Jakarta, CNBC Indonesia \u2013 The Financial Services Authority (OJK) is\nconsidering an exit policy for listed companies struggling to meet the\nminimum free-float requirement of 15%. Options include extending the\ndeadline, voluntarily going private and delisting.<\/p>\n
Hasan Fawzi, OJK\u2019s Chief Executive for Capital Markets, Derivatives\nFinance and Carbon Exchanges, said raising the minimum free float was a\nmajor priority for regulators. The aim is to widen public investor\nparticipation and address concerns about low liquidity, concentrated\nownership and transparency.<\/p>\n
Hasan said this message had been conveyed and had received full\nsupport from listed companies, both through industry associations and\ndirect engagement with the OJK.<\/p>\n
However, he acknowledged that meeting the requirement would not be\neasy. The market\u2019s capacity to absorb shares depends heavily on market\nconditions, particularly as companies face an aggressive deadline to\ncomply within the next two to three years.<\/p>\n
\u201cThere is certainly a risk of a simultaneous surge in demand from\nlisted companies that still need to meet the 15% minimum free-float\nrequirement,\u201d Hasan told reporters in Jakarta on Thursday (8 October\n2026).<\/p>\n
To assist companies, the Indonesia Stock Exchange (IDX), acting on\nthe OJK\u2019s instructions, has set up a task force and a hotline helpdesk\nfor issuers experiencing difficulties.<\/p>\n
The OJK will also soon issue new provisions intended to make it\neasier for listed companies to carry out corporate actions, such as\nrights issues, to meet the 15% minimum free float.<\/p>\n
Hasan added that Exchange Regulation I-A already provides for an exit\npolicy. Compliance will be assessed periodically at each annual\nmilestone, taking into account input from the task force.<\/p>\n
He said companies would still need to demonstrate genuine efforts to\ncomply. Overall market conditions would be an objective factor in the\nassessment, but individual companies could not use them as an\nexcuse.<\/p>\n
Going private is not a bad thing<\/strong><\/p>\n The assessment will help the IDX decide on an exit policy, including\ndelisting companies that had no prospect of meeting the requirement from\nthe outset, even after being granted an extension.<\/p>\n However, Hasan said leaving the exchange was not necessarily a bad\noutcome. A company might simply no longer wish to increase public\nownership and instead choose to go private.<\/p>\n \u201cAn exit is certainly possible, and it is not necessarily a bad\nthing. It may be that a company no longer sees a need to commit to\nincreasing its public ownership, and instead wants to go private of its\nown accord,\u201d he said.<\/p>",
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