Jakarta. Following changes in its shareholding structure that increased its free float to around 25.7%, shares of Chandra Asri Pacific (IDX: TPIA) are seen as becoming more attractive to institutional investors.

Senior Investment Information analyst at Mirae Asset Sekuritas Indonesia, Nafan Aji Gusta, said the increase in TPIA's free float to 25.7% has been positively received by market participants, as a larger public shareholding portion is expected to improve the stock's trading liquidity.

"The stock will become more actively traded and increasingly attractive to institutional investors," Nafan said on Wednesday.

According to him, institutional investors such as pension funds, asset managers, and global funds typically have specific investment criteria, including minimum free float requirements.

"When the free float exceeds a certain threshold, such as above 15%, the stock becomes more eligible to enter their investment radar," he said.

Nafan added that the current conditions open greater opportunities for substantial capital inflows into TPIA shares.

He also noted that free float is an important variable in determining the weighting of global indices such as MSCI and FTSE. As a result, the increase in public share ownership could potentially raise TPIA's weighting in these indices.

"If that happens, it could trigger buying activity from passive funds that use MSCI and FTSE as investment benchmarks," Nafan said.

Furthermore, he said the higher free float could strengthen investor confidence in the company when pursuing corporate actions to raise funding, such as rights issues or bond issuances.

"With a broader investor base and improved share liquidity, the company's ability to secure market support will become even stronger," Nafan added.

Previously, in a disclosure dated May 27, 2026, the Indonesia Stock Exchange (IDX) announced that 26 listed companies had been included in the Main Board category, with TPIA among those upgraded from the Development Board.

Responding to the announcement, Chandra Asri Group President Director and CEO Erwin Ciputra expressed appreciation to the IDX for the trust placed in the company.

"We thank the Indonesia Stock Exchange for its confidence in upgrading TPIA's listing status to the Main Board following its review process," Erwin said. "This achievement reflects the company's commitment to strengthening its business fundamentals, implementing good corporate governance, and maintaining sustainable growth."

Erwin added that the Main Board listing marks an important milestone for Chandra Asri Group as it continues to create long-term value for shareholders and stakeholders through the strengthening of its energy, chemicals, and infrastructure business portfolio.

"Going forward, we will continue to focus on strengthening operational performance, enhancing competitiveness, pursuing sustainable business development, and creating employment opportunities. Through our growth strategy, we remain committed to reinforcing the company's fundamentals while creating long-term value for all shareholders and stakeholders," Erwin said.

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