Jakarta, Indonesia
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MSCI Indonesia 2026 May Review: Downgrades Indonesia Information Flow to Negative Due to Limited Transparency in Shareholding Structures, Coordinated Trading Behaviour & Lack of Corporate Disclosure in English Language, Indonesia Major Stock Index IDX Composite -28.6% YTD, -11.4% Last 12 Months & +2.8% Last 5 Years

20th June 2026 | Hong Kong

MSCI Indonesia 2026 May Review Downgrades Indonesia information flow to negative due to limited transparency in shareholding structures, coordinated trading behaviour & lack of corporate disclosure in English language.  Indonesia major stock index IDX Composite -28.6% YTD, -11.4% last 12 months & +2.8% last 5 years.  In 2026 May, MSCI removed 6 Indonesia companies from the MSCI Indonesia Global Standard Index, and removed 13 Indonesia companies from MSCI Indonesia Small Cap Index.  The 6 Indonesia companies removed from MSCI Indonesia Global Standard Index are Amman Mineral International, Chandra Asri Pacific, Dian Swastatika Sentosa, Barito Renewables Energy, Petrindo Jaya Kreasi & Sumber Alfaria Trijaya.  In 2026 April, MSCI removed 2 Indonesia companies from MSCI indices which are majority-owned by Indonesia billionaire & conglomerate Barito Pacific ($11 billion market value) founder Prajogo Pangestu (Age 81) with $34 billion fortune.  The 2 Indonesia companies removed from the MSCI indices are Barito Renewables Energy & PT Dian Swastatika Sentosa, due to high shareholder concentration.  In 2026 April, United States big 3 credit rating agency Fitch Ratings lowered 4 Indonesia state-owned banks outlook to negative (Previous: Stable).  The 4 Indonesia state-owned banks are Bank Mandiri, Bank Rakyat Indonesia, Bank Negara Indonesia & Bank Tabungan Negara.  Fitch Ratings views Indonesia banking system as resilient with strong underlying credit fundamentals but concerns of Indonesia state-owned banks increasing roles to support government programs.  Indonesia central bank Bank Negara Indonesia remains as BBB.  In 2026 April, MSCI extended Indonesia market securities review period to 2026 June after new measures announced by Indonesia authorities & Indonesia Stock Exchange (IDX).  In 2026 March, Indonesia Financial Services Authority (OJK) was aiming for MSCI early review by 2026 April.  In 2026 January, Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities.  Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility.  In 2026 March, Indonesia Stock Exchange (IDX) has strengthened listed-company shareholding disclosure requirement to 1% threshold from previous 5% threshold with immediate effect.  Shareholders with minimum 1% shareholding names are now published on Indonesia Stock Exchange (IDX) websites & Indonesia Central Securities Depository (KSEI).  In 2026 February, Indonesia Stock Exchange (IDX) announced to implement 15% minimum free float requirement in stages for listed shares from current 7.5% minimum free float requirement.  2026 February Indonesian Stock Exchange (IDX) Free Float Requirement Update: 1) To Raise minimum free float for listed companies to 15% from 7.5%, 2) 267 companies of 900 companies will need to issue new shares, sell existing stakes or share buyback to delist, 3) $11 billion of shares will be released to public shareholders from 267 companies if no delisting of company.  In 2026 February, Indonesian Stock Exchange (IDX) is proposing new regulations including minimum free float requirements for new share IPO listings following IDX Composite decreasing -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities.  In 2026 January, Indonesian Stock Exchange (IDX) CEO Iman Rachman submitted his resignation (30/1/26) to take accountability for recent Indonesia market condition.  In 2026 January, Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities.  Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility.    Indonesian Stock Exchange (IDX Announcement (30/1/26): “As part of a commitment to accountability towards recent market condition, the President Director of the Indonesia Stock Exchange (IDX) has today, Friday (30/1), submitted his resignation. IDX Management will ensure that all subsequent processes are carried out in accordance with the applicable corporate governance framework and prevailing regulations, to maintain stability and continuity of the capital market.”  MSCI Free Float Assessment of Indonesian Securities: 1) Interim freeze on certain index changes for Indonesian securities, 2) Next timeline on reassessment in 2026 may on necessary transparency, 3) Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, 4) More information required on shareholding structures for assessment of free float & investibility.  MSCI (27/1/28): “Announcement for January 27, 2026 at 09:24 PM GMT THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI’s shareholder categorization. While there have been minor enhancements to PT Bursa Efek Indonesia’s (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation.  To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities. Interim Treatment for Indonesian Securities – Effective Immediately In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows: – MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS); – MSCI will not implement index additions to MSCI Investable Market Indexes (IMI); – MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard. This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements. Market Accessibility and Classification –  If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status. Subject to market consultation, this could result in: – A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities – A potential reclassification of Indonesia from Emerging Market to Frontier Market status MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted.

