Indonesia’s Richest Man Sells Stakes as Ownership Rules Tighten
Prajogo Pangestu
Photographer: Dimas Ardian/Bloomberg
Indonesia’s richest man has begun selling small stakes in his listed companies as tighter ownership rules push firms to increase shares available to public investors.
Billionaire Prajogo Pangestu sold a 0.56% stake in coal and mining holding PT Petrindo Jaya Kreasi to boost the company’s free float, according to a stock exchange filing late Thursday. Pangestu-affiliated Green Era Energy Pte. Ltd. this week also sold a fraction of its stake in his PT Barito Renewables Energy.