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20260505_BATR_Laporan Informasi dan Fakta Material_32077379_lamp4.pdf
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INFORMATION DISCLOSURE REGARDING THE PLAN TO EXPAND BUSINESS
ACTIVITIES
THIS INFORMATION DISCLOSURE IS SUBMITTED BY THE COMPANY IN ORDER TO
COMPLY WITH THE PROVISIONS OF THE FINANCIAL SERVICES AUTHORITY
REGULATION ("POJK") NO. 17 OF 2020 CONCERNING MATERIAL TRANSACTIONS AND
CHANGES IN BUSINESS ACTIVITIES AND THE CENTRAL STATISTICS AGENCY
REGULATION NO. 7 OF 2025 CONCERNING THE STANDARD CLASSIFICATION OF
INDONESIAN BUSINESS FIELDS ("KBLI").
THE INFORMATION AS CONTAINED IN THIS INFORMATION DISCLOSURE IS
IMPORTANT FOR THE PUBLIC TO READ AND NOTE.
IF YOU EXPERIENCE DIFFICULTY UNDERSTANDING THE INFORMATION AS CONTAINED
IN THIS INFORMATION DISCLOSURE, YOU SHOULD CONSULT WITH A LEGAL ADVISOR,
PUBLIC ACCOUNTANT, FINANCIAL ADVISOR OR OTHER PROFESSIONAL.
PT BENTENG API TECHNIC TBK ("Perseroan")
Head Office in Surabaya
Business Activities:
Engaged in manufacturing and trading of Refractory products (Fire-Resistant Materials) and Heat-
Resistant Insulation, including Construction Services
Head Office:
Jl. Kebraon II No. 103 A,
Karangpilang, Surabaya, 60222.
Jawa Timur - Indonesia
Phone: +62 (31)-7672269
Fax: +62 (31) 7662336/ (31) 7671475
Email: sekretariat@bentengapi.com
Website: https://www.bentengapi.com
THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS OF THE COMPANY,
WHETHER INDIVIDUALLY OR JOINTLY, ARE FULLY RESPONSIBLE FOR THE ACCURACY AND
COMPLETENESS OF THE INFORMATION DISCLOSED IN THIS INFORMATION DISCLOSURE
AND, HAVING CONDUCTED DUE AND CAREFUL REVIEW, CONFIRM THAT THERE ARE NO
MATERIAL FACTS THAT HAVE NOT BEEN DISCLOSED OR HAVE BEEN OMITTED IN THIS
INFORMATION DISCLOSURE THAT WOULD CAUSE THE INFORMATION PROVIDED HEREIN
TO BE INCORRECT AND/OR MISLEADING.
This Information Disclosure was published on 05 May 2026
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I. INTRODUCTION
This Information Disclosure to Shareholders (the “Information Disclosure”) contains
information regarding the Company’s plan relating to its business activities, namely the addition
of new business activities, which must first obtain approval from the General Meeting of
Shareholders (the “GMS”) of the Company, as referred to in Article 22 paragraph 1 item (a) of
POJK 17/2020, which includes the Indonesian Standard Industrial Classification (“KBLI”):
1) KBLI 38221 – Processing and Disposal of Hazardous Waste or Hazardous Garbage Other
Than Radioactive Waste (supporting);
2) KBLI 78200 – Temporary Manpower Supply Activities and Provision of Other Human
Resources (supporting);
3) KBLI 43211 – Electrical Network Installation (supporting);
4) KBLI 28151 - Industry of Ovens, Fireplaces, and Similar Furnaces that Do Not Use Electric
Current (supporting);
5) KBLI 41013 - Conventional Construction of Industrial Buildings;
6) KBLI 42992 - Construction of Mining Civil Buildings;
7) KBLI 64210 - Holding Company Activities.
(hereinafter referred to as the “Addition of Business Activities”).
This Information Disclosure forms the basis for consideration by the Company’s shareholders in
granting approval for the plan to change the Company’s business activities, in this case the
addition of business activities, which will be proposed by the Company to the GMS.
In connection with the above, the Company’s Board of Directors will announce this Information
Disclosure through the Company’s website and the Indonesia Stock Exchange (“IDX”) website,
with the aim of providing further information to the Company’s shareholders regarding the
planned Change of Business Activities.
II. INFORMATION ABOUT COMPANY
I. General Information about the Company
The Company is a limited liability company established under Deed of Establishment No. 02
dated 09 September 2004, drawn up before Tutty Mulianingsih, S.H., Notary in the City of
Surabaya, and published in the State Gazette No. 096 dated 02 December 2022,
Supplement to the State Gazette No. 041603.
The Company is domiciled in Surabaya with its address at Jl. Kebraon II No. 103 A,
Karangpilang, Surabaya 60222. The Company’s shares are listed on the IDX with the share
code “BATR”.
The Company’s Articles of Association have been amended several times, with the latest
amendment based on the Deed of Statement of Shareholders’ Resolutions of PT Benteng
Api Technic Tbk No. 13 dated 22 May 2025, drawn up before Dr. Susanti, S.H., M. Kn.,
Notary in the City of Surabaya. Notice of the latest amendment to the Articles of Association
has been received by the Ministry of Law and Human Rights of the Republic of Indonesia
based on Letter No. AHU-AH.01.03-0138904 dated 22 May 2025.
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II. Capital Structure and Share Ownership of the Company
The Company’s capital structure, shareholder composition, and share ownership based on
the Company’s Shareholder Register as of 30 April 2026 issued by PT Sinartama Gunita,
as the Company’s Securities Administration Bureau, are as follows:
Nominal Value of Rp 20,- (twenty Rupiah)
per Share
Description
Number of Total Nominal Percentage
Shares (Rp) (%)
Shares owned by the Board of
Directors and the Board of
Commissioners:
1. Ridwan 1.332.440.000 26.648.800.000 44,05
2. Sugeng Suryadi 130.798.200 2.615.964.000 4,32
Shares with Ownership of 5% or
More:
1. Ekadana Prayoga Suryadi 426.802.400 8.536.048.000 14,11
2. Bayu Haekal Suryadi 426.802.400 8.536.048.000 14,11
Shares with Ownership of Less than
5%:
1.Public 708.194.353 14.163.887.060 23,41
Total Issued and Fully Paid-up Capital 3.025.037.353 60.500.747.060 100,00
III. Composition of the Company’s Board of Commissioners and Board of Directors
As of the date of this Information Disclosure, the composition of the members of the
Company’s Board of Commissioners and Board of Directors, based on the Deed of Circular
Shareholders’ Resolution in lieu of an Extraordinary General Meeting of Shareholders of PT
Benteng Api Technic No. 60 dated 30 May 2024, drawn up before Leolin Jayayanti, S.H., M.
Kn., Notary in Jakarta, which has obtained Approval from the Minister of Law and Human
Rights of the Republic of Indonesia No. AHU-0031442.AH.01.02. year 2024 dated 30 May
2024 and has received Acceptance of Notification of Amendment to the Articles of
Association from the Minister of Law and Human Rights of the Republic of Indonesia No.
AHU-AH.01.03-0125421 dated 30 May 2024, is as follows:
Board of Commissioners
President Commissioner: Sugeng Suryadi
Independent Commissioner: M. Rusli Ananda, ST.
Board of Directors
President Director: Ridwan
Director: Aswin Asmantono, SE.
Director: Agus Hari Pramudianto
IV. Purpose, Objectives, and Business Activities of the Company
Business Activities Based on the Articles of Association and KBLI
Based on Article 3 paragraph 1 of the Company’s Articles of Association, the Company’s
purpose and objectives are to conduct business activities in the fields of Wholesale Trade,
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Manufacturing, Construction, Wastewater Management and Recycling Waste Management,
and Rental Activities and Leasing Without Option Rights.