“ MSCI Indonesia 2026 May Review: Downgrades Indonesia Information Flow to Negative Due to Limited Transparency in Shareholding Structures, Coordinated Trading Behaviour & Lack of Corporate Disclosure in English Language, Indonesia Major Stock Index IDX Composite -28.6% YTD, -11.4% Last 12 Months & +2.8% Last 5 Years “

 



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MSCI Removed 6 Indonesia Companies from MSCI Indonesia Global Standard Index & Removed 13 Indonesia Companies from MSCI Indonesia Small Cap Index, 6 Indonesia Companies from MSCI Indonesia Global Standard Index Removed are Amman Mineral International, Chandra Asri Pacific, Dian Swastatika Sentosa, Barito Renewables Energy, Petrindo Jaya Kreasi & Sumber Alfaria Trijaya

Jakarta, Indonesia

14th May 2026 – MSCI has removed 6 Indonesia companies from the MSCI Indonesia Global Standard Index, and removed 13 Indonesia companies from MSCI Indonesia Small Cap Index.  The 6 Indonesia companies removed from MSCI Indonesia Global Standard Index are Amman Mineral International, Chandra Asri Pacific, Dian Swastatika Sentosa, Barito Renewables Energy, Petrindo Jaya Kreasi & Sumber Alfaria Trijaya.  In 2026 April, MSCI removed 2 Indonesia companies from MSCI indices which are majority-owned by Indonesia billionaire & conglomerate Barito Pacific ($11 billion market value) founder Prajogo Pangestu (Age 81) with $34 billion fortune.  The 2 Indonesia companies removed from the MSCI indices are Barito Renewables Energy & PT Dian Swastatika Sentosa, due to high shareholder concentration.  In 2026 April, United States big 3 credit rating agency Fitch Ratings lowered 4 Indonesia state-owned banks outlook to negative (Previous: Stable).  The 4 Indonesia state-owned banks are Bank Mandiri, Bank Rakyat Indonesia, Bank Negara Indonesia & Bank Tabungan Negara.  Fitch Ratings views Indonesia banking system as resilient with strong underlying credit fundamentals but concerns of Indonesia state-owned banks increasing roles to support government programs.  Indonesia central bank Bank Negara Indonesia remains as BBB.  In 2026 April, MSCI extended Indonesia market securities review period to 2026 June after new measures announced by Indonesia authorities & Indonesia Stock Exchange (IDX).  In 2026 March, Indonesia Financial Services Authority (OJK) was aiming for MSCI early review by 2026 April.  In 2026 January, Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities.  Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility.  In 2026 March, Indonesia Stock Exchange (IDX) has strengthened listed-company shareholding disclosure requirement to 1% threshold from previous 5% threshold with immediate effect.  Shareholders with minimum 1% shareholding names are now published on Indonesia Stock Exchange (IDX) websites & Indonesia Central Securities Depository (KSEI).  In 2026 February, Indonesia Stock Exchange (IDX) announced to implement 15% minimum free float requirement in stages for listed shares from current 7.5% minimum free float requirement.  2026 February Indonesian Stock Exchange (IDX) Free Float Requirement Update: 1) To Raise minimum free float for listed companies to 15% from 7.5%, 2) 267 companies of 900 companies will need to issue new shares, sell existing stakes or share buyback to delist, 3) $11 billion of shares will be released to public shareholders from 267 companies if no delisting of company.  In 2026 February, Indonesian Stock Exchange (IDX) is proposing new regulations including minimum free float requirements for new share IPO listings following IDX Composite decreasing -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities.  In 2026 January, Indonesian Stock Exchange (IDX) CEO Iman Rachman submitted his resignation (30/1/26) to take accountability for recent Indonesia market condition.  In 2026 January, Indonesia major stock index IDX Composite decreased -7.35% in 1 day (28/1/26) after MSCI imposed interim freeze on certain index changes for Indonesian securities.  Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, and more information required by MSCI on shareholding structures for assessment of free float & investibility.    Indonesian Stock Exchange (IDX Announcement (30/1/26): “As part of a commitment to accountability towards recent market condition, the President Director of the Indonesia Stock Exchange (IDX) has today, Friday (30/1), submitted his resignation. IDX Management will ensure that all subsequent processes are carried out in accordance with the applicable corporate governance framework and prevailing regulations, to maintain stability and continuity of the capital market.”  MSCI Free Float Assessment of Indonesian Securities: 1) Interim freeze on certain index changes for Indonesian securities, 2) Next timeline on reassessment in 2026 may on necessary transparency, 3) Investors highlighted fundamental investibility issues due to ongoing opacity in shareholding structures & possible coordinated trading behaviour, 4) More information required on shareholding structures for assessment of free float & investibility.  MSCI (27/1/28): “Announcement for January 27, 2026 at 09:24 PM GMT THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES MSCI has concluded its consultation on free float assessment of Indonesian securities. While some global participants supported using PT Kustodian Sentral Efek Indonesia (KSEI) Monthly Holding Composition Report as additional reference data, many investors expressed significant concerns about relying on KSEI’s shareholder categorization. While there have been minor enhancements to PT Bursa Efek Indonesia’s (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation.  To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities. Interim Treatment for Indonesian Securities – Effective Immediately In light of the foregoing concerns, MSCI will apply an interim freeze on certain index related changes for Indonesian securities resulting from Index Reviews (including the February 2026 Index Review) or corporate events, as follows: – MSCI will freeze all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS); – MSCI will not implement index additions to MSCI Investable Market Indexes (IMI); – MSCI will not implement any upward migration across size-segment indexes, including from Small Cap to Standard. This treatment is intended to mitigate index turnover and investability risks while allowing time for the relevant market authorities to deliver meaningful transparency improvements. Market Accessibility and Classification –  If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status. Subject to market consultation, this could result in: – A weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities – A potential reclassification of Indonesia from Emerging Market to Frontier Market status MSCI will continue to monitor developments in the Indonesian market and engage with market participants and authorities, including the Otoritas Jasa Keuangan (OJK) and IDX. MSCI will communicate further actions as warranted.

