January 30, 2026 | 03:55 pm
TEMPO.CO, Jakarta - Indonesia's Sovereign Wealth Fund Danantara is exploring participation in the Indonesia Stock Exchange (IDX) once the exchange’s demutualization process is completed.
Danantara CEO Rosan Perkasa Roeslani said the decision will depend on identifying the most suitable structure for the investment.
“With the demutualization program set to be accelerated, Danantara aims to be open to the market. Like in other countries, many sovereign wealth funds also participate in stock exchanges,” Rosan said in an interview at Wisma Danantara on Friday, January 30, 2026.
Rosan did not confirm whether Danantara would enter the market through an initial public offering (IPO), nor has the value of any potential shareholding been determined.
He noted that state-owned enterprises (SOEs) under Danantara’s management are already listed on the IDX, even before the agency was formally established, and have contributed to overall market capitalization. “We also want to encourage our stock exchange to be more transparent and open,” he added.
The move follows concerns from global index provider MSCI over Indonesia’s low free float, the proportion of shares publicly traded, which remains below the recommended 15 percent. MSCI also highlighted limited transparency in share ownership as a factor that could contribute to unjustified price formation.
Demutualization, which converts a stock exchange from a member-owned organization into a share-based corporation, is seen as a step toward greater transparency and broader market participation.
Danantara first indicated its intention to invest in equities in 2025. Yesterday, the agency’s Chief Investment Officer, Pandu Sjahrir, confirmed that the fund has already made undisclosed capital market investments. These portfolios focus on strong fundamentals, liquidity, and long-term value.
Read: Indonesia to Fast-Track Stock Exchange Demutualization After IHSG Drop
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