Furthermore, Article 3 paragraph 2 of the Company’s Articles of Association states that to
achieve such purpose and objectives, the Company may carry out the following main
business activities:
a. Wholesale Trade:
(i) Wholesale Trade of Roof Tiles, Bricks, Floor Tiles, and Similar Products Made from
Clay, Lime, Cement, or Glass (46633);
(ii) Wholesale Trade of Cement, Lime, Sand, and Stone (46634);
b. Manufacturing:
(i) Manufacture of Fire-Resistant Bricks, Mortar, Cement, and Similar Products (23911);
(ii) Manufacture of Other Fire-Resistant Products Made from Clay/Other Ceramics
(23919);
c. Construction:
(i) Other Special Construction Activities n.e.c. (43909);
(ii) Oil and Gas Installation (43223);
Article 3 paragraph 3 of the Company’s Articles of Association states that to achieve such
purpose and objectives and to support the Company’s Main Business Activities, the
Company may carry out the following supporting business activities:
a. Construction:
(i) Construction of Oil and Natural Gas Civil Buildings (42915);
b. Wastewater Management and Recycling Waste Management:
(i) Material Recovery of Non-Metal Goods (38302);
c. Rental Activities and Leasing Without Option Rights:
(i) Rental Activities and Leasing Without Option Rights of Industrial Machinery and
Equipment (77391).
The KBLI codes above are in accordance with KBLI 2020 issued by Statistics Indonesia
(BPS) through Regulation of the Head of BPS Number 2 of 2020, and the Company has
carried out all main and supporting business activities as referred to in the Company’s
Articles of Association.
V. Summary of the Company’s Key Financial Data
Profit (Loss) Overview
Description 2021 2022 2023 2024 2025
Audited (Rp) Audited (Rp) Audited (Rp) Audited (Rp) Audited (Rp)
Revenue 81.378.094 131.344.566 138.149.489 107.361.317 145.381.385
Cost of Revenue (52.958.365) (97.650.978) (94.883.678) (74.777.641) (108.954.623)
Profit (Loss) Before
Income Tax 4.803.779 14.852.465 15.087.793 11.703.810 16.636.837
Profit (Loss) for the
Year 3.300.569 12.347.002 14.118.295 9.986.472 13.467.524
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Financial Position Overview
2021 2022 2023 2024 2025
Description
Audited (Rp) Audited (Rp) Audited (Rp) Audited (Rp) Audited (Rp)
Current Assets 105.646.239 91.138.927 89.420.008 120.705.128 128.870.502
Non-Current Assets 21.425.553 24.382.698 26.485.852 90.293.850 91.529.170
Total Assets 127.071.793 115.521.625 115.905.860 210.998.978 220.399.672
Current Liabilities 68.538.141 22.886.104 15.016.960 32.474.557 34.624.061
Non-Current Liabilities 6.843.379 28.186.053 24.799.001 27.895.873 29.516.342
Total Liabilities 75.381.521 51.072.157 39.815.961 60.370.430 64.140.403
Equity 51.690.272 64.449.468 76.089.899 150.628.548 156.259.268
Liabilities and Equity 127.071.793 115.521.625 115.905.860 210.998.978 220.399.672
Financial Ratios
2022 2023 2025
Description 2021 2024
Audited (Rp) Audited Audited Audited (Rp) Audited
(Rp) (Rp) (Rp)
LIQUIDITY RATIOS
Current Ratio 154,14% 398,23% 595,46% 371,69% 372,20%
Cash Ratio 33,70% 77,09% 146,11% 92,97% 100,37%
Quick Ratio 87,97% 398,23% 336,13% 162,05% 177,02%
ACTIVITY RATIOS
Trade Receivables Turnover:
Third Parties 112,58 56,14 63,11 54,42 44,80
Related Parties 0,27 1,22 1,38 0,39 0,08
Other Receivables Turnover:
Third Parties 0 132,90 0,07 2,52 0,86
Inventory Turnover 312,59 0 149,81 332,30 226,39
Trade Payables Turnover:
Third Parties 38,49 32,73 39,48 50,10 44,33
Pihak Berelasi - 0,04 0,15 0,89 4,46
Other Payables Turnover:
Third Parties 11,40 2,00 2,10 1,60 1,42
SOLVENCY RATIOS
Total Debt to Equity Ratio 145,83% 79,24% 52,33% 40,08% 41,05%
Total Debt to Assets Ratio 59,32% 44,21% 34,35% 28,61% 29,10%
PROFITABILITY RATIOS
Net Profit Margin 4,06% 9,40% 10,22% 9,30% 9,26%
Return on Assets 2,60% 10,69% 12,18% 4,73% 6,11%
Return on Equity 6,39% 19,16% 18,55% 6,63% 8,62%
III. SUMMARY OF THE FEASIBILITY STUDY OF CHANGES IN BUSINESS ACTIVITIES
The Company has appointed the Public Appraisal Firm Guntur, Eki, Andri & Rekan (“GEAR”),
with Business License No. 2.13.0116 based on the Decree of the Minister of Finance
562/KM.1/2013 dated 14 August 2013, registered as a Capital Market Supporting Profession
with the OJK under Certificate of Registration (STTD) No. STTD.PB-51/PM.223/2021 dated 04
May 2021 as an independent appraiser, and requested GEAR to provide a feasibility study
opinion (“Report”) on the Company’s Change of Business Activities.
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In preparing this Report, GEAR acted independently without any conflict of interest, and GEAR
is not affiliated with the Company or any parties affiliated with the Company. Y&R also has no
interest or personal benefit in relation to this engagement.
The following is a summary of the Company’s Report regarding the Change of Business Activities
No. 00027/2.0116-06/BS/04/0511/1/IV/2026 dated 24 April 2026. The Report refers to the
Engagement Proposal Letter No. JKT.066/PN.BV.GEAR/2026 dated 24 July 2026 and has been
amended through an addendum to Proposal Letter No. JKT.068/PN.BV.GEAR/2026 dated 09
April 2026, with the purpose of conducting a Study on the Addition of Business Activities of PT
Benteng Api Technic Tbk.
Status of the Public Appraiser
Name of Public Appraiser : Dwi Hari Prasetiyo, ST., MM., M.Ec.Dev. MAPPI (Cert)
Public Appraiser License No. : B-01.18.00511
STTD No. : STTD.PB-51/PM.223/2021
License Classification : Business Appraiser (B)
No. MAPPI : 14-S-05089
Purpose and Objective of the Valuation
The purpose of this engagement is to conduct a Study on the Addition of Business Activities of
PT Benteng Api Technic Tbk, which is required to comply with the Financial Services Authority
Regulation ("POJK").
This engagement is carried out with reference to Financial Services Authority Regulation No.
17/POJK.04/2020 ("POJK 17") regarding “Material Transactions and Changes in Business
Activities”, Financial Services Authority Regulation No. 35/POJK.04/2020 regarding Valuation
and Presentation of Business Valuation Reports in the Capital Market ("POJK 35”), Financial
Services Authority Circular Letter No. 17/SEOJK.04/2020 ("SEOJK 17") regarding Guidelines for
Valuation and Presentation of Business Valuation Reports in the Capital Market, and the
Indonesian Valuation Standards ("SPI") 7th Edition of 2018.