 

 

MSCI Removes 2 Indonesia Companies from MSCI Indices Which are Majority-Owned by Indonesia Billionaire & $11 Billion Conglomerate Barito Pacific Founder Prajogo Pangestu (Age 81) with $34 Billion Fortune, 2 Indonesia Companies are Barito Renewables Energy & PT Dian Swastatika Sentosa Due to High Shareholder Concentration

22nd April 2026 – MSCI has removed 2 Indonesia companies from MSCI indices which are majority-owned by Indonesia billionaire & conglomerate Barito Pacific ($11 billion market value) founder Prajogo Pangestu (Age 81) with $34 billion fortune.  The 2 Indonesia companies removed from the MSCI indices are Barito Renewables Energy & PT Dian Swastatika Sentosa, due to high shareholder concentrationIn 2026 April, MSCI is extending Indonesia market securities review period to 2026 June after new measures announced by Indonesia authorities & Indonesia Stock Exchange (IDX).  In 2026 April, Indonesia billionaire & conglomerate Barito Pacific ($11 billion market value) founder Prajogo Pangestu (Age 81) with $34 billion fortune sold shares in 2 Indonesia companies to improve free float or meet new free float requirement – 1) Sold 0.56% stake in coal & mining company PT Petrindo Jaya Kreasi & 2) Sold shares in PT Barito Renewables Energy.  In 2026 February, Indonesia billionaire & conglomerate Barito Pacific ($11 billion market value) founder Prajogo Pangestu (Age 81) with $34 billion fortune submitted filings to Indonesia Stock Exchange (IDX) for $224 million (3.75 Trillion rupiah) shares buyback in 3 Indonesia companies PT Barito Pacific, PT Chandra Asri Pacific & PT Petrindo Jaya Kreasi.  In 2025 July, Indonesia billionaire Prajogo Pangestu (Chandra Asri Pacific) infrastructure investment company Chandra Daya Investasi (CDI) share price increased +697% since IPO (9/7/25 IPO Price: 190 Rupiah, 24/7/25: 1515 rupiah) to $11 billion market value. Prajogo Pangestu personal fortune has increased to $36 billion and becomes Indonesia richest.  In 2025 July, Chandra Daya Investasi (CDI) IPO on Indonesia Stock Exchange (IDX) with share price increasing +68.4% after 2 trading days (9/7/25 IPO Price: 190 Rupiah, 10/7/25: 320 Rupiah) to $1.9 billion market value, raising $147 million in the IPO.  In 2026 April, Indonesia released the list of high shareholding concentration & announced completion of 4 key agenda items: 1) Provide public data on share ownership of listed companies with > 1%, 2) Implement announcement of high shareholding concentration, 3) Strengthen investor classifications in Indonesian Central Securities Depository (KSEI) share ownership data (39 investor classifications & types) & 4) Increase minimum free float limit to 15%.  Announcement by The Financial Services Authority (OJK), Indonesia Stock Exchange (IDX) & Indonesian Central Securities Depository (KSEI).  In 2026 April, Indonesia Stock Exchange (IDX) announced new 15% free float requirement timeline – 1) Listed-companies with below $294 million (5 trillion rupiah) market value to meet 15% free float within 3 years by 2029 (31/3/29), 2) Listed-companies with above $294 million (5 trillion rupiah) market value to meet 12.5% free float within 1 year by 2027 (31/3/27) & 15% free float within 2 years by 2028 (31/3/28), 3) New IPOs minimum free float increased to 15% to 25% range from current 10% to 20% range.  In 2026 March, Indonesia Stock Exchange (IDX) strengthened listed-company shareholding disclosure requirement to 1% threshold from previous 5% threshold with immediate effect.  Shareholders with minimum 1% shareholding names are now published on Indonesia Stock Exchange (IDX) websites & Indonesia Central Securities Depository (KSEI).  In 2026 February, Indonesia Stock Exchange (IDX) announced to implement 15% minimum free float requirement in stages for listed shares from current 7.5% minimum free float requirement.

 

 

