Kaesang-Affiliated PMMP Saddled with Debt, Cuts Jobs

5 hours ago 3

The Chairperson of the Indonesian Solidarity Party (PSI), Kaesang Pangarep, closed his party's first national meeting on January 31, 2026. This year's PSI National Working Meeting was held in Makassar, South Sulawesi. Doc: PSI YouTube screenshot

TEMPO.CO, Jakarta - PT Panca Mitra Multiperdana Tbk. (PMMP), a shrimp processing company affiliated with Kaesang Pangarep, is facing financial difficulties and has begun laying off workers. Through PT Harapan Bangsa Kita, the son of former president Joko "Jokowi" Widodo holds 188.2 million shares in PMMP, which is equivalent to a 7.27 percent stake.

According to information disclosed to the Indonesia Stock Exchange (IDX), the company is currently grappling with working capital constraints that have left only one of its processing plants operational. The working capital required to sustain its operational activities currently amounts to US$15 million.

"The employee layoffs are a result of a drop in production capacity," the PMMP management wrote in a disclosure cited on Wednesday, July 8, 2026. Since 2024, the company has laid off 37 staff members and 79 daily laborers. Furthermore, another 82 staff members have resigned.

The company also reported that its bank loan balance reached US$160.1 million, or approximately Rp2.8 trillion, as of May 31, 2026. These debts are distributed across several financial institutions, comprising US$53.1 million at Bank Permata, US$30.7 million at the Indonesian Export Financing Institution (Eximbank), US$40.2 million at Bank Central Asia, US$7.2 million at Bank Maspion Indonesia, and US$5.9 million at Bank Resona Perdania.

Meanwhile, based on its unaudited consolidated financial statements as of March 31, 2025, PMMP's total liabilities were recorded at US$259.8 million. These liabilities have outpaced the company's total assets, which stood at US$208.3 million.

Read: IDX Mulls Revising 2026 IPO Target

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