---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 92303
conversation_id: 8612b06e-bf90-4655-b8d2-12d2abbbd991
citations: 0
created: 2026-05-31 18:19:24Z
---

# Who are the key shareholders of Unilever Indo?

## Key Shareholders of Unilever Indonesia (UNVR IJ)

Based on CLSA's most recent coverage notes on Unilever Indonesia, the shareholder structure is highly concentrated, dominated by the parent group:

### Ownership Structure

| Holder | Stake | Notes |
|---|---|---|
| **Unilever Indonesia Holding B.V.** | **85.0%** | Sole disclosed major shareholder; a Dutch holding vehicle of the Unilever Group (parent) [1][2] |
| **Free float (public)** | ~15.0% | Remainder traded on IDX [1][2] |
| **Foreign shareholding (total)** | ~95.0% | Includes Unilever Holding B.V. plus foreign institutional investors in the free float [1][2] |

### Capital Base Context
- **Shares in issue**: 38,150.0 million [1][2]
- **Listing**: IDX (Reuters: UNVR.JK, Bloomberg: UNVR IJ) [1]
- **Market cap**: ~US$3.2bn (as of CLSA's 23-Apr-2025 note) [1]; ~US$3.3bn (as of CLSA's 13-Feb-2025 note) [2]

### Key Takeaways
- **Single dominant shareholder**: Unilever Indonesia Holding B.V., the local holding vehicle of the global Unilever Group (Unilever PLC), owns the controlling 85% stake [1][2]. This means strategic direction, dividend policy, and operational decisions are tightly tied to the global parent.
- **Very thin true free float**: Although nominally 15% is freely floated, foreign shareholding of ~95% indicates that even within the public float, most holders are foreign institutional investors — domestic public ownership is minimal [1][2].
- **Implication for minorities**: With a controlling shareholder at 85% and limited domestic retail participation, UNVR's stock behavior tends to be driven by foreign institutional flows and parent-company strategic decisions (including transformation strategies CLSA has tracked across both their February and April 2025 notes) [1][2].

The shareholder snapshot was consistent across both CLSA Unilever Indo coverage notes (Feb-2025 and Apr-2025), suggesting no material change in major-shareholder composition over that period [1][2].

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**Sources**
[1] Unilever Indo - HLD (Holding steady) — CLSA (24 Apr 2025) — 607956782LinqAlpha.PDF
[2] Unilever Indo - HLD (Challenging moments) — CLSA (13 Feb 2025) — 607950575LinqAlpha.PDF

