---
endpoint: analytics
pattern: Telecoms
status: done
latency_ms: 134020
conversation_id: 3905db50-b8fd-43b3-92a5-c7036b53e388
citations: 3
created: 2026-05-31 22:08:54Z
---

# Who are the key shareholders of Telkom?

# Telkom Indonesia (TLKM) — Key Shareholders

Note on disambiguation: "Telkom" most commonly refers to **PT Telkom Indonesia (Persero) Tbk** — ticker TLKM (IDX), TLK (NYSE ADR). If you meant Telkom South Africa (TKG) or Telekom Malaysia (T MK), let me know and I'll re-run the search. The data below reflects CLSA's most recent coverage (research note dated 21 April 2025) [1].

## Shareholder Structure

| Holder | Stake | Notes |
|---|---|---|
| **Republic of Indonesia** | **53.7%** | Controlling shareholder; Telkom is an Indonesian state-owned enterprise (SOE / BUMN). The Government holds one Series A Dwiwarna (golden) share + Series B common shares. [1][2] |
| **Public free float** | **~46.3%** | Listed on IDX (TLKM) and NYSE (TLK ADR). [1] |
| └ of which **Foreign shareholding** | ~20.0% (of total cap) | Foreign investors hold roughly 20% of total outstanding shares. [1] |

- **Shares in issue:** 100,799m [1]
- **Market cap (as of 21 Apr 2025):** ~US$15.2bn [1]

This shareholder split has been **consistent across CLSA's 2024–2025 coverage** — 53.7% Republic of Indonesia / 46.3% free float / ~20% foreign is the same composition reported in CLSA's 14 Aug 2024 update [2] and prior notes.

## Subsidiary-Level Holdings (Telkom Group's own stakes in operating subs)

CLSA's SOTP build shows the following key holdings owned BY Telkom (i.e., Telkom's children, not its parents) [3]:

| Subsidiary | Telkom's Stake | External Stakeholder(s) |
|---|---|---|
| **Telkomsel** (cellular) | 70% | Singtel (Z74 SP) owns the residual **30%** |
| **Mitratel (MTEL)** | 70% | Public free float ~30% (listed on IDX) |
| **Data centers, wholesale, other** | 100% | — |
| **Gojek (now GoTo / GOTO)** | minority — held at book value | Other GoTo shareholders |

## Practical Implications for the Investment Case

- **State-controlled SOE risk.** CLSA explicitly flags that "the potential for greater government interference could impact the firm more than its non-state-owned-enterprise competitors" as a top investment risk — a direct consequence of the 53.7% government stake. [1]
- **Dividend conduit for the government.** Because the Republic of Indonesia is the controlling shareholder, dividend policy is partially a fiscal lever — Telkom proposed an 80% payout for FY23 (vs. typical 60–70%), translating to a ~5.5% yield at the time. [1]
- **Singtel's 30% in Telkomsel** is the single most important non-government strategic stake in the group's structure — it sits one level down from TLKM itself but is the largest profit pool, so changes in the Singtel arrangement materially affect minority TLKM holders.

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**Sources**

[1] Telkom – O-PF (Returning cash) — CLSA, 21 April 2025 — 607956442LinqAlpha.PDF (cover-page shareholder table)
[2] Telkom – O-PF (Data centre ambitions) — CLSA, 14 August 2024 — 607936311LinqAlpha.PDF (cover-page shareholder table)
[3] Telkom – O-PF (Returning cash) — CLSA, 21 April 2025 — 607956442LinqAlpha.PDF (Figure 18: revised SOTP showing 70% Telkomsel, 70% Mitratel, 30% Singtel stake in Telkomsel)

## Citations

- [1] **607956442LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/04/607956442LinqAlpha.PDF>
- [2] **607936311LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2024/08/607936311LinqAlpha.PDF>
- [3] **607956442LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/04/607956442LinqAlpha.PDF>

