Indonesia's wealthiest figure is divesting minor stakes in several of his companies. These sales are reportedly driven by new regulations requiring firms to increase shares available to public investment.

Indonesia’s richest man has begun selling small stakes in his listed companies as tighter ownership rules push firms to increase shares available to public investors. Billionaire Prajogo Pangestu sold a 0.56 per cent stake in coal and mining holding Petrindo Jaya Kreasi to boost the company’s free float, according to a stock exchange filing late Thursday. Prajogo-affiliated Green Era Energy this week also sold a fraction of its stake in his Barito Renewables Energy. Regulators are fast-tracking....