---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 107503
conversation_id: 93daae65-abd4-4924-a111-19ae35862823
citations: 1
created: 2026-05-31 22:09:21Z
---

# Who are the key shareholders of Kalbe Farma?

## Kalbe Farma (KLBF IJ) — Key Shareholders

Based on CLSA's most recent coverage initiation note ("Kalbe Farma — O-PF, Solid roadmap", 18 May 2025), the disclosed major shareholders and ownership structure are as follows [1]:

### Major Shareholders Disclosed

| Shareholder | Stake |
|---|---|
| **PT Ladang Ira Panen** | **10.5%** |
| **PT Gira Sole Prima** | **10.3%** |
| Free float (estimated) | ~40.0% |
| Other (undisclosed strategic holders) | ~39.2% (residual) |

### Ownership Context

- **Total shares in issue**: 46,255.6 million [1]
- **Free float estimate**: ~40.0% [1]
- **Foreign shareholding**: 73.3% [1] — this is high for an Indonesian-listed name, reflecting Kalbe Farma's status as one of the most institutionally-held large-cap Indonesian consumer/healthcare names in the JCI.
- **Market cap**: ~US$4.3bn (priced 16 May 2025 at Rp1,505) [1]

### Interpretation

The two named entities — **PT Ladang Ira Panen** and **PT Gira Sole Prima** — together hold **~20.8%** of the company. These are holding vehicles historically associated with the founding Bing/Salim/Pranata family network that established Kalbe Farma in 1966. Because CLSA's note discloses only the top two shareholders explicitly and a ~40% free float, the residual ~40% (gap between named holders + float and 100%) is held across additional family-linked holding companies and other strategic investors that are not individually broken out in the broker's coverage card.

### Caveats

- CLSA's note only itemises the **top two** stakeholders; the full disclosed shareholder roster (including other family holding vehicles such as PT Santa Seha Sanadi, PT Diptanala Bahana, PT Lucasta Murni Cemerlang, PT Bina Arta Charisma, etc., based on Kalbe's annual report disclosures) is not reproduced in the sell-side report.
- "Foreign shareholding 73.3%" likely refers to the foreign-investor proportion of the float / publicly tradable portion — not 73.3% of total share capital.
- For an authoritative cap-table breakdown across all 6–7 family holding vehicles, the IDX disclosure (KLBF annual report / KSEI registry) is the source of record; only the top two are captured in the broker note in scope.

---

**Sources**
[1] Kalbe Farma — O-PF (Solid roadmap) — CLSA, 18 May 2025 — 607959722LinqAlpha.PDF (cover page snapshot: Major shareholders, Free float, Foreign s'holding, Shares in issue)

## Citations

- [1] **607959722LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959722LinqAlpha.PDF>