Feasibility Study Object
The object of the Feasibility Study in this engagement is the addition of business activities
under the Indonesian Standard Industrial Classification (KBLI), namely:
1) KBLI 38221 – Processing and Disposal of Hazardous Waste or Hazardous Garbage Other
Than Radioactive Waste (supporting);
2) KBLI 78200 – Temporary Manpower Supply Activities and Provision of Other Human
Resources (supporting);
3) KBLI 43211 – Electrical Network Installation (supporting);
4) KBLI 28151 - Industry of Ovens, Fireplaces, and Similar Furnaces that Do Not Use Electric
Current (supporting);
5) KBLI 41013 - Conventional Construction of Industrial Buildings;
6) KBLI 42992 - Construction of Mining Civil Buildings;
7) KBLI 64210 - Holding Company Activities.
Feasibility Study Date (Cut Off Date) and Report Validity Period
The Feasibility Study Date is 31 December 2025, and this date was determined based on
considerations of the interests and objectives of the valuation.
Based on Financial Services Authority Regulation No. 35/POJK.04/2020 (“POJK 35”) dated 25
May 2020 regarding Valuation and Presentation of Business Valuation Reports in the Capital
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Market, the validity period of a valuation report is 6 (six) months from the effective date of the
valuation (cut off date) in the valuation report.
Taking the foregoing into consideration, the validity period of the Feasibility Study Report is 6
(six) months from the effective date of the valuation (cut off date) in the Feasibility Study
Report.
Appraiser Independence
In preparing this Feasibility Study report, GEAR acted independently without any conflict of
interest and is not affiliated with BATR or any parties affiliated with BATR. GEAR also has no
interest or personal benefit, nor may it disadvantage any party, in relation to this engagement.
The professional fees received are not influenced in any way by the results of the feasibility
study produced.
Appraiser’s Responsibility
To the best of GEAR’s knowledge and belief as an appraiser, GEAR states that all calculations
and analyses made in preparing the Feasibility Study have been carried out correctly, and
GEAR is responsible for the Feasibility Study that is issued.
Approach and Analysis Methods Used
In preparing this Feasibility Study report, GEAR conducted analyses through feasibility study
approaches and procedures covering, among others, the following:
Data Collection
a. Collection of primary data from the Company related to the expansion plan for the addition
of business activities, including the Company’s identity data, licensing, financial aspects,
business plan, and other related data.
b. Collection of secondary data from relevant and accountable sources.
c. Collection of data from discussions on aspects that affect feasibility with the Company.
Analysis Process
a. Market analysis reviewing market conditions, market share, market potential, business
competitors, and marketing strategy for the planned addition of business activities.
b. Technical analysis reviewing the Company’s business processes for the planned addition
of business activities, the products and services provided by the Company, capacity,
production processes, availability of resources, and sustainability plans.
c. Business model analysis reviewing the Company’s current business model, analysis of the
addition of business activities, analysis of competitive advantages, competitors’ ability to
replicate products, ability to create value, risk analysis, and SWOT analysis.
d. Management model aspect analysis reviewing human resources, employee composition,
intellectual property management, risk management, management capacity and
capability, and the suitability of organizational and management structures.
e. Financial analysis reviewing economic feasibility parameters, investment cost plan,
funding sources, assumptions, financial projections before and after the addition of
business activities, financial ratio analysis, operating cost analysis, raw material cost
analysis, break-even analysis, profitability analysis, incremental analysis, investment
return analysis, sensitivity analysis, and feasibility analysis of the addition of business
activities.
Feasibility Study Engagement Standards
The analyses, opinions, and conclusions prepared by the appraiser, as well as the preparation of
this report, have been prepared in compliance with POJK 17, POJK 35, SEOJK 17, and SPI 7th
Edition of 2018.
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Scope and Depth of Investigation
The Feasibility Study was conducted through an investigation that included collecting data and
information from BATR’s management, aimed at obtaining the supporting documents required
for the analysis, and subsequently verified through interviews via conference call or virtual
meeting.
The Appraiser did not conduct the following activities or analyses:
1. No due diligence of the financial statements was performed, and any review of financial
statement information was carried out only to the extent necessary for reasonableness
analysis;
2. No due diligence of legal aspects, including the legal documents of the object of the
reasonableness analysis, was performed;
3. Impact analysis for parties related to the Addition of Business Activities;
4. Other transactions besides those mentioned in the object of this feasibility study analysis.
Based on the investigation performed, it is known that BATR is currently still conducting its
operations in the fields of Wholesale Trade, Manufacturing, Construction, and Wastewater
Management and Recycling Waste Management.
In this engagement, we have conducted investigations to obtain adequate assurance, including
interviews with BATR or its representatives and other relevant parties.
The following parties were interviewed:
Interviewee Position Company
Aswin Asmantono Director & Corporate Secretary BATR
Citra Baby Safitri Assistant Corporate Secretary BATR
Muksim Adi Chandra Accounting Manager BATR
Data and Information on the Business Expansion Plan
Several relevant and reliable sources of information, without requiring verification, include
the following:
1) Historical financial statement data;
2) Investment data and other supporting documents provided by BATR’s management;
3) Economic data obtained from Damodaran research and other relevant sources;
4) Economic data, both macro and micro, obtained from relevant institutions such as Bank
Indonesia and others.
Experts and Experts’ Work Products
In preparing this Feasibility Study Report on the Addition of Business Activities, GEAR did
not use any external expert analysis reports.
Assumptions and Limiting Conditions
Assumptions
Several assumptions used in preparing this Feasibility Study include:
1) The Feasibility Study Report is a non-disclaimer opinion.
2) The business appraiser has reviewed the documents used in the Feasibility Study
process.
3) In preparing this report, GEAR relies on the accuracy and completeness of information
provided by BATR and/or data obtained from publicly available information and other
information and research considered relevant.
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4) The assignor represents that all material information relating to this Feasibility Study
engagement has been fully disclosed to GEAR and that there has been no omission of
important facts.
5) GEAR used financial projections provided by BATR and adjusted them to reflect the
reasonableness of the projections in light of achievability ( fiduciary duty).
6) The resulting Feasibility Study Report is publicly available, except for confidential
information that could affect BATR’s operations.
7) GEAR is responsible for the Feasibility Study Report and the conclusions produced.
8) GEAR obtained information regarding the legal status of the feasibility study object
from the assignor.
9) This Feasibility Study Report is intended to meet capital market needs and comply with
OJK regulations, and is not intended for tax purposes.
10) This feasibility study is prepared based on market and economic conditions, general
business and financial conditions, and applicable government regulations related to the
planned transaction as of the publication date of this feasibility study.
11) In preparing this Feasibility Study Report, we used assumptions such as the fulfillment
of all conditions and obligations by BATR and all parties involved in the Addition of
Business Activities, as well as the accuracy of information regarding the Addition of
Business Activities disclosed by BATR’s management.
12) This feasibility study must be viewed as an integral whole, and using only part of the
analysis and information without considering the other analyses and information as a
whole may result in misleading views and conclusions regarding the underlying
feasibility study process. Preparing a feasibility study is a complex process and may not
be carried out through incomplete analysis.
13) We also assume that from the issuance date of this feasibility study until the occurrence
of the Addition of Business Activities, there will be no changes that materially affect the
assumptions used. We are not responsible for reaffirming or supplementing/updating
our opinion due to changes in assumptions and conditions, or events that occur after
the date of this report.
Limiting Conditions
1) GEAR did not perform due diligence procedures on the entity or the parties conducting
the transaction.
2) In performing the analysis, GEAR assumes and relies on the accuracy, reliability, and
completeness of all financial information and other information provided to us by BATR
or publicly available, which are inherently true, complete, and not misleading, and
GEAR is not responsible for conducting independent verification of such information.
GEAR also relies on management’s assurance that they are not aware of facts that
would render the information provided to GEAR incomplete or misleading.
3) This feasibility study analysis of the Addition of Business Activities was prepared using
the data and information disclosed above. Any changes to such data and information
may materially affect our final opinion. Accordingly, we are not responsible for any
change in our feasibility study conclusion due to changes in such data and information.