Indonesia Billionaire & $11 Billion Conglomerate Barito Pacific Founder Prajogo Pangestu (Age 81) with $34 Billion Fortune Sold Shares in 2 Indonesia Companies to Improve Free Float or Meet New Free Float Requirement – 1) Sold 0.56% Stake in Coal & Mining Company PT Petrindo Jaya Kreasi & 2) Sold Shares in PT Barito Renewables Energy

12th April 2026 – Indonesia billionaire & conglomerate Barito Pacific ($11 billion market value) founder Prajogo Pangestu (Age 81) with $34 billion fortune has sold shares in 2 Indonesia companies to improve free float or meet new free float requirement1) Sold 0.56% stake in coal & mining company PT Petrindo Jaya Kreasi & 2) Sold shares in PT Barito Renewables Energy.  In 2026 February, Indonesia billionaire & conglomerate Barito Pacific ($11 billion market value) founder Prajogo Pangestu (Age 81) with $34 billion fortune submitted filings to Indonesia Stock Exchange (IDX) for $224 million (3.75 Trillion rupiah) shares buyback in 3 Indonesia companies PT Barito Pacific, PT Chandra Asri Pacific & PT Petrindo Jaya Kreasi.  In 2025 July, Indonesia billionaire Prajogo Pangestu (Chandra Asri Pacific) infrastructure investment company Chandra Daya Investasi (CDI) share price increased +697% since IPO (9/7/25 IPO Price: 190 Rupiah, 24/7/25: 1515 rupiah) to $11 billion market value. Prajogo Pangestu personal fortune has increased to $36 billion and becomes Indonesia richest.  In 2025 July, Chandra Daya Investasi (CDI) IPO on Indonesia Stock Exchange (IDX) with share price increasing +68.4% after 2 trading days (9/7/25 IPO Price: 190 Rupiah, 10/7/25: 320 Rupiah) to $1.9 billion market value, raising $147 million in the IPO.  In 2026 April, Indonesia released the list of high shareholding concentration & announced completion of 4 key agenda items: 1) Provide public data on share ownership of listed companies with > 1%, 2) Implement announcement of high shareholding concentration, 3) Strengthen investor classifications in Indonesian Central Securities Depository (KSEI) share ownership data (39 investor classifications & types) & 4) Increase minimum free float limit to 15%.  Announcement by The Financial Services Authority (OJK), Indonesia Stock Exchange (IDX) & Indonesian Central Securities Depository (KSEI).  In 2026 April, Indonesia Stock Exchange (IDX) announced new 15% free float requirement timeline – 1) Listed-companies with below $294 million (5 trillion rupiah) market value to meet 15% free float within 3 years by 2029 (31/3/29), 2) Listed-companies with above $294 million (5 trillion rupiah) market value to meet 12.5% free float within 1 year by 2027 (31/3/27) & 15% free float within 2 years by 2028 (31/3/28), 3) New IPOs minimum free float increased to 15% to 25% range from current 10% to 20% range.  In 2026 March, Indonesia Stock Exchange (IDX) strengthened listed-company shareholding disclosure requirement to 1% threshold from previous 5% threshold with immediate effect.  Shareholders with minimum 1% shareholding names are now published on Indonesia Stock Exchange (IDX) websites & Indonesia Central Securities Depository (KSEI).  In 2026 February, Indonesia Stock Exchange (IDX) announced to implement 15% minimum free float requirement in stages for listed shares from current 7.5% minimum free float requirement.

