Investor Presentaiton
Strong and Reliable Indonesian Shareholders
Existing Shareholding Structure
MERDEKA
COPPER GOLD
Provident
gojek
Valuation: US$10.0b
-23%
-23%
SARATOGA
Thohir Group
TOWER
BERSAMA
GROUP
EV: US$3.5b1
adaro
EV: US$3.3b1
MERDEKA
-9%
2
Track Record in
Growing and Financing
Indonesian Corporates
Strong Governmental,
Regulatory and Local
Ties
Excellent Corporate
Governance and
Investor Relations
Low Risk of Divestment
under Indonesia Mining
Law
The shareholders collectively have rich experience in leading and growing businesses in Indonesia, ranging from
dynamic tech platforms (Gojek) to well established corporates (i.e. Tower Bersama and Adaro). As a result, the
shareholders have established strong relationships with key external stakeholders and have gathered valuable
experience leading companies to growth within the country
The shareholders have decades of experience in obtaining permits across Indonesia for their various operating
companies including Adaro (portfolio of coal mines), Tower Bersama (tower development in all 34 provinces) and
Provident Agro (which had 40,000 Ha of palm oil plantations), demonstrating their ability to resolve community issues
and work with national and local governments to develop projects across multiple industries
Reputation for maintaining excellent corporate governance and reporting standards (in the case of Merdeka, voluntary
adoption of ASX reporting requirements for Reserves and Resources, as well as quarterly reporting) has attracted
quality investors globally in both debt and equity capital markets, achieving overall lower cost of funds and strong
support
The Indonesian Mining Law requires foreign shareholders to gradually divest portions of their shareholdings by making
initial offers to the central Government of the Republic of Indonesia, regional or municipal governments. With the major
shareholders being 100% Indonesian-incorporated or by citizenship, it minimizes the risk of divestment requirements
Note:
1. Market cap as at 28 July 2020; net debt as at 31 March 2020
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