Indonesia's Regulatory Changes Prompt Billionaire to Sell Stakes in Companies
Indonesia's richest man, Prajogo Pangestu, has begun selling small stakes in his listed companies in response to new regulatory requirements aimed at increasing ownership transparency. The Indonesia Stock Exchange has mandated that listed companies must increase their shares available for public trading, known as 'free float', to 15 percent. This move is part of a broader effort to prevent a potential downgrade to frontier market status by MSCI, which could lead to foreign capital outflows. Pangestu sold a 0.56 percent stake in his coal and mining holding company, Petrindo Jaya Kreasi, and a fraction of his stake in Barito Renewables Energy. These actions are in line with the new regulations that require firms to adjust their ownership structures by May to avoid market repercussions. 
