PT Morris Capital Indonesia (MCI) is set to acquire a controlling stake in PT Multi Makmur Lemindo Tbk (PIPA), with plans for a mandatory tender offer following due diligence.

Target Information

PT Multi Makmur Lemindo Tbk (PIPA) is a prominent company listed on the Indonesian stock exchange. Following the impending acquisition by PT Morris Capital Indonesia (MCI), PIPA is positioned to undergo significant changes in its ownership structure, as MCI will become the new majority shareholder. The acquisition process has begun, with MCI negotiating with PIPA's controlling shareholders: Junaedi, Susyanalief, Nanang Saputra, and Hendrik Saputra.

As of April 2025, PIPA has a total of 3.42 billion outstanding shares, with current ownership distributed among its major shareholders. Junaedi holds 29.2% of the shares, Susyanalief claims 20.44%, while both Hendrik Saputra and Nanang Saputra each own 7.3%. The remaining 35.78% of the shares are held by public shareholders. This mix of ownership suggests a diverse shareholder base, combining both significant individual stakeholders and broader public investment.

Industry Overview in Indonesia

The Indonesian economy has shown resilience and growth potential, particularly in sectors relevant to manufacturing and consumer products, where PIPA operates. The government has been proactive in encouraging foreign investment and enhancing market