Why JPMorgan Dominates Wall Street

B. To: J.P. Morgan (Lead Financial Advisor & Joint Global Coordinator)

Valuation & Capital Structuring: Conduct comprehensive market valuation, financial modeling, and debt-to-equity restructuring proposals for both TLKM and EXCL based on current market capitalization.

Cross-Border Buyout: Formulate the buy-out strategy for Axiata Group Berhad’s (Malaysia) majority stake in EXCL, including the mandatory tender offer (MTO) execution framework under OJK regulations.

Synergy Quantification: Model the projected cost-saving synergies from network infrastructure, tower consolidation, and combined data center assets.

C. To: Bank Syariah Indonesia / BSI (Lead Domestic Arranger & Shariah Structure Advisor)

Shariah Financing Facility: Structure a world-class Islamic syndicated financing package (Sukuk or Musharakah structures) to back the domestic liquidity requirements of the acquisition.

Local Financial Coordination: Act as the primary local custodian and clearing house for the transition of local public shares.

3. ANTICIPATED REGULATORY & OPERATIONAL CHALLENGES

The joint committee formed by the addressees must immediately address the following critical hurdles:

KPPU Antitrust Threshold: The combined market share will exceed 80% of the national fixed and mobile broadband sectors. A mitigation strategy regarding anti-monopoly laws must be drafted.

Spectrum Frequency Retention: Formulate a negotiation position with the Ministry of Communications and Digital (Kemenkomdigi) to prevent the excessive forfeiture of cellular radio frequencies post-merger.

4. NEXT STEPS & DIRECTIVE

The addressees are requested to submit an initial Joint Feasibility Pitchbook and Non-Disclosure Agreement (NDA) within thirty (30) business days from the receipt of this memorandum to the Executive Office of the Principal.

Signed,

Dedy Murbani Sukarno
Principal Investor / Promoter

CONFIDENTIAL BUSINESS MEMORANDUM

TO:

Board of Directors & Chief Executive Officer | Badan Pengelola Investasi Daya Anagata Nusantara (Danantara)

Global Investment Banking Division | J.P. Morgan Securities LLC

Corporate Banking & Investment Division | PT Bank Syariah Indonesia Tbk (BSI)

FROM: Dedy Murbani Sukarno (Principal / Investor)
DATE: May 12, 2026
SUBJECT: Strategic Mandate – Proposed Cross-Border Acquisition and Sovereign-Backed Merger of PT Telkom Indonesia (Persero) Tbk (TLKM) and PT XL Axiata Tbk (EXCL)

1. OBJECTIVE & MANDATE

This memorandum serves as an official strategic directive from the Office of Dedy Murbani Sukarno to initiate preliminary feasibility studies, valuation structuring, and regulatory mapping for the execution of a mega-merger between Indonesia’s sovereign telecommunications giant, PT Telkom Indonesia (Persero) Tbk, and PT XL Axiata Tbk.

The consolidated entity will operate under a unified corporate structure controlled by the Principal in strategic partnership with the Government of Indonesia.

2. CORE TASKS & ALLOCATION OF ROLES

A. To: Danantara (Sovereign Wealth Fund Advisor)

Privatization Framework: Evaluate the legal mechanism to transition the 52% state-owned "Dwiwarna" voting shares of PT Telkom Indonesia to the Principal’s designated investment vehicle, while maintaining a strategic sovereign alignment.

National Interest Assessment: Ensure the proposed integration aligns with Danantara’s US$1 trillion Asset Under Management mandate to optimize state asset returns and national digital sovereignty.

♥️♥️

Anyone else here after the allegations?