Jakarta, ThedailyID — PT Panca Mitra Multiperdana Tbk (PMMP), a seafood processing company partly owned by Kaesang Pangarep, has sought loan restructuring from several banks after facing liquidity pressures and limited working capital.
A filing to the Indonesia Stock Exchange (IDX) on July 2 showed PMMP owes PT Bank Permata Tbk about US$53.12 million (around Rp953.4 billion), excluding interest, along with an additional Rp5.49 billion credit facility.
The company also owes PT Bank Central Asia Tbk around US$40.29 million (Rp723 billion), the Indonesia Eximbank (LPEI) US$30.71 million (Rp551.2 billion), and PT Bank SMBC Indonesia Tbk US$22.8 million (Rp409.1 billion).
In addition, PMMP has outstanding loans of US$7.21 million from PT Bank Maspion Indonesia Tbk and US$5.99 million from PT Bank Resona Perdania.
Management said the figures exclude accrued interest.
PMMP acknowledged that it lacks sufficient working capital and needs about US$15 million (around Rp269.1 billion) to support daily operations.
As a result, the company now operates only one processing plant in Situbondo. Meanwhile, it purchases finished products from third parties to meet export demand and pays suppliers after receiving export proceeds.
Lower production has also affected the company’s workforce. Since 2024, PMMP has laid off 37 staff members and 79 daily workers. Meanwhile, another 82 employees have resigned.
PT Harapan Bangsa Kita, a company owned by Kaesang Pangarep, holds 188.24 million PMMP shares, representing 7.27% of the company’s ownership.