 

 

Indonesia Billionaire & $11 Billion Conglomerate Barito Pacific Founder Prajogo Pangestu (Age 81) with $34 Billion Fortune Files for $224 Million (3.75 Trillion Rupiah) Shares Buyback in 3 Companies PT Barito Pacific, PT Chandra Asri Pacific & PT Petrindo Jaya Kreasi

8th February 2026 – Indonesia billionaire & conglomerate Barito Pacific ($11 billion market value) founder Prajogo Pangestu (Age 81) with $34 billion fortune has submitted filings to Indonesia Stock Exchange (IDX) for $224 million (3.75 Trillion rupiah) shares buyback in 3 Indonesia companies PT Barito Pacific, PT Chandra Asri Pacific & PT Petrindo Jaya Kreasi.  In 2025 July, Indonesia billionaire Prajogo Pangestu (Chandra Asri Pacific) infrastructure investment company Chandra Daya Investasi (CDI) share price increased +697% since IPO (9/7/25 IPO Price: 190 Rupiah, 24/7/25: 1515 rupiah) to $11 billion market value. Prajogo Pangestu personal fortune has increased to $36 billion and becomes Indonesia richest.  In 2025 July, Chandra Daya Investasi (CDI) IPO on Indonesia Stock Exchange (IDX) with share price increasing +68.4% after 2 trading days (9/7/25 IPO Price: 190 Rupiah, 10/7/25: 320 Rupiah) to $1.9 billion market value, raising $147 million in the IPO.  

 

 

Indonesia Billionaire Prajogo Pangestu (Chandra Asri Pacific) Infrastructure Investment Company Chandra Daya Investasi (CDI) Share Price Increased +697% Since IPO (9/7/25 IPO Price: 190 Rupiah, 24/7/25: 1515 Rupiah) to $11 Billion Market Value, Prajogo Pangestu Fortune Increased to $36 Billion & Becomes Indonesia Richest

24th July – Indonesia billionaire Prajogo Pangestu (Chandra Asri Pacific) infrastructure investment company Chandra Daya Investasi (CDI) share price has increased +697% since IPO (9/7/25 IPO Price: 190 Rupiah, 24/7/25: 1515 rupiah) to $11 billion market value. Prajogo Pangestu personal fortune has increased to $36 billion and becomes Indonesia richest.  In 2025 July, Chandra Daya Investasi (CDI) IPO on Indonesia Stock Exchange (IDX) with share price increasing +68.4% after 2 trading days (9/7/25 IPO Price: 190 Rupiah, 10/7/25: 320 Rupiah) to $1.9 billion market value, raising $147 million in the IPO.  

 

 

Indonesia Billionaire Prajogo Pangestu (Chandra Asri Pacific) Infrastructure Investment Company Chandra Daya Investasi (CDI) IPOa on Indonesia Stock Exchange (IDX) with Share Price Increasing +68.4% after 2 Trading Days (9/7/25 IPO Price: 190 Rupiah, 10/7/25: 320 Rupiah) to $1.9 Billion Market Value & Raised $147 Million in IPO

10th July – Indonesia billionaire Prajogo Pangestu (Chandra Asri Pacific) infrastructure investment company Chandra Daya Investasi (CDI) has IPO on Indonesia Stock Exchange (IDX) with share price increasing +68.4% after 2 trading days (9/7/25 IPO Price: 190 Rupiah, 10/7/25: 320 Rupiah) to $1.9 billion market value, raising $147 million in the IPO.




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