4) GEAR does not provide an opinion on the tax impact of this Addition of Business
Activities. The services we provide to BATR in connection with this Addition of Business
Activities are limited to providing a feasibility study of the planned Addition of Business
Activities and are not accounting, audit, or tax services. GEAR does not examine the
legal validity of the Addition of Business Activities from a legal standpoint, nor the tax
implications thereof.
5) The work performed by GEAR in connection with this Addition of Business Activities is
not, and cannot be construed in any form as, a review, audit, or the performance of
certain procedures on financial information. Such work is also not intended to uncover
weaknesses in internal controls, errors, or irregularities in financial statements, or
violations of law. In addition, GEAR has neither the authority nor the position to obtain
and analyze other transactions beyond the existing Addition of Business Activities and
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that may be available to BATR, as well as the impact of such transactions on this
Addition of Business Activities.
Publication Approval Requirements
This Feasibility Study Report and its attachments are intended solely for the Assignor and
the intended users of the Feasibility Study Report as set out in the scope of this
engagement. Any use of this Report outside the scope specified herein must obtain prior
written approval from GEAR and the assignor.
Material Events after the Feasibility Study Date (Subsequent Events) and
Report Date
Up to the date of this Feasibility Study Report, we have not obtained information regarding
material events that could have a material impact. Subsequent events are events occurring
after the report date, i.e., the issuance date of the Feasibility Study Report. The appraiser
is not obliged to make changes or adjustments to the Feasibility Study results set forth in
the Detailed Feasibility Study Report that has been issued and delivered to the Assignor.
However, if new substantive information arises, GEAR may issue a revision to the Feasibility
Study Report.
Confirmation that the Feasibility Study Report Was Prepared Based on
Financial Services Authority Regulations
The analyses, opinions, and conclusions, as well as the Feasibility Study Report, have been
prepared by the Appraiser in compliance with POJK 17, POJK 35, and SEOJK 17.
Confirmation that the Feasibility Study Report Was Prepared Based on SPI
The analyses, opinions, and conclusions prepared by the appraiser, as well as the Feasibility
Study Report, have been prepared in compliance with the Indonesian Appraiser Code of
Ethics (“KEPI”) and the Indonesian Valuation Standards (“SPI”) 7th Edition of 2018, as
established by the Indonesian Society of Appraisers (“MAPPI”).
Feasibility Analysis
Market Aspect
Based on industry conditions, market share, and market potential across various relevant
business lines, it can be concluded that the Company’s market aspect is in a promising
and sustainable condition. The Company’s target industries include hazardous waste
management, human resources provision, electrical installation, the oven and furnace
industry, industrial building construction, and mining civil construction, all of which show
positive growth trends driven by increased industrial activity, government policy, and the
transition toward a sustainable economy.
In the Processing and Disposal of Hazardous Waste or Hazardous Garbage Other Than
Radioactive Waste sector, the market shows growth in line with tighter environmental
regulations, implementation of circular economy principles, and increasing volumes of
industrial waste. Nationally, there remains a gap between waste generation and
management capacity, which creates broad market opportunities. The Company’s
position, which is integrated with industrial and construction activities, provides an
advantage in obtaining contract-based market share and recurring demand, while also
supporting environmental compliance. These conditions make the waste management
segment one of the stable market pillars.
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In the temporary manpower supply and provision of other human resources sector, market growth is driven by the need for operational efficiency, labor flexibility, and increasing complexity of labor regulations. The shift of the BPO industry toward knowledge-based and performance-oriented services aligns with the nature of industrial and construction project needs. With experience in industrial and site-based projects, the Company has a specific and relatively strong market position compared to general manpower providers. This opens opportunities to increase market share through integrated services that provide added value to the Company. In the electrical network installation sector, market prospects are supported by increasing demand for electrical infrastructure in industrial facilities, power plants, smelters, refineries, and new industrial estates. Every development and revitalization of industrial facilities requires reliable and safe electrical installation systems that comply with technical standards and electricity-sector regulations. The Company’s licensing and readiness to meet IUJPTL requirements provide a strategic advantage in participating in industrial and energy project tenders. With the Company’s background in installations for high- temperature industrial equipment and high-risk environments, electrical installation services can be positioned as an integral part of integrated industrial project solutions, thereby increasing the chances of winning contracts and strengthening the Company’s revenue contribution. The oven, fireplace, and furnace industry has good market prospects along with growth in industries requiring high-temperature heating processes, such as cement, steel, petrochemicals, fertilizers, metal casting, and mineral processing. Demand for industrial furnaces and ovens comes not only from new facility development, but also from revamping, rejuvenation, and energy-efficiency improvements in existing facilities. The Company’s core competencies in refractory and heat-resistant insulation provide a competitive advantage in this segment, because furnace design and performance depend heavily on material quality and thermal process understanding. In conventional industrial building construction and mining civil construction, market opportunities are influenced by the acceleration of industrial estate development, downstream mining projects, and the development of energy and mineral supporting facilities. The construction of smelters, processing facilities, industrial warehouses, and mining infrastructure requires contractors that understand safety standards, structural resilience, and integration with industrial process systems. The Company’s experience in special construction work, industrial installation, and manpower supply support provides an advantage in handling projects. This segment also opens synergy opportunities with other business lines of the Company, such as supplying refractory materials, equipment installation, and waste management, thereby creating integrated business patterns and strengthening long-term revenue sustainability. In addition, holding company activities provide strategic added value in market management and the Company’s business development. Through its holding function, the Company can coordinate various interrelated business lines, ranging from industrial equipment manufacturing, construction services, installations, and manpower supply to industrial waste management. A holding structure enables operational synergies among business entities, optimal resource utilization, and stronger bargaining power in securing large-scale industrial projects. Moreover, the holding structure provides flexibility in investment development, business portfolio management, and expansion strategy into industrial sectors linked to the Company’s core competencies. Overall, the Company’s market aspect shows alignment between industry trends, market needs, and the Company’s core competencies. Related market diversification reduces dependence on a single business segment, increases resilience to industry cycles, and creates cross-line business opportunities. Considering industry market conditions, market share, market potential, target market, and marketing strategy to be implemented by the
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Company, the addition of business activities by BATR is, from the market aspect, feasible. Technical Aspect From an operational capacity standpoint, the Company has set realistic production targets and activity capacities that align with its operational capabilities. For hazardous waste (B3) management activities, the Company plans a capacity to utilize up to 1,000 tons per year of used refractory waste, supported by adequate storage and processing facilities. For manufacturing of industrial ovens and furnaces, production capacity is adjusted to project needs with an estimated potential turnover of around Rp15 billion per year, while in construction and installation the Company targets a measurable number of projects with measurable contract values each year. From an operational process standpoint, each business activity has a clear and structured workflow, from planning, preparation, and implementation through to final inspection. These operational processes are supported by the implementation of standard operating procedures (SOPs), quality control systems, and occupational health and safety management systems (K3) consistently applied in project execution. This indicates that the Company’s business activities have adequate technical foundations and operating systems to support effective and safe execution. In terms of resource availability, the Company has relatively adequate human resources distributed across various operational projects and supported by experts with technical certifications in occupational safety, equipment operation, and industrial project management. In addition, the Company has a supplier network supporting raw material and production equipment needs, particularly for industrial oven and furnace manufacturing. This resource availability indicates the Company’s operational readiness to carry out the planned business activities. In addition, in terms of compliance with licensing and technical standards, the Company has identified the various licenses required for each business activity, such as IUJPTL for electrical network installation activities and the Business Entity Certificate (SBU) for construction services. The Company has also prepared steps to meet these requirements, including providing certified experts and strengthening operational management systems. With respect to operational sustainability, the Company has integrated sustainability principles covering environmental, occupational safety, social, and corporate governance aspects into all business activities. This is reflected in responsible waste management practices, implementation of K3 management systems, enhancement of workforce competencies, and a commitment to applying Good Corporate Governance (GCG) principles. This approach shows that the Company’s business activities are not only oriented toward business growth, but also consider long-term operational sustainability. Furthermore, in line with the addition of the Company’s function as a holding company, the Company is technically ready to perform the management and control role over subsidiaries through strengthening managerial functions, performance oversight, and operational coordination among entities. The existing organizational structure and human resource competencies are considered adequate to support the holding function without requiring additional manpower. This holding role also enables increased synergies among entities within the business group, optimized resource utilization, and stronger integrated control and strategic planning systems. Accordingly, the holding function not only supports operational efficiency, but also strengthens the sustainability and overall business development direction of the Company.
