Who Owns Telkom Indonesia Company?

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Who Owns Telkom Indonesia?

The ownership structure of a major telecommunications company profoundly influences its strategic direction and operational focus. For PT Telkom Indonesia (Persero) Tbk, understanding who holds the reins, especially after its privatization in 1995, is key to grasping its market position and future plans. Telkom Indonesia, commonly known as Telkom, is a significant player in the Indonesian telecommunications sector, offering a wide array of services from mobile and fixed-line communications to internet and data services.

Telkom Indonesia's journey began with early telegraph services in 1856, but its modern iteration as a distinct entity dates back to July 6, 1965. Headquartered in Bandung with its operational hub in Jakarta, the company has evolved into Indonesia's largest telecommunications provider. It provides comprehensive services including fixed and mobile voice, internet, data communication, and network solutions, alongside enterprise solutions and IT services, actively contributing to Indonesia's digital economy. As of July 2025, Telkom Indonesia boasts a market capitalization of approximately $16.78 billion USD, ranking it as the 1238th most valuable company globally by market cap. The Indonesian government remains the primary stakeholder, offering a unique perspective on how a state-controlled enterprise operates within a dynamic global market.

Delving into the Telkom Indonesia ownership structure reveals a history rooted in state control, transitioning through privatization to include significant public and institutional investors. Examining the influence of its Board of Directors and voting power provides insight into its corporate governance. Understanding the Telkom Indonesia ownership history and recent changes is crucial for investors and stakeholders alike. The company's commitment to digital transformation is evident in its development of digital platforms and infrastructure, supporting the nation's growing digital economy. For a deeper understanding of its strategic positioning, one might explore the Telkom Indonesia BCG Matrix.

The Indonesian government's stake represents the Telkom Indonesia majority owner, signifying its role as a state-owned enterprise. This substantial Telkom Indonesia government ownership shapes its operational mandate and strategic objectives. The Telkom Indonesia public company status means it is also subject to public market scrutiny and investor expectations. Identifying the Telkom Indonesia largest shareholder is essential for understanding its controlling interest and overall Telkom Indonesia ownership stake. The Telkom Indonesia ownership structure explained often highlights the interplay between government directives and market-driven strategies. Furthermore, understanding Telkom Indonesia beneficial ownership and Telkom Indonesia board of directors ownership can offer a more nuanced view of its governance. The Telkom Indonesia ownership transparency and adherence to Telkom Indonesia ownership regulations are also critical aspects for stakeholders. Analyzing Telkom Indonesia ownership changes over time provides context for its current market position and future outlook. The Telkom Indonesia ownership report typically details these aspects, offering clarity on Telkom Indonesia investment ownership.

The ownership of Telkom Indonesia is not attributed to individual founders in the way a private startup might be. Its origins are firmly rooted in state ownership, with a history that began with the Dutch colonial government's establishment of the first electromagnetic telegraph service in Indonesia on October 23, 1856. This foundational step laid the groundwork for what would eventually become a national telecommunications entity.

A significant transformation occurred in 1961 when the Indonesian government converted the official government agency, PTT (Postal and Telecommunications Services company), into a statutory corporation. This marked a shift towards a more formalized state-controlled structure. The pivotal moment for the company's direct lineage came on July 6, 1965, when the government separated the PTT entity into two distinct statutory corporations: PN Pos Giro for postal services and PN Telekomunikasi for telecommunications. This strategic division allowed for specialized focus, with PN Telekomunikasi emerging as the direct predecessor to the modern Telkom. Management has since designated July 6, 1965, as the company's official anniversary, acknowledging this crucial separation.

Further organizational changes took place in 1974, when PN Telekomunikasi was divided into Perusahaan Umum Telekomunikasi (Perumtel), responsible for domestic and international telecommunications services, and PT Industri Telekomunikasi Indonesia (PT INTI), which focused on manufacturing telecommunications equipment. In 1980, the international telecommunications operations were transferred to the newly nationalized PT Indonesian Satellite Corporation (Indosat). By 1991, Perumtel had transitioned into a state-owned limited liability company, officially becoming Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia, or Telkom. Throughout these formative years, the Indonesian government maintained complete control and ownership, viewing telecommunications as a critical public service essential for national development. This governmental control meant there were no individual founders receiving equity or angel investors; the initial ownership was exclusively the state, holding all shares and directing all strategic decisions.

