Free Float Threshold Still Below 15%, Bank Permata (BNLI) Responds

Jakarta — PT Bank Permata Tbk (BNLI), also known as Permata Bank, has responded to questions regarding compliance with the heightened free float shareholding requirement, which is set to increase from 7.5% to 15%. The bank, owned by Bangkok Bank, stated it is carefully monitoring current market dynamics.

Rudy Basyir Ahmad, Chief Financial Officer and head of Permata Bank’s Islamic banking unit, noted that the bank is awaiting the release of formal regulations regarding the change to the free float threshold.

“Certainly, Permata Bank continues to monitor the dynamics and developments of capital market policy. This includes the increase in free float to 15%,” Rudy stated during a public exposure event at Permata Bank Head Office on Thursday, 12 March 2026.

He added that the bank, together with parent company Bangkok Bank, is actively seeking appropriate methods to meet the increased free float requirement. However, he emphasised that the bank will continue to monitor the situation whilst awaiting the formal regulatory guidance.

“On our side, what we can update is that Permata Bank and Bangkok Bank, as our parent company, continue to seek efforts to fulfil this requirement. But since the regulation has not yet been formally issued, we will continue to monitor,” he explained.

Currently, public shareholding in BNLI ordinary shares stands at 9.88%, whilst in warrant shares it is 1.0%.

The increased free float requirement has become a significant issue on the Indonesian stock exchange following MSCI’s indication of potential coordinated trading behaviour. MSCI requested greater transparency in share ownership data provided by regulators and compliance with MSCI’s free float methodology criteria. Following MSCI’s warning, the Jakarta Composite Index declined to the 7,400 level during trading on Thursday, 29 January 2025.

With the recommendation to raise the free float requirement from 7.5% to 15% as of February 2026, public shareholding has become a critical indicator for capital market participants to monitor. Low free float percentages often correlate with limited share liquidity, resulting in more volatile price movements and greater susceptibility to sharp fluctuations.