Heaptalk, Jakarta — PT Smartfren Telecom Tbk (FREN) has responded to a lawsuit filed by a group of FREN warrant holders at the Central Jakarta District Court. The lawsuit was filed by FREN Series III Warrants holders, who claimed financial losses due to the accelerated warrant conversion policy following Smartfren’s merger with PT XL Axiata Tbk (EXCL).
FREN’s Corporate Secretary, James Wewengkang, stated that the company has yet to receive the official lawsuit documents. “As of now, we have not received the lawsuit documents, so we do not have complete details regarding the claims,” James told the media on Thursday (March 27).
He further assured that the lawsuit would not impact the company’s operations, legal standing, financial condition, or business continuity. However, James acknowledged that FREN had received two legal notices from the plaintiffs’ attorneys on March 1 and March 10, 2025. The company provided a formal written reply on March 19, 2025, sent via email and registered mail.
As reported, several Smartfren warrant holders have taken legal action against the company. They object to the merger with XL Axiata, which they claim indirectly forced them to convert their Series III Warrants under unfavorable conditions. Additionally, they argue that the merger accelerated the expiration of the warrants, leaving them with no viable option other than conversion.