State-Led Genesis

Telkom Indonesia's ownership began with the Dutch colonial government in 1856. The Indonesian government later took over and formalized state control.

Formalization of PTT

In 1961, the PTT agency was converted into a statutory corporation by the Indonesian government. This was a key step in establishing state-owned telecommunications infrastructure.

PN Telekomunikasi Formation

On July 6, 1965, PN Telekomunikasi was established, separating telecommunications from postal services. This date is now recognized as the company's anniversary.

Corporate Restructuring

Further divisions in 1974 led to Perumtel for services and PT INTI for manufacturing. International operations moved to Indosat in 1980.

Transition to PT

In 1991, Perumtel became a state-owned limited liability company, renamed PT Telekomunikasi Indonesia (Telkom). This marked a significant corporate structure change.

Government as Sole Owner

Throughout its early history, the Indonesian government held 100% ownership. This reflected a strategic view of telecommunications as a vital national asset.

Early Ownership Structure

The foundational ownership of Telkom Indonesia was exclusively governmental. This state control was a deliberate strategy to ensure telecommunications development aligned with national interests and served as a tool for national progress. Understanding this history is crucial for grasping the current Telkom Indonesia ownership structure.

• No individual founders with equity stakes.
• No angel investors in the traditional sense.
• Entirely state-owned during formative years.
• Government controlled all strategic decisions.
• Reflected a vision of telecommunications as a public service.

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The ownership journey of Telkom Indonesia began with its privatization, a pivotal moment that reshaped its structure and operational framework. This transformation was marked by an Initial Public Offering (IPO) on November 14, 1995, with shares listed on the Jakarta Stock Exchange (now Indonesia Stock Exchange) and the Surabaya Stock Exchange. Further expanding its reach, Telkom's shares were also made available on the New York Stock Exchange (NYSE) through American Depositary Shares (ADSs), and offered to the public without listing on the Tokyo Stock Exchange. This strategic move aimed to enhance telecommunications infrastructure and alleviate the state budget deficit.

As of 2024 and into 2025, the Government of the Republic of Indonesia continues to be the primary stakeholder, holding a substantial approximately 52.09% of Telkom's issued and outstanding shares. The remaining 47.91% is distributed among public shareholders. Crucially, the government also possesses a 'golden share' (Dwiwarna), which confers specific voting rights and veto powers on significant matters, underscoring its continued influence. Understanding the Telkom Indonesia ownership structure explained reveals this blend of state control and public investment.

Among the public shareholders, several institutional investors hold significant stakes, reflecting the company's transition to a publicly traded entity with broad investor participation. As of March 30, 2025, BNY Asset Management held 4.23%, The Vanguard Group, Inc. had 1.58%, Lazard Asset Management LLC owned 1.45%, Harding Loevner LP possessed 1.15%, and Allspring Global Investments, LLC held 0.69%. Additionally, as of December 30, 2024, Norges Bank Investment Management maintained a notable stake of 0.61%. These holdings highlight the diverse Telkom Indonesia investment ownership and the significant presence of institutional capital. The Telkom Indonesia majority owner remains the government, ensuring alignment with national digital infrastructure policies and development goals, a key aspect of the Growth Strategy of Telkom Indonesia.

Key Telkom Indonesia Shareholders

The Telkom Indonesia ownership structure is characterized by significant government control alongside substantial institutional investor participation. This dynamic influences the company's strategic direction and corporate governance.

• The Government of Indonesia is the Telkom Indonesia majority owner.
• Institutional investors like BNY Asset Management and The Vanguard Group are major Telkom Indonesia shareholders.
• The government's 'golden share' provides special voting and veto rights.
• This ownership model reflects a balance between state interests and public market investment.

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The governance of Telkom Indonesia is significantly shaped by its ownership structure, with the Indonesian government holding a controlling stake. This influence is directly reflected in the composition and decisions of both the Board of Directors and the Board of Commissioners. As of the Annual General Meeting of Shareholders (AGMS) on May 27, 2025, which reviewed the 2024 financial year, key appointments were made to these boards, reinforcing the government's oversight.

The Board of Directors is currently led by Dian Siswarini as President Director (CEO), succeeding Ririek Adriansyah. Muhammad Awaluddin serves as Deputy President Director. The other members of the Board of Directors include Arthur Angelo Syailendra (Director of Finance & Risk Management), Veranita Yosephine Sinaga (Director of Enterprise & Business Services), Nanang Hendarno (Director of Network & IT Solutions), Seno Soemadji (Director of Strategic Portfolio), Henry Christiadi (Director of Human Capital Management), Honesty Basyir (Director of Wholesale and International Business), and Faizal Rohmadi Djoemadi (Director of IT & Digital). This team is responsible for the day-to-day operations and strategic execution of the company.

