Revealed, Jokowi's Child's Kaesang Is Getting More And More Delicious! Just Disbursed Rp92.2 Billion Caplok 8 Percent Of Shrimp Company Shares

Son of the President of the Republic of Indonesia Joko Widodo (Jokowi), Kaesang Pangarep. (Photo: Instagram @kaesangp)

JAKARTA - A shrimp-based frozen food processing company, PT Panca Mitra Multiperdana Tbk (PMMP) has signed a strategic cooperation agreement and a share purchase agreement with GK Hebat owned by President Joko Widodo's (Jokowi) son Kaesang Pangarep. GK Hebat is a company engaged in the acceleration of the food and beverage processing business.

In PMMP's official statement, quoted on Tuesday, November 9, PT Harapan Bangsa Kita or GK Hebat purchased 188.24 million shares or 8 percent of all issued and fully paid shares in the company, at a price of Rp 490 per share. The transaction is a form of direct investment as a stock portfolio

The total funds spent on the purchase of PMMP shares amounted to around Rp92.2 billion. Meanwhile, GK Hebat is an MSME accelerator platform founded by Kaesang Pangarep, in 2019.

GK Hebat was established to bridge the needs of MSMEs with other businesses. GK Hebat itself has overseen several food and beverage brands such as Sang Pisang, Yang Chicken, Ternakopi, Ready Mas, and Let's Toast.

As part of this strategic cooperation agreement, both parties agreed to work together in exploring a number of business opportunities related to the company's products, and will support the company in making digital adaptations and increasing digital literacy in all operational processes.

This strategic collaboration also aims to expand the PMMP domestic market through the Ebinoya brand in order to be able to increase penetration into the MSME market which is currently growing rapidly.

"We welcome this strategic collaboration to increase the company's local market penetration, especially in the MSME sector," said PMMP President Director, Martinus Soesilo.

In addition, PMMP and GK Hebat will also form a digitization team, supported by one of GK Hebat's business lines, namely GK Plug and Play. This business line will focus on identifying PMMP business and operational processes and producing digital innovations that can be implemented with the aim of improving performance.

He added that one of the goals of this strategic collaboration is to advance the aquaculture industry in Indonesia, as one of the largest maritime countries in the world. Furthermore, PMMP is currently focusing on local penetration through Ebinoya's brand.

"This is an effort from the company's business strategy to improve its performance in the following years. We are targeting operating revenues from our domestic segment to be able to grow by around 50 percent-70 percent on a CAGR basis over the next 5 years," said Martinus.