Jakarta, stockinsight.kedannews.co.id – An intriguing phenomenon is unfolding at the Indonesia Stock Exchange (IDX), where several listed companies now have extremely high public share ownership (free float), with some even reaching 100%. This indicates the absence of a dominant controlling shareholder, creating a more fluid corporate direction and exposing stock prices to sharp fluctuations.
Recent data shows that companies categorized as “ownerless stocks” have massively dispersed ownership to the public. Such high free float often triggers volatility and governance challenges, including difficulties in reaching quorum during General Shareholders’ Meetings (GSM).
At PT HK Metals Utama Tbk (HKMU), public ownership has reached an absolute 100%. The Ngasidjo Achmad family, previously controlling shares via PT Hyamn Sukses Abadi, gradually divested all holdings to the regular market. An internal company source noted, “The absence of a main shareholder sometimes prevents GSM from reaching quorum, delaying key strategic decisions.”
A similar situation occurs at PT Express Transindo Utama Tbk (TAXI), also recording a 100% free float. Formerly part of Peter Sondakh’s Rajawali Group portfolio, TAXI shares are now fully owned by retail investors after controlling shareholders exited due to digital transportation disruption and mounting debts.
PT Bintraco Dharma Tbk (CARS) shows a free float of 94.51%, with prior ownership by the Sebastian family through PT Ahabe Niaga Selaras. Ongoing divestment after financial restructuring has dispersed shares widely among the public. Meanwhile, PT Minna Padi Investama Tbk (PADI) has a free float of 94.05%, influenced by a failed Bank Muamalat acquisition plan and forced selling due to pledged shares by previous controlling shareholders.
Other companies with high free float include PT WIR Asia Tbk (WIRG) at 93.89% and PT Envy Technologies Indonesia Tbk (ENVY) at 86.18%. WIRG’s public ownership surge followed aggressive profit-taking by founders, while ENVY faces fundamental performance pressure and significant share reduction by Malaysian majority shareholders.
Additional high free float firms include PT Dewata Freightinternational Tbk (DEAL) 84.98%, PT Bakrieland Development Tbk (ELTY) 84.83%, PT Mitra International Resources Tbk (MIRA) 82.29%, and PT Limas Indonesia Makmur Tbk (LMAS) 78.78%. Most of this public ownership arises from previous shareholder divestments, debt restructuring, or long-term business stagnation, diluting concentrated ownership.
Market analysts note, “Ownerless stocks may attract retail investors due to high liquidity, but corporate management must be cautious in strategic decisions since no majority shareholder provides clear direction.”
Looking ahead, analysts predict that companies with extreme free float need more stable governance mechanisms and better public communication to reduce stock price volatility risks. Monitoring the market and managing shares strategically are key to preventing investors from facing high risks in the regular market.
Source: CNBC Indonesia