Page 13
Considering the planned operational capacity, readiness of production processes, and the human resource support owned by the Company, all planned business activities have an adequate technical basis for implementation. Each business line is supported by clear operational flows, implementation of SOPs, quality control systems, and K3 management systems that support safe, efficient, and professional execution. Therefore, the addition of business activities by BATR is, from the technical aspect, feasible. Business Model Aspect Based on the Company’s overall main business activities, supporting businesses, and the plan to add new KBLI codes, the Company’s (BATR’s) business model can be concluded as an integrated business model that combines manufacturing, trading, construction services, installations, and supporting industrial services. The Company acts not only as a producer and distributor of refractory products and construction materials, but also as an end-to-end industrial solution provider, ranging from material supply and execution of installation and special construction work, to operational support in the energy, industrial, and mining sectors. The Company’s main business activities in wholesale trade of construction materials and manufacturing of fire-resistant goods form the foundation of its value chain. Through control over production and distribution, the Company gains strong control over quality, costs, and product availability. This is reinforced by special construction and oil and gas installation activities that reflect a project-based business pattern. This model enables the Company to increase revenue per customer through an end-to-end solution approach, while strengthening long-term relationships with industrial customers. The addition of new business activities—such as processing and disposal of hazardous waste other than radioactive waste, temporary manpower supply and provision of other human resources, electrical network installation, the oven/fireplace/furnace industry for non-electric furnaces, conventional industrial building construction, and mining civil construction—expands the Company’s business model to become more comprehensive and adaptive. This diversification reflects a shift from being merely a product provider to becoming an industrial strategic partner capable of meeting customers’ technical, regulatory, and operational needs in an integrated manner. Besides opening new market opportunities, this pattern also increases business resilience against demand fluctuations in certain sectors. In addition, with the holding company activities KBLI, the Company has the capability to manage and coordinate various business lines within an integrated business structure. The holding function enables optimization of investment management, synergies among business units, and stronger strategic coordination in business development. This structure provides flexibility for the Company to expand business activities through the development of new business units and strategic partnerships, while also improving operational efficiency and decision-making effectiveness in managing the business group. From a competitive advantage perspective, the Company’s business model is supported by long experience, specific technical capabilities, compliance with quality, safety, and environmental standards, and skilled human resources. Entry barriers in the form of certification requirements, special licensing, and technical competence make the Company’s business model relatively difficult for competitors to replicate in full. A marketing approach based on repeat orders and value added through knowledge sharing further strengthens customer loyalty and business model sustainability. Overall, BATR’s business model demonstrates diversified yet integrated characteristics, with a focus on creating long-term value. Although business expansion does not significantly increase operational complexity, adequate risk management, strengthening of corporate governance, and continuous human resource development remain key factors
Page 14
in maintaining the Company’s business continuity and sustainability. Considering the business model to be implemented by BATR’s management in terms of business segments, competitive advantages, competitors’ ability to replicate products, value creation ability, business risks, and SWOT analysis in the plan to add business activities, the plan to add business activities is, from the business model aspect, feasible. Management Model Aspect The success of company management is strongly influenced by the quality of human resources and professional management, so that operations can run effectively, productivity increases, and corporate objectives can be achieved properly. Based on BATR’s employee composition data, the workforce is recorded at 159 employees, dominated by male employees at 85% compared to female employees at 15%. Most employees are at the Staff & Non-Staff level or entry-level positions, with education dominated by diploma-level and bachelor’s degree (S1). In terms of age, the majority of employees are in the productive age ranges of 31–40 and 41–50. Overall, this human resource structure indicates that the Company has sufficient manpower to support its operational activities. Based on the organizational capacity, human resources, and operational experience, BATR’s management is considered to have adequate capability to support the proposed plan to add business activities across the submitted sectors. The Company has also prepared a human resource strengthening strategy, including expert certification plans and optimization of existing manpower, so that overall it is considered capable of supporting the development and operation of business activities in the future. BATR’s organizational and group structure is considered to be clearly and integrally designed to support effective coordination, decision-making, and operational control. With a structured division of duties and authorities and continuous evaluation, the Company has an adequate organizational foundation to support achievement of objectives and business development in the future. Considering the management model to be implemented by BATR’s management in terms of human resources, risk management, management capacity and capability, and organizational structure suitability in the plan to add business activities, the plan to add business activities is, from the management model aspect, feasible. Financial Aspect With regard to the plan to add business activities for Processing and Disposal of Hazardous Waste or Hazardous Garbage Other Than Radioactive Waste (KBLI 38221), Temporary Manpower Supply Activities and Provision of Other Human Resources (KBLI 78200), Electrical Network Installation (KBLI 43211), Conventional Construction of Industrial Buildings (KBLI 41013), Construction of Mining Civil Buildings (KBLI 42992), and Holding Company Activities (KBLI 64210), the Company will not make additional investment, as the addition of these KBLI codes is intended to fulfill business licensing legality and to support the Company’s participation in project tenders. In addition, specifically for KBLI 41013 and KBLI 42992, the Company already has adequate human resources to carry out such business activities. The investment is only made for the addition of the business activity for the Industry of Ovens, Fireplaces, and Similar Furnaces that Do Not Use Electric Current (KBLI 28151), amounting to Rp231,431,301 (two hundred thirty-one million four hundred thirty-one thousand three hundred one rupiah), sourced from the Company’s cash.
