To Increase Free Float, Prajogo Pangestu Sells 625 Million CUAN Shares

Jakarta, CNBC Indonesia - Conglomerate Prajogo Pangestu has undertaken a share sale in his coal mining company, PT Petrindo Jaya Kreasi Tbk. (CUAN). In a disclosure of information, the petrochemical tycoon reported selling 625.62 million CUAN shares.

At a selling price of Rp1,177 per share, Prajogo reaped Rp736.36 billion from the divestment transaction. The transaction was conducted on 9 April 2026.

“The purpose of the transaction is to increase the free float shares,” Prajogo stated in the disclosure of information quoted on Friday (10/4/2026).

Prior to this transaction, his ownership in CUAN amounted to 93.77 billion shares or equivalent to 83.42%. Following the transaction, Prajogo’s share ownership portion remains at 93.15 billion shares or equivalent to 82.86%.

As is known, the Financial Services Authority (OJK) is pushing for public companies to have a minimum free float of 15%. This is being done to reform Indonesia’s capital market, which has been criticised by MSCI and experienced volatility in January.

Meanwhile, OJK, along with the Indonesia Stock Exchange (BEI) and the Central Securities Depository (KSEI), has released High Shareholding Concentration (HSC) data.

The disclosure of this data aims to enhance transparency and investor confidence in the capital market by displaying a list of issuers where share ownership is dominantly concentrated in a few parties.

Based on the ownership structure determination methodology as of 31 March 2026, there are nine issuers recording single ownership above 95%.

Among them is the share of Prajogo’s EBT issuer, PT Barito Renewables Energy Tbk. (BREN). The ownership concentration level at BREN is 97.31%.