Jakarta, IDN Times – PT Merdeka Gold Resources Tbk (EMAS) has announced a significant shift in its shareholding structure following its Initial Public Offering (IPO).
According to the monthly shareholder report dated September 30, 2025, the company’s public float has sharply increased, coinciding with a divestment by strategic investor Garibaldi ‘Boy’ Thohir. The report indicates that the EMAS free float now stands at approximately 4.85 billion shares, representing 29.9 percent of the total outstanding shares.
This figure marks an almost threefold increase compared to the EMAS IPO on September 23, 2025, when 1.61 billion shares, or about 10 percent of the company, were offered to the public.
Boy Thohir No Longer Listed as a Top 5% Shareholder
The same report also reveals that Boy Thohir is no longer listed among the shareholders holding more than 5 percent of the company’s shares.
This suggests that Boy Thohir has divested all or a significant portion of his previous holdings. According to the IPO Prospectus, Boy Thohir’s shares in EMAS amounted to 905,037,245 shares, or 6.21 percent.
This increase in free float is a significant positive signal for EMAS in the capital market. The higher proportion of publicly held shares opens the door for the company to potentially gain a larger weighting in global indices, such as the MSCI (Morgan Stanley Capital International), which uses a free float adjusted market capitalization methodology.
This potential inclusion is expected to broaden the international investor base, strengthen share trading liquidity, and enhance the attractiveness of EMAS to institutional investors.
Boy Thohir’s Shifting Focus
This corporate action aligns with Boy Thohir’s trend of transitioning his personal focus. Previously, the brother of Minister of Youth and Sports (Menpora) Erick Thohir also divested his ownership in PT Merdeka Battery Materials Tbk (MBMA) in August 2024.
Furthermore, Boy Thohir has resigned from various strategic positions, including Commissioner at PT Surya Esa Perkasa Tbk (ESSA) since March 2022, PT Merdeka Copper Gold Tbk (MDKA) since April 2023, and PT GoTo Gojek Tokopedia Tbk (GOTO) since June 2025. This transition culminated in his handing over the operational leadership of the Adaro Group in June 2025 to focus more on philanthropic endeavors.
Gold Reserves Surge by 150 Percent
Amidst the changing ownership structure, EMAS’s operational fundamentals demonstrate solid strengthening. The company reported commencing initial mining activities (first mining) on October 1, 2025. On schedule, the target for initial gold production (first gold production) is set for Q1-2026, with peak production projected to reach approximately 500,000 ounces of gold per year by 2032.
This fundamental strengthening is supported by a significant increase in reserves and resources. President Director of Merdeka Gold Resources, Boyke Abidin, explained that based on the latest technical studies, the ore reserve of the Pani gold mine has now increased to 4.8 million ounces, according to the company’s report dated October 6, 2025.
“This figure is 150 percent higher than the previous reserve of 1.9 million ounces, from mineral resource content exceeding 7 million ounces,” Boyke stated, Thursday (10/9).
Meanwhile, total resources are recorded at over 7 Moz, reflecting strong long-term expansion potential.
Overall, Boyke stated that the combination of a more diversified ownership structure and increasingly solid operational fundamentals places EMAS in a strategic new phase of growth under the coordination of the Merdeka Group.
For information, EMAS and MBMA are part of the ecosystem of PT Merdeka Copper Gold Tbk (MDKA), which is controlled by PT Provident Capital Indonesia and PT Saratoga Investama Sedaya Tbk (SRTG).