consumption
monitoring and optimization), and the provision of consultancy and engineering services
for power systems. It is also intended to provide Protelindo with the flexibility to develop
new business model innovations in the future, including the development of an energy
management platform as well as the implementation of smart grid systems and remote
monitoring, capable of supporting the development of an energy ecosystem within
Protelindo's tower business.
6. KBLI 43211 (Electrical Installation)
The addition of this business activity is intended to address the needs for the construction
of electrical infrastructure for towers, as well as for the integrated development of fiber
and power. This new business model is considered capable of reducing dependence on
third-party contractors and accelerating the network rollout process (through the
utilization of electrical system installations and the integration of electricity supply for
fixed wireless access (FWA) and fiber nodes), thereby enabling improvements in cost
efficiency, operational efficiency, and infrastructure quality.
B. Plan for the Addition of Business Activities of Iforte:
Set out below are the explanations and considerations/reasons for the addition of Business
Activities by Iforte as described in Chapter I of this Additional Disclosure of Information:
1. KBLI 64210 (Activities of Holding Companies)
Considering that Iforte’s business activities involve holding company activities,
particularly to conduct business activities that support main business activities, it is
necessary to add KBLI 64210 relating to Activities of Holding Company.
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2. KBLI 63102 (Provision of Infrastructure for Computing, Hosting, and Related Activities)
As part of the business development effort to build an integrated digital infrastructure
ecosystem, and in line with evolving market requirements and the acceleration of digital
transformation, business expansion into the digital infrastructure sector is being pursued
through Iforte, particularly in connectivity services, fiber optic networks, and other digital
supporting services. To comprehensively complete such business ecosystem, Iforte
considers it necessary to add a dedicated data center business unit as one of the pillars of
its business strategy.
The addition of the Data Center business activities to be undertaken by Iforte will initially
be carried out in an integrated manner and in synergy with Iforte’s existing core business
ecosystem. Thereafter, in line with the increasing strategic role of data centers in
addressing market demand, the potential synergies with Iforte’s business ecosystem, and
Iforte’s internal readiness (including capital structure, organizational readiness,
workforce availability, and technological capabilities/expertise), Iforte expects that, in the
long term, the data center business will become one of Iforte’s core business activities (in
addition to fiber optic network and connectivity services).
3. KBLI 61102 (Wireless Telecommunications Activities)
The refinement from KBLI 2020 to KBLI 2025 encompasses changes in the number of
business categories and adjustments to economic activity codes. One such change relates
to the amendment to the KBLI code for Wireless Telecommunications Activities, whereby
under KBLI 2020, such business activity was already included under KBLI 61100 relating
to Wired Telecommunications Activities. Under KBLI 2025, such business activity has
been separated into a new KBLI code, namely KBLI 61102, relating to Wireless
Telecommunications Activities.
4. KBLI 77399 (Rental and Leasing of Other Machinery, Equipment, and Tangible Goods Not
Elsewhere Classified)
This activity constitutes the tower leasing business currently conducted by Iforte as a
supporting business activity. Although such activity has remained a supporting activity to
date, the addition of KBLI 77399 is undertaken as a precautionary measure to
accommodate the potential development of Iforte’s tower leasing business activity in the
future.
VI. IMPACT OF THE PROPOSED CHANGE OF BUSINESS ACTIVITIES ON THE FINANCIAL
CONDITION OF THE COMPANY
The following sets out the impact on the financial performance of the Company arising from the
Proposed Change of Business Activities:
1. Value-added analysis of profit and loss projections Without and With the Proposed Change of
Business Activities:
• Revenue under the projections Without and With the Proposed Change of Business Activities
reflects average growth of 1.89%.
• Profit (Loss) for the period under the projections Without and With the Proposed Change of
Business Activities reflects average growth of 2.05%.
• Total revenue from the Proposed Change of Business Activities during the years 2026–2035
amounts to 26.35% of the Company’s revenue as at 31 December 2025. Such revenue will
constitute added value for the Company on a Consolidated basis.
19
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• The average net profit margin from the Proposed Change of Business Activities for the years
2026–2035 is 36.15%. Such profit will constitute added value for the Company on a
Consolidated basis.
2. Value-added analysis of financial position projections Without and With the Proposed Change
of Business Activities:
• Total Current Assets under the projections Without and With the Proposed Change of
Business Activities, reflect an average growth of 1.21%. Such growth is attributable primarily
to the growth in fixed assets during the projection period.
• Total Liabilities under the projections Without and With the Proposed Change of Business
Activities, reflect an average growth of 1.64%. Such growth is attributable to the growth in
debt as one of the sources of funding for the implementation of the Change of Business
Activities.
• Total Equity under the projections Without and With the Proposed Change of Business
Activities reflects average growth of 0.71%. Such growth is attributable to the growth in
accumulated profits earned during the projection period.
• The value of cash and cash equivalents from the Proposed Change of Business Activities at
the end of the projection period is recorded at 61.24% of the Company’s cash and cash
equivalents as at 31 December 2025. Such cash and cash equivalents will constitute added
value for the Company on a Consolidated basis.
