JAKARTA – PT Morris Capital Indonesia has officially completed the acquisition of a 43.78% stake in PT Multi Makmur Lemindo Tbk. (PIPA), thereby becoming the new controlling shareholder of the company. This strategic move signals a significant shift in leadership and future direction for PIPA.
Noprian Fadli, President Director of PT Morris Capital Indonesia, confirmed that the company purchased 1.5 billion PIPA shares, representing 43.78% of all issued and fully paid-up shares. The substantial transaction was successfully executed on October 10, 2025. Fadli further detailed that the acquisition involved two distinct pricing structures: 1 billion PIPA shares were acquired at Rp2.9 per share, totaling Rp2.9 billion, while an additional 500 million shares were purchased at Rp26 per share, amounting to Rp13 billion.
Cumulatively, this brings the total value of PT Morris Capital Indonesia’s acquisition of 1.5 billion PIPA shares to a remarkable Rp15.9 billion. “The purpose of this transaction is an acquisition plan, resulting in direct share ownership,” Fadli explained in an information disclosure released on Monday, October 13, 2025, underscoring the direct and controlling nature of the investment.
Following this pivotal acquisition, PT Morris Capital Indonesia’s ownership in PIPA has dramatically increased from an initial 174,675,000 shares (5.1%) to a formidable 1.67 billion shares, equivalent to 48.88% of the company. In light of this significant ownership change, PT Morris Capital Indonesia (MCI) is now obligated to conduct a mandatory tender offer, in full compliance with the provisions of POJK No. 9/2018 concerning the acquisition of public companies. The company has affirmed that the entire takeover process will strictly adhere to prevailing laws and regulations, including all rules governing the capital market.
This strategic step marks a new and promising chapter for PIPA under the stewardship of Morris Capital Indonesia. In a separate statement, PIPA Corporate Secretary Imanuel Kevin Mayola revealed that Morris Capital had previously announced a substantial investment commitment, injecting assets worth Rp3 trillion into PIPA. These significant assets are specifically earmarked to bolster PIPA’s business expansion into the critical utilities and infrastructure sectors, including the development of advanced, high-technology pipes such as HDPE (High-Density Polyethylene).
With robust financial backing and strategic direction from its new controlling shareholder, PIPA’s future business trajectory will decisively focus on product diversification and aggressive market expansion. This is specifically aimed at addressing the evolving needs of the energy, oil and gas, and national infrastructure sectors. Furthermore, PIPA has already taken proactive steps by signing Memoranda of Understanding (MoUs) with several international partners, thereby strengthening strategic cooperation in innovation and cutting-edge product development.
“This acquisition ushers in a new era for PIPA. Bolstered by a multi-trillion rupiah asset injection and strategic international collaborations, PIPA under Morris Capital‘s stewardship is poised for significant transformation and to further solidify its presence in the strategic utilities and infrastructure sectors,” Imanuel Kevin Mayola stated recently, expressing confidence in the company’s ambitious future.
Summary
PT Morris Capital Indonesia has officially acquired a 43.78% stake, totaling 1.5 billion shares, in PT Multi Makmur Lemindo Tbk. (PIPA), making it the new controlling shareholder. This strategic transaction, valued at Rp15.9 billion, was completed on October 10, 2025, increasing Morris Capital’s total ownership to 48.88%. Following this acquisition, PT Morris Capital Indonesia is now obligated to conduct a mandatory tender offer in accordance with capital market regulations.
This pivotal acquisition ushers in a new direction for PIPA, with Morris Capital committing to inject Rp3 trillion in assets for business expansion. These funds will bolster PIPA’s ventures into the utilities and infrastructure sectors, including the development of advanced pipes. PIPA plans to focus on product diversification and aggressive market expansion, supported by strategic collaborations with international partners.