Page 15
The assumptions used in preparing the financial projections before and after the addition of business activities reflect BATR’s business development efforts. The addition of business activities will result in changes to BATR’s financials. The projection period runs through 2030, or an explicit projection period of 5 years, considering that BATR’s management has prepared a 5-year business plan and assumes the Company will be in a stable growth condition thereafter. Therefore, to reflect BATR’s going concern, a terminal value is applied using the income capitalization/Gordon model method. With respect to the achievability analysis of the financial projections, the Appraiser held discussions with BATR’s management and determined that the projections used are reasonable and have been adjusted by the Appraiser. The feasibility of this Addition of Business Activities is calculated based on the anticipated future economic benefits, measured as the difference between Free Cash Flow to Firm (FCFF) with the addition of business activities and FCFF without the addition of business activities. This difference is then compared with the economic sacrifice, resulting in Free Cash Flow to Incremental. Based on the feasibility analysis of the addition of business activities, considering the assumptions applied, the following results were obtained: • Net Present Value (NPV) : Rp6.835.038 Ribu • Internal Rate of Return (IRR) : 20,59% • Profitability Index (PI) : 29,53 • Payback Period (PP) : 3 Years 5 Months BATR’s NPV with the addition of business activities is Rp6,835,038 thousand. This result concludes that the investment in adding business activities is feasible using the NPV parameter because the resulting NPV is positive. An IRR of 20.59% indicates that adding business activities by BATR is feasible because the IRR is higher than the discount rate. Overall Return on Investment (ROI) is the rate of profit generated from an investment over a certain period of time, generally expressed as a percentage (%). In the feasibility study context, ROI is used to measure the extent to which an investment provides a financial return. The average ROI for the addition of business activities during the 2026– 2030 projection period is 2,953%. Sensitivity analysis aims to test a project’s sensitivity to various influencing factors. The sensitivity analysis results show that changes in the investment value for BATR’s business expansion project indicate strong financial feasibility and remain in the feasible category even with investment cost fluctuations of up to ±20%. The results show that this addition of business activities is resilient to the risk of rising investment costs, with all financial parameters remaining positive. Therefore, the financial risk due to changes in investment value is relatively low, making this project feasible and safe to realize from a financial perspective. Based on the evaluation and financial analysis, as well as other projections, provided that the established assumptions can be met, the plan to add business activities for Processing and Disposal of Hazardous Waste or Hazardous Garbage Other Than Radioactive Waste (KBLI 38221), Temporary Manpower Supply Activities and Provision of Other Human Resources (KBLI 78200), Electrical Network Installation (KBLI 43211), the Industry of Ovens, Fireplaces, and Similar Furnaces that Do Not Use Electric Current (KBLI 28151), Conventional Construction of Industrial Buildings (KBLI 41013), Construction of Mining Civil Buildings (KBLI 42992), and Holding Company Activities (KBLI 64210) is, from the financial aspect, feasible.
Page 16
Conclusion
Based on the conclusions of the aspects above, BATR’s plan to add business activities is
Feasible.
IV. AVAILABILITY OF RESOURCES IN CONNECTION WITH PLANNING TO CHANGE
BUSINESS ACTIVITIES
KBLI 38221 – Processing and Disposal of Hazardous Waste or Hazardous Garbage
Other Than Radioactive Waste
At present, the Company does not yet have experts who specifically handle the Processing and
Disposal of Hazardous Waste or Hazardous Garbage Other Than Radioactive Waste activities for
B3 Waste. However, the Company has planned to enhance human resource competencies by
targeting that in 2026 it will enroll 2 (two) employees to obtain certification as a person in
charge of B3 waste operations and a person in charge of controlling B3 waste pollution.
From an operational standpoint, the waste received by the Company comes from residual
materials that are no longer used by the user, which will then undergo further treatment and
processing to be reused as raw materials for BATR products. This approach reflects efforts to
improve resource efficiency while applying sustainable waste management principles.
KBLI 78200 – Temporary Manpower Supply Activities and Provision of Other Human
Resources
The Company currently has a total workforce of around 250 people distributed across all work
areas (projects under BATR), with a composition of 74 experts. The availability of these human
resources is considered adequate to support the implementation of this business activity,
particularly in manpower supply and the management of human resource functions.
KBLI 43211 – Electrical Network Installation
The Company currently has a total workforce of around 250 people distributed across all work
areas (projects under BATR), with 7 experts in the electrical field. The certification of these
experts has been prepared by the Company as part of fulfilling the requirements for obtaining
IUJPTL. The availability of these human resources is considered adequate to support the
implementation of electrical installation business activities.
In carrying out this business activity, the Company does not depend on suppliers, given the
service-based nature of the business; therefore, operations are supported primarily by the
competencies and readiness of its workforce.
KBLI 28151 – Industry of Ovens, Fireplaces, and Similar Furnaces that Do Not Use
Electric Current
The Company currently has approximately 10 personnel, and this number will certainly increase
as this KBLI becomes active and the market continues to grow.
Page 17
Suppliers for this KBLI business:
Type of Goods
No. Name
/Project
1 PT. Anugerah Binajaya Steel Steel and Stainless Steel
2 PT. Global Spex Mandiri . Equipment
3 PT. Sarana Metal Jayatama Steel and Stainless Steel
4 PT. Berkat Prima Lancar Langgeng Steel and Stainless Steel
5 PT. Karya Usaha Anugerah Tekhnik Steel and Stainless Steel
6 PT. Yunika Trijaya Sentosa Equipment
7 PT. Timur Jaya Indosteel Mild Steel (MS)
KBLI 41013 – Conventional Construction of Industrial Buildings
The Company currently has a total workforce of around 250 people distributed across all work
areas (projects under BATR). However, the Company does not yet have dedicated experts who
meet the requirements for a Business Entity Certificate (SBU) with sub-classification BG003. In
connection with this plan to add business activities, the Company will process the relevant SBU,
including fulfilling the required expert resources.
In carrying out this business activity, the Company does not depend on suppliers, given the
service-based nature of the business; therefore, operations rely primarily on the competence of
its human resources.
KBLI 42992 – Construction of Mining Civil Buildings
The Company currently has a total workforce of around 250 people distributed across all work
areas (projects under BATR), with 3 (three) experts. The certification of these experts has been
prepared by the Company to support the process of obtaining a Business Entity Certificate (SBU)
with sub-classification BS014.
In carrying out this business activity, the Company does not depend on suppliers, given the
service-based nature of the business; therefore, operations are supported primarily by the
competencies and readiness of its workforce.
KBLI 64210 – Holding Company Activities
To support the implementation of holding company activities, the Company does not plan to
add human resources through new recruitment. The Company will optimize its existing
workforce, particularly in managerial, finance, and operational control functions, which are
considered competent and adequate to carry out the holding role.
Technically, the holding function carried out by the Company will focus more on strategic
management, performance oversight of subsidiaries, and decision-making at the corporate level,
so it does not require significant additional operational manpower. The existing organizational
structure is considered sufficient to accommodate these needs, with potential adjustments to
functions and division of tasks to improve coordination effectiveness among entities.
By utilizing available resources, the Company is expected to improve operational efficiency while
strengthening synergies among entities within the business group. The Company’s role as a
holding company is also expected to improve the quality of control, strategic planning, and
optimization of subsidiary performance, thereby driving more focused and sustainable business
growth overall without significantly increasing labor costs.
Page 18
V. EXPLANATION, CONSIDERATIONS AND REASONS FOR CHANGES TO BUSINESS
ACTIVITIES
As a company with experience, capability, and a reputation in the manufacturing and trading of
Refractory products (Fire-Resistant Materials) and Heat-Resistant Insulation along with
Construction Services, PT Benteng Api Technic Tbk is consistently committed to developing
products and services sustainably in line with the Company’s motto, “Increasingly Excellent and
Trustworthy.” In line with its mission, the Company continuously develops and produces superior
and effective products at competitive prices. Expanding the scope of business into construction,
installation, treatment and management of B3 waste, manpower supply, and holding company
activities is a strategic step aligned with the Company’s growth direction.
By expanding the scope of work in construction, installation, treatment and management of B3
waste, manpower supply, and holding company activities, the Company seeks to provide more
integrated and comprehensive solutions for customers. This allows the Company not only to
handle trading and manufacturing work but also to be directly involved in on-site work, enabling
end-to-end construction services from upstream to downstream. This strategy will increase
competitiveness, expand market opportunities, and strengthen the Company’s position in the
national and international construction industry.
Through this business diversification, the Company believes it can provide significant added
value, maintain the quality of work, ensure timely execution, and deliver the best services
according to customers’ expected standards. Accordingly, this step is also a tangible
manifestation of the Company’s commitment to consistently realizing its mission while expanding
business sectors for long-term sustainability.
Products generated from the addition of business activities are as follows:
KBLI 38221 – Processing and Disposal of Hazardous Waste or Hazardous Garbage
Other Than Radioactive Waste
The Company does not produce any products under this KBLI, because this business activity is
a requirement for obtaining technical considerations for B3 waste for the Company’s operational
needs.
KBLI 78200 – Temporary Manpower Supply Activities and Provision of Other Human
Resources
Manpower supply services for insulation work such as furnace construction, kiln construction,
and building roofs and walls that require fire-resistant materials.
KBLI 43211 – Electrical Network Installation
The addition of the Electrical Network Installation KBLI is carried out as a strategic step to obtain
an IUJPTL license, so that the Company has the legal capacity to participate in electricity-related
projects and can support refractory work requirements without using a subcontract scheme.
KBLI 28151 – Industry of Ovens, Fireplaces, and Similar Furnaces that Do Not Use
Electric Current
Products produced under this KBLI are as follows:
a. Furnace Manufacturing
b. Anchor Manufacturing
Page 19
KBLI 41013 – Conventional Construction of Industrial Buildings
The construction services to be carried out by the Company are as follows:
a. Warehouse Building Construction
b. Factory building construction for industries in any sector
KBLI 42992 – Construction of Mining Civil Buildings
The construction service to be carried out by the Company is mining civil construction services;
at present, services that can be provided include construction of processing plant buildings for
mining output.
KBLI 64210 – Holding Company Activities
The Company does not produce new products or services from this addition of business
activities; the addition of KBLI 64210 is intended to support the Company’s operations. As the
Company has subsidiaries, the holding function carried out by the Company will focus on
strategic management, performance oversight of subsidiaries, and decision-making at the
corporate level.
VI. THE EFFECT OF CHANGES IN BUSINESS ACTIVITIES ON THE FINANCIAL
CONDITION OF PUBLIC COMPANIES
The assumptions used in preparing the financial projections before and after the addition of
business activities reflect BATR’s business development efforts. The addition of business
activities will result in changes to BATR’s financials. The financial projection period runs through
2030, or an explicit projection period of 5 years, considering that BATR’s management has
prepared a 5-year business plan with the assumption that the Company will be in a stable growth
condition thereafter. Therefore, to reflect BATR’s going concern, a terminal value is applied
using the income capitalization/Gordon model method. With respect to the achievability analysis
of the financial projections, the Appraiser discussed with BATR’s management and concluded
that the projections used are reasonable and have been adjusted by the Appraiser. The
assumptions are as follows:
Figure 81. Assumptions Before the Addition of Business Activities
Des Des Des Des Des
Description
2026 2027 2028 2029 2030
Inflation 2,90% 2,50% 2,50% 2,50% 2,50%
Days 365 365 366 365 365
Sales and Operating
153.000.000 156.060.000 159.181.200 162.364.824 165.612.120
Revenue
Sales Growth 2,00% 2,00% 2,00% 2,00%
(107.681.400 (109.835.028 (112.031.729 (114.272.363
Cost of Revenue (105.570.000)
) ) ) )
% of Sales 69% 69% 69% 69% 69%
General and
Administrative (22.950.000) (23.409.000) (23.877.180) (24.354.724) (24.841.818)
Expenses
% of Sales 15,00% 15,00% 15,00% 15,00% 15,00%
Selling Expenses (7.650.000) (7.803.000) (7.959.060) (8.118.241)
(8.280.606)
Page 20
Des Des Des Des Des
Description
2026 2027 2028 2029 2030
% of Sales 5,00% 5,00% 5,00% 5,00% 5,00%
Turnover
Trade Receivables
Third Parties 49,61 49,61 49,61 49,61 49,61
Related Parties 0,67 0,67 0,67 0,67 0,67
Other Receivables
Third Parties 1,15 1,15 1,15 1,15 1,15
Inventory 226,84 226,84 226,84 226,84 226,84
Prepaid Advances 8,00 8,00 8,00 8,00 8,00
Trade Payables
Third Parties 44,64 44,64 44,64 44,64 44,64
Related Parties 2,68 2,68 2,68 2,68 2,68
Other Payables
Third Parties 1,78 1,78 1,78 1,78 1,78
Accrued Expenses 3,90 3,90 3,90 3,90 3,90
Assumptions – Assumptions before the addition of business activities:
1. The inflation rate in 2026 is assumed to be 2.90%, and in 2027–2030 it is assumed to
remain the same each year at 2.50%.
2. The number of days for the 2026–2030 period is 365 days.
3. Revenue for the period ending December 2026 is recorded at Rp153,000,000 thousand,
and is assumed to increase by 2% per year. Accordingly, revenue for the period ending
December 2027 is Rp156,060,000 thousand and becomes Rp165,612,120 thousand in
2030.
4. The percentage of cost of revenue to sales is 69% for the 2026–2030 period. Accordingly,
cost of sales for the period ending December 2026 is Rp105,570,000 thousand and
becomes Rp114,272,363 thousand in 2030.
5. The percentage of general and administrative expenses to sales is 15% for the 2026–
2030 period. Accordingly, general and administrative expenses for the period ending
December 2026 are Rp22,950,000 thousand and become Rp24,841,818 thousand in 2030.
6. The percentage of selling expenses to sales is 5% for the 2026–2030 period. Accordingly,
selling expenses for the period ending December 2026 are Rp7,650,000 thousand and
become Rp8,280,606 thousand in 2030.
7. Several parameters related to working capital turnover are assumed as follows:
• Trade receivables turnover for 2026–2030 is assumed at 49.61 days for third parties
and 0.67 days for related parties.
• Other receivables turnover for 2026–2030 is assumed at 1.15 days for third parties.
• Inventory turnover for 2026–2030 is assumed at 226.84 days.
• Prepaid advances turnover for 2026–2030 is assumed at 8.00 days.
• Trade payables turnover for 2026–2030 is assumed at 44.64 days for third parties and
2.68 days for related parties.
• Other payables turnover for 2026–2030 is assumed at 1.78 days for third parties.
• Accrued expenses turnover for 2026–2030 is assumed at 3.90 days.
Figure 82. Assumptions After the Addition of Business Activities
Des Des Des Des Des
Description
2026 2027 2028 2029 2030
Inflation 2,90% 2,50% 2,50% 2,50% 2,50%
Days 365 365 366 365 365
Sales 165.000.000 181.500.000 199.650.000 219.615.000 241.576.500
Sales Growth 10% 10% 10% 10%
Page 21
Des Des Des Des Des
Description
2026 2027 2028 2029 2030
Cost of Sales (113.850.000) (125.235.000) (137.758.500) (151.534.350) (166.687.785)
% of Sales 69% 69% 69% 69% 69%
General and
Administrative (24.750.000) (27.225.000) (29.947.500) (32.942.250) (36.236.475)
Expenses
% of Sales 15,00% 15,00% 15,00% 15,00% 15,00%
Selling Expenses (8.250.000) (9.075.000) (9.982.500) (10.980.750) (12.078.825)
% of Sales 5,00% 5,00% 5,00% 5,00% 5,00%
Turnover
Trade Receivables
Third Parties 49,61 49,61 49,61 49,61 49,61
Related Parties 0,67 0,67 0,67 0,67 0,67
Other Receivables
Third Parties 1,15 1,15 1,15 1,15 1,15
Inventory 226,84 226,84 226,84 226,84 226,84
Prepaid Advances 8,00 8,00 8,00 8,00 8,00
Trade Payables
Third Parties 44,64 44,64 44,64 44,64 44,64
Related Parties 2,68 2,68 2,68 2,68 2,68
Other Payables
Third Parties 1,78 1,78 1,78 1,78 1,78
Accrued Expenses 3,90 3,90 3,90 3,90 3,90
Assumptions – Assumptions after the addition of business activities:
1. The inflation rate in 2026 is assumed to be 2.90%, and in 2027–2030 it is assumed to
remain the same each year at 2.50%.