• The total asset value from the Proposed Change of Business Activities at the end of the
projection period is recorded at 2.17% of the Company’s total assets as at 31 December 2025.
Such total assets will constitute added value for the Company on a Consolidated basis.
The Company is of the view that the Proposed Change of Business Activities can have a positive
impact on the financial condition of the Company, support long-term growth, and deliver added
value to Protelindo, Iforte, the Company, and its shareholders.
VII. EGMS
Pursuant to Article 22 paragraph (1) letter a of POJK 17/2020, the Company will seek shareholder
approval at the EGMS to be held on the following schedule, in accordance with the provisions of POJK
15/2020 and POJK 14/2025:
Day/Date : Wednesday, 20 May 2026
Time : 14:00 WIB - conclusion
Venue : Bali Room, Hotel Indonesia Kempinski Jakarta, Jl
Jl. M.H. Thamrin No. 1, Jakarta Pusat 10310.
EGMS Agenda Item :` Approval of the plan for the addition of business activities of PT
relating to the Profesional Telekomunikasi Indonesia and PT Iforte Solusi Infotek,
Proposed Change of both of which are Controlled Companies of the Company, including
Business Activities deliberation of the Feasibility Study Report from the Independent
Appraisal Firm, as regulated under Regulation of the Financial Services
Authority No. 17/POJK.04/2020 on Material Transactions and Changes
in Business Activities.
20
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Pursuant to the Company’s Articles of Association, a GMS may be held subject to the following
conditions:
a. A GMS may be convened if in the GMS more than 1/2 (half) of the total shares with voting rights
are present or represented, and GMS resolutions shall be valid if approved by more than 1/2 (half)
of the total number of shares with voting rights present in the GMS.
b. In the event that the attendance quorum for the first GMS above is not achieved, a second GMS
may be convened if the GMS is attended by at least 1/3 (one-third) of the total shares issued by
the Company with valid voting rights and approved by more than 1/2 (one-half) of the total votes
validly cast at the GMS.
c. In the event that the attendance quorum for the second GMS is not achieved, a third GMS may be
held on the condition that the third GMS is valid and entitled to adopt resolutions if attended by
shareholders holding shares with valid voting rights in the attendance quorum and resolution
quorum as determined by OJK, upon the Company’s request.
Pursuant to Article 26 of POJK 17/2020, in the event that the Proposed Change of Business Activities
does not obtain approval from the EGMS, the plan may only be resubmitted for GMS approval no
earlier than 12 (twelve) months following the conduct of the EGMS that declined to approve such
plan.
For reference, the following sets out the key dates for the conduct of the EGMS:
No. Description Date
1. Notification of EGMS Agenda to OJK 27 March 2026
2. Announcement of the EGMS and Disclosure of Information 6 April 2026
3. EGMS Recording Date 20 April 2026
4. Invitation of the EGMS 21 April 2026
5. EGMS 20 May 2026
VIII. ADDITIONAL INFORMATION
Shareholders of the Company who require more detailed information regarding this Additional
Disclosure of Information are advised to contact the Company at the following details:
PT Sarana Menara Nusantara Tbk
Head Office Branch Office
Jl. Jend. A. Yani No. 19A Menara BCA, 55th Floor
Kudus, Indonesia Jl. M.H. Thamrin No. 1
Phone. +62 291 431691 Jakarta 10310
Fax. +62 291 431718 Phone. +62 21 23585500
E-mail: corpsec@ptsmn.co.id Fax. +62 21 23586446
Website: www.ptsmn.co.id
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Jakarta, 18 May 2026
Board of Directors
Stamp Rp10.000
Indra Gunawan Anita Anwar
Director Director
22
Names mentioned 39 people and organisations named in the text · linked when the evidence is strong
unresolved
org
FINANCIAL SERVICES AUTHORITY
p.1 ×4
unresolved
person
H. Thamrin
p.1 ×3
unresolved
org
PT Iforte Solusi Infotek. KBLI
p.2
unresolved
org
Pusat Statistik
p.2
unresolved
org
Rosye dan Rekan
p.2 ×2
unresolved
org
Bapepam
p.2 ×2
unresolved
org
Indonesia Stock Exchange
p.4
unresolved
person
Christina Dwi Utami
· Notaris
p.5 ×9
unresolved
org
Minister of Law and Human Rights
p.5 ×10
unresolved
org
Minister of Law
p.5 ×4
unresolved
org
PT Raya Saham Registra
p.5
unresolved
org
PT Sapta Adhikari Investama
p.6 ×2
unresolved
org
PT Dwimuria Investama Andalan
p.6
unresolved
person
Hildayanti
· Notaris
p.7
unresolved
org
PT Prisma Sentra Telekomunikasi
p.9
unresolved
person
Buntario Tigris Darmawa
· Notaris
p.9
unresolved
org
Minister of Justice
p.9
unresolved
person
Notary Caesaria Dhamayanti
· Notaris
p.9 ×6
unresolved
org
PT Sarana Menara
p.10
unresolved
org
Minister of Finance
p.10
unresolved
person
Rosye Yunita
p.10
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
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confidence 0.091
4822 ms
12 Sep 2026 22:22
Raw output
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