Multi Makmur Lemindo Management Emphasizes No Connection with the Old Board of Directors

Photo: Special

JAKARTA - PT Multi Makmur Lemindo Tbk (PIPA) ensures that the management and new controlling shareholders are currently clean from past cases. This statement responds to the steps of the Criminal Investigation Unit of the National Police who reopened the investigation regarding alleged stock manipulation when the company carried out the initial public offering or Initial Public Offering (IPO).

PIPA President Director, Firrisky Ardi Nurtomo, explained the legal position of the company. He said the new management respected the legal process that was underway against the parties concerned.

Firrisky stated that the company had no operational or managerial links with the old board of directors. PT Morris Capital Indonesia as the New Controlling Shareholder (PSP) has entered through an independent due diligence process since April 2025.

"We have no connection, ownership, operational, managerial, or affiliated relationship with any other party suspected of being involved in the IPO case or stock manipulation," said Firrisky Ardi Nurtomo, in a press conference, Monday, February 9.

The acquisition process by Morris Capital Indonesia itself has been completed. In accordance with the OJK's approval, the company has completed the Mandatory Tender Offer on January 22, 2026. The new management structure has also been determined through the AGM dated January 26, 2026.

Regarding negative reports, PIPA emphasized that it still respects the presumption of innocence. The company stated that it was ready to cooperate with law enforcement and capital market authorities if necessary. The current Bareskrim investigation refers to an old case involving former directors and shareholders during the IPO process.

Prepare a Business Plan

After the acquisition, PIPA is preparing a business breakthrough by expanding into the oil and gas (migas) sector. Morris Capital will synergize the PVC pipe business with the business lines of production facilities, trading, and distribution of oil and gas. This new business line includes production facilities, transportation, to energy infrastructure.

This strategic initiative is expected to generate consistent recurring revenue. Management assesses that the increasing demand for energy in Indonesia is a major opportunity for the company's future growth. This step is also projected to accelerate revenue growth and increase cash flow.

The next step, PIPA will hold a hearing with the Stock Exchange and OJK. Management also plans to conduct a Public Expose regarding the corporate action plan. In addition, the company will change its name, logo, and company domicile in the near future.

The completion of the 2025 Audit Financial Statements (LKA) is targeted to be completed in April 2026. Regarding administrative sanctions from OJK, management is committed to continuing to monitor compliance with applicable regulations. The Company wants to position itself as a key player in the energy distribution network in Indonesia.