2. The number of days for the 2026–2030 period is 365 days.
3. Revenue growth is assumed to increase by 10% per year. Accordingly, revenue for the
period ending December 2026 is Rp165,000,000 thousand and becomes Rp241,576,500
thousand in 2030.
4. The percentage of cost of revenue to sales is 69% for the 2026–2030 period. Accordingly,
cost of sales for the period ending December 2026 is Rp113,850,000 thousand and becomes
Rp166,687,785 thousand in 2030.
5. The percentage of general and administrative expenses to sales is 15% for the 2026–2030
period. Accordingly, general and administrative expenses for the period ending December
2026 are Rp24,750,000 thousand and become Rp36,236,475 thousand in 2030.
6. The percentage of selling expenses to sales is 5% for the 2026–2030 period. Accordingly,
selling expenses for the period ending December 2026 are Rp8,250,000 thousand and
become Rp12,078,825 thousand in 2030.
7. Several parameters related to working capital turnover are assumed as follows:
• Trade receivables turnover for 2026–2030 is assumed at 49.61 days for third parties
and 0.67 days for related parties.
• Other receivables turnover for 2026–2030 is assumed at 1.15 days for third parties.
• Inventory turnover for 2026–2030 is assumed at 226.84 days.
• Prepaid advances turnover for 2026–2030 is assumed at 8.00 days.
• Trade payables turnover for 2026–2030 is assumed at 44.64 days for third parties and
2.68 days for related parties.
• Other payables turnover for 2026–2030 is assumed at 1.78 days for third parties.
• Accrued expenses turnover for 2026–2030 is assumed at 3.90 days.
Page 22
VII OTHER MATERIAL MATTERS RELATED TO NEW BUSINESS
ACTIVITIES. PERUBAHAN KEGIATAN USAHA
1. In relation to the Change of Business Activities, in addition to shareholder approval through
the GMS, the Company requires licensing processed through OSS administered by the
Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM).
2. The Company does not require approval from other parties, including the Company’s
creditors, for the Company’s Change of Business Activities plan.
3. The Change of Business Activities plan will become effective after the Company:
a. obtains GMS approval to amend Article 3 of the Company’s Articles of Association and
obtains approval from the Ministry of Law and Human Rights; and
b. obtains the relevant licenses from the competent authorities to carry out the new
business activities (to the extent so required under applicable regulations).
4. The Change of Business Activities will be proposed at the GMS to be held on 11 June 2026
at the Auditorium Room, East Java Representative Office of the Indonesia Stock Exchange,
Jl. Kusuma Bangsa No. 19, Ketabang, Kec. Genteng, Surabaya, East Java 60272, with both
online and physical mechanisms. The GMS invitation will be issued by the Company on 20
May 2026.
5. The agenda items of the GMS related to the Change of Business Activities are as follows:
a. Approval of the adjustment to the 2025 Indonesian Standard Industrial Classification
(“KBLI”) in the Company’s Articles of Association in connection with Statistics
Indonesia (BPS) Regulation No. 7 of 2025 on the Indonesian Standard Industrial
Classification;
b. Approval of amendments to the Company’s Articles of Association related to the
Addition of Business Activities as reflected in the 2025 Indonesian Standard Industrial
Classification (“KBLI”), including, among others:
• KBLI 38221 – Processing and Disposal of Hazardous Waste or Hazardous Garbage
Other Than Radioactive Waste (supporting);
• KBLI 78200 – Temporary Manpower Supply Activities and Provision of Other
Human Resources (supporting);
• KBLI 43211 – Electrical Network Installation (supporting);
• KBLI 28151 – Industry of Ovens, Fireplaces, and Similar Furnaces that Do Not
Use Electric Current (supporting);
• KBLI 41013 – Conventional Construction of Industrial Buildings;
• KBLI 42992 – Construction of Mining Civil Buildings;
• KBLI 64210 – Holding Company Activities.
The following are the important dates in connection with the Company’s GMS:
a. Announcement of the GMS through the Company’s website, IDX, and PT Kustodian
Sentral Efek Indonesia (KSEI) website on 05 May 2026;
b. Publication of the Information Disclosure regarding the Change of Business Activities
through the Company’s website and IDX website on 05 May 2026;
c. Shareholders Record Date (DPS) on 19 May 2026;
d. GMS invitation through the Company’s website, IDX, and KSEI website on 20 May
2026;
e. Planned GMS date on 11 June 2026; and
f. Planned announcement of the GMS minutes summary through the Company’s
website, IDX, and KSEI website on 13 June 2026.
Page 23
Based on Article 23 of the Company's Articles of Association and Article 42 of OJK Regulation
Number 15 of 2020, the General Meeting of Shareholders concerning the Change of
Business Activities must satisfy the following attendance quorum and resolution
requirements:
a. The General Meeting of Shareholders may be held if it is attended by shareholders
representing at least 2/3 (two-thirds) of the total shares with valid voting rights;
b. Resolutions of the General Meeting of Shareholders as referred to in item (a) are valid
if approved by more than 2/3 (two-thirds) of the total shares with voting rights present
at the General Meeting of Shareholders;
c. If the quorum referred to in item (a) is not achieved, a second General Meeting of
Shareholders may be held, provided that the second General Meeting of Shareholders
is valid and entitled to adopt resolutions if it is attended by shareholders representing
at least 3/5 (three-fifths) of the total shares with valid voting rights;
d. Resolutions of the second General Meeting of Shareholders are valid if approved by
more than 1/2 (one-half) of the total shares with voting rights present at the General
Meeting of Shareholders; and
e. If the attendance quorum at the second General Meeting of Shareholders as referred
to in item (c) is not achieved, a third General Meeting of Shareholders may be held,
provided that the third General Meeting of Shareholders is valid and entitled to adopt
resolutions if it is attended by shareholders of shares with valid voting rights in an
attendance quorum and decision quorum determined by the Financial Services
Authority (OJK) upon the Company’s application.
VIII. ADDITIONAL INFORMATION
Shareholders who require additional information may contact:
PT BENTENG API TECHNIC TBK
Jl. Kebraon II No. 103 A, Karangpilang,
Surabaya, 60222, Jawa Timur, Indonesia
Phone: +62 (31)-7672269
Fax: +62 (31) 7662336/ (31) 7671475
Email: sekretariat@bentengapi.com
Website: https://www.bentengapi.com
Names mentioned 28 people and organisations named in the text · linked when the evidence is strong
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FINANCIAL SERVICES AUTHORITY
p.1 ×8
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Indonesia Stock Exchange
p.2 ×2
unresolved
person
Tutty Mulianingsih
· Notaris
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Ministry of Law and Human Rights
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unresolved
person
Leolin Jayayanti
p.3
unresolved
org
Minister of Law and Human Rights
p.3 ×2
unresolved
person
M. Rusli Ananda
· Commissioner
p.3
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Aswin Asmantono
· Director
p.3
unresolved
person
Agus Hari Pramudianto
· Director
p.3
unresolved
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Andri & Rekan
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Minister of Finance
p.5
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person
BATR
· Corporate Secretary
p.8 ×2
unresolved
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Bank Indonesia
p.8
unresolved
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PT. Anugerah Binajaya Steel
p.17
unresolved
org
PT. Global Spex Mandiri
p.17
unresolved
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PT. Sarana Metal Jayatama
p.17
unresolved
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PT. Berkat Prima Lancar Langgeng
p.17
unresolved
org
PT. Karya Usaha Anugerah Tekhnik
p.17
unresolved
org
PT. Yunika Trijaya Sentosa
p.17
unresolved
org
PT. Timur Jaya Indosteel
p.17
unresolved
org
Ministry of Investment and Downstreaming
p.22
unresolved
org
PT Kustodian Sentral Efek Indonesia
p.22
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