Regulators are fast-tracking reforms, including more transparency on affiliated shareholders, as part of a broader effort to make Indonesia more attractive to global investors. Control is typically maintained through relatives and related parties, which helps retain influence but keeps the free float low. This would imply that the actual free float is lower than the company’s stated figure. One reason for this discrepancy is that under Indonesia’s rules, any stock holding below 5% is classified as free float, even if they are held long term. Such common practice creates the appearance of free float and even the illusion of successful IPOs.

Source: The Edge Markets March 27, 2026 02:22 UTC