{
    "success": true,
    "data": {
        "id": 1683287,
        "msgid": "these-3-delisting-scenarios-for-indonesias-stock-exchange-and-the-fate-of-investors-which-is-the-worst-1776405075",
        "date": "2026-04-17 11:55:15",
        "title": "These 3 Delisting Scenarios for Indonesia's Stock Exchange and the Fate of Investors: Which is the Worst?",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Finance",
        "summary": "The Indonesia Stock Exchange (BEI) has announced plans to delist 18 companies by mid-April 2026, primarily due to bankruptcy or prolonged trading suspensions exceeding 50 months, highlighting the risks of public investment. The article outlines three delisting scenarios: forced delisting from fundamental crises and legal bankruptcy, as seen with PT Hanson International (MYRX), resulting in total investor losses; voluntary withdrawal for liquidity efficiency, like PT Tunas Ridean (TURI), which provided fair buyouts; and strategic go-private moves for solid firms such as PT Danayasa Arthatama (SCBD), offering substantial gains to shareholders. This analysis underscores that while delistings can devastate retail investors in weak companies, they may yield benefits in cases of financially strong entities, emphasizing the importance of due diligence in the capital markets.",
        "content": "<p>The Indonesia Stock Exchange has once again drawn the attention of\nmarket participants by announcing plans to remove the listing of shares\nfor 18 issuers in mid-April 2026. This firm step, scheduled to take\neffect in early November, is based on the capital market authority\u2019s\ncommitment to protecting the continuity of public investment. Most of\nthese issuers are on the delisting list because they have been legally\nbankrupt or have experienced temporary trading suspensions for more than\n50 months without any signs of fundamental recovery. This mass\nannouncement underscores the significant real risks of share investments\nin the secondary market. However, when examined more holistically, the\ncorporate action of removing issuers from the exchange is not solely\ndriven by financial crises. There are three main backgrounds underlying\ndelisting events, each with a very different chronological sequence,\nstrategic interests of the company owners, and impacts on investors.\nFundamental Crisis and Legal Cases Leading to Bankruptcy The first and\nmost risky scenario is forced delisting due to extreme liquidity crises\nthat lead to bankruptcy and legal sanctions. Cases in this category\nrepresent a total failure of public company governance. PT Hanson\nInternational Tbk, with the stock code MYRX, is a real example of this\nscenario. The chronology began when the controlling shareholder, Benny\nTjokro, became embroiled in a mega-scandal of investment fund\nmanipulation at Jiwasraya and ASABRI insurance companies. This chain of\ncases triggered the seizure of the company\u2019s assets by the Attorney\nGeneral\u2019s Office