Where Data Tells the Story
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Across 25 listed companies on the Indonesia Stock Exchange, a single shareholder—sovereign wealth fund Danantara—holds a look-through equity value of IDR 898 trillion. The portfolio is heavily anchored by the financial sector: four state giants (BBRI, BMRI, TLKM, and BBNI) account for IDR 533 trillion, or 59% of the total book. A 53% controlling stake in Bank Rakyat Indonesia (BBRI) alone represents IDR 244 trillion of that total.
While IDR 730 trillion is held through direct stakes, the remaining portfolio is funneled through state holding entities. Mining group MIND ID channels IDR 105 trillion across ANTM, TINS, PTBA, and INCO, while Pertamina adds IDR 57 trillion via PGEO, PGAS, and ELSA. The visual layout reflects the cash value of Danantara's net ownership—meaning a high-percentage stake in a smaller firm like GIAA appears larger than a smaller percentage stake in a major miner like INCO.