AKARTA — PT Megalestari Epack Sentosaraya Tbk (EPAC) has officially undergone a change in control following the completion of PT Triple Berkah Bersama’s acquisition of 1.141 billion shares, representing approximately 34.56% of EPAC’s issued and fully paid-up shares.
The acquisition was completed on 23 July 2026, marking the conclusion of a transaction process that had been disclosed to the public in stages since April 2026. The shares were previously owned by EPAC’s former controlling shareholders, Drs. Ryan Permana and Nessy Sarinda.
Acquisition Valued at Rp13.7 Billion
Triple B acquired a total of 1,141,671,100 EPAC shares at Rp12 per share, resulting in a transaction value of approximately Rp13.7 billion.
The shares transferred to Triple B consisted of 664,799,600 shares previously held by Ryan Permana and 476,871,500 shares owned by Nessy Sarinda. Following completion of the transaction, Triple B’s total ownership in EPAC reached 1,283,071,100 shares.
The acquisition process was initially structured in stages. In the first stage, Triple B acquired 541,666,667 shares, bringing its ownership to 767,066,800 shares or 23.22% of EPAC. The remaining 600,004,433 shares were subsequently transferred as part of the second stage of the transaction.
From Packaging Company to Investment Holding
The change in ownership comes alongside a broader strategic direction for EPAC.
Following the takeover, EPAC is expected to strengthen its position as an investment holding company, while its existing operating businesses will continue to be conducted through its subsidiaries.
The company has stated that its existing flexible packaging operations will not simply be discontinued. Instead, EPAC’s parent company is expected to focus increasingly on investment portfolio management, business development and the creation of additional corporate value.
Management has also indicated that the new ownership structure is intended to support the company’s business strategy and capital structure, with the objective of enhancing EPAC’s overall enterprise value.
Triple B’s Expanding Listed-Company Portfolio
Triple B is a holding company engaged in investment-related activities and has been associated with several transactions involving Indonesian listed companies.
Its beneficial owner, Noprian Fadli, has been associated with a number of publicly listed companies, including PT Harta Djaya Karya Tbk (MEJA) and PT Techno9 Indonesia Tbk (NINE), among others.
EPAC’s disclosures have also noted various relationships involving Noprian Fadli and several listed companies, including roles as investor, commissioner or financial adviser, depending on the company concerned.
Mandatory Tender Offer to Follow
With the change in control becoming effective, Triple B is required to proceed with a Mandatory Tender Offer (MTO) in accordance with OJK Regulation No. 9/POJK.04/2018 concerning Takeovers of Public Companies.
The MTO process is a regulatory consequence of the change in control and is intended to provide an opportunity for public shareholders to participate in the tender process under the applicable capital-market regulations.
The details regarding the MTO schedule, tender price and implementation mechanism are to be disclosed in accordance with the applicable regulatory requirements.
EPAC’s Next Growth Phase
The ownership transition comes at an important stage for EPAC. The company is also preparing a broader business transformation, including the development of its digital printing and flexible packaging operations.
EPAC has announced plans to establish a new production facility in Surabaya, with the company targeting approximately 15% annual sales growth through 2028. The company has also been shifting its operational focus toward digital printing through its subsidiary, PT Epac Flexibles Indonesia.
The combination of a new controlling shareholder, a potential investment-holding structure and continued expansion of the underlying operating businesses could significantly reshape EPAC’s corporate strategy over the coming years.
For investors, the key developments to monitor include the MTO process, the implementation of EPAC’s investment-holding strategy, the Surabaya expansion, and the financial impact of the company’s operational transformation.