The Board of Commissioners, tasked with supervising the Board of Directors, also features significant government representation. Angga Raka Prabowo, the Deputy Minister of Communication and Digital, was appointed President Commissioner, taking over from Bambang Brodjonegoro. The other commissioners include Ismail, Ossy Dermawan, Rionald Silaban, and Silmy Karim. Additionally, Yohanes Surya, Deswandhy Agusman, and Rizal Mallarangeng serve as Independent Commissioners. The presence of government officials on the Board of Commissioners highlights the Indonesian government's substantial influence as the largest shareholder.

Voting Power and Government Influence

Telkom Indonesia operates on a one-share-one-vote principle for its common stock. However, the Government of the Republic of Indonesia possesses a special Series A Dwiwarna share. This unique share grants the government special voting and veto rights on crucial strategic matters, effectively providing it with disproportionate control. This mechanism ensures the government can protect national interests within the company's strategic decisions. While there haven't been prominent proxy battles, the government's majority stake and the Dwiwarna share create a stable governance environment, limiting the impact of external shareholder pressures. Understanding the Marketing Strategy of Telkom Indonesia is also key to grasping its market position and operational success.

• The Indonesian government is the largest shareholder in Telkom Indonesia, holding a 52.09% ownership stake.
• A Series A Dwiwarna share gives the government special voting and veto rights.
• This structure ensures government oversight on strategic decisions.
• The Board of Commissioners includes government officials, reinforcing state influence.
• The voting power structure provides a stable governance framework.

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Over the past few years, Telkom Indonesia has been actively pursuing a strategic transformation, guided by its 'Five Bold Moves (5 BM)' strategy. This plan emphasizes digital connectivity, digital platforms, and digital services, with key initiatives like Fixed Mobile Convergence (FMC) to better integrate its fixed and mobile offerings, and the establishment of a Data Center Co to capitalize on the growing demand for data storage solutions. These moves are designed to position the company for sustained growth in Indonesia's rapidly digitizing economy.

Significant shifts in leadership have also marked this period. The Annual General Meeting of Shareholders on May 27, 2025, saw the appointment of Dian Siswarini, formerly the CEO of XL Axiata, as the new President Director, succeeding Ririek Adriansyah. This change signals a renewed focus on enhancing the company's digital and commercial performance. Additionally, Angga Raka Prabowo, who also serves as the Deputy Minister of Communication and Digital, was appointed as the new President Commissioner. The inclusion of individuals with government affiliations underscores the state's ongoing influence and oversight of the company's strategic direction, reinforcing its status as a state-controlled entity.

The company's financial health and commitment to its shareholders are evident in its dividend policy and share buyback program. For fiscal year 2024, Telkom Indonesia approved a substantial cash dividend of IDR 21.04 trillion, which represents 89% of its net profit for that year. This translates to IDR 212.46 per share, marking the highest dividend payout ratio seen in the last five years. This strong return to shareholders, coupled with an approved share buyback plan of up to IDR 3 trillion (subject to regulatory approvals), underscores the company's robust financial position and its strategy to enhance shareholder value. These financial decisions are made within the context of its ongoing transformation, aiming to balance profitability with strategic investments in future growth areas.

Telkom Indonesia Majority Owner

The Indonesian government remains the primary stakeholder in Telkom Indonesia. This significant Telkom Indonesia government ownership influences the company's strategic direction and its role in national digital infrastructure development.

Telkom Indonesia Ownership Structure

As a publicly listed company, Telkom Indonesia has a diverse shareholder base. However, the substantial stake held by the state means that Telkom Indonesia is considered a state-owned enterprise, with the government exercising considerable control.

Telkom Indonesia Public Company Status

Telkom Indonesia is listed on the Indonesia Stock Exchange, making it a public company. This status necessitates adherence to stringent corporate governance and transparency standards, impacting its Telkom Indonesia ownership transparency.

Telkom Indonesia Controlling Interest

The Indonesian government's significant Telkom Indonesia ownership stake grants it a controlling interest in the company. This allows the government to steer Telkom Indonesia's strategic objectives, aligning them with national development goals, and influencing its Mission, Vision & Core Values of Telkom Indonesia.

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