Pertamina Geothermal Energy (PGEO) Reveals Plan to Meet 15% Free Float Requirement

PT Pertamina Geothermal Energy Tbk (PGEO) has spoken about meeting the 15% free float requirement. PGE Finance Director Fransetya Hutabarat said the company is currently studying various options and discussing them with its holding company.

“Yes, we are studying this now because it involves options that must be discussed with our holding company and subholding,” said Fransetya during a media briefing in Habitate, South Jakarta, on Tuesday (4/8/2026).

He said there are several alternatives for pushing the free float level to 15%. However, Fransetya noted this cannot be done immediately, as various aspects must be considered in order to protect PGEO’s share price.

“So we are looking at it from a GCG aspect, risk management, and also ensuring the timing is right. Because we do not want the market suddenly becoming less conducive, which in the end could be unfavourable to our share price,” he said.

Regarding the timeline for meeting the free float requirement, Fransetya said it has not yet been finalised, as the plan requires several approvals.

“We are aware that many companies are in the same position, and it is not easy because the deadline is March 2027. So we hope to be even more prudent. Just wait — we are in the process of studying it now,” Fransetya concluded.

For context, PGEO’s free float currently stands at 11.07%. Meanwhile, the new Indonesia Stock Exchange (IDX) rule requires all listed companies to have a minimum public shareholding, or free float, of 15%.

The rule is set out in the revision of Regulation Number I-A on the Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies, effective 31 March 2026.

By way of illustration, companies with a market capitalisation above Rp5 trillion and an existing free float below 12.5% will be given one year to reach a target of 12.5%. Thereafter, such companies must reach 15% by the end of the second year, specifically 31 March 2028.

Meanwhile, companies with a market capitalisation above Rp5 trillion whose free float is currently between 12.5% and 15% are given one year to reach the 15% target by 31 March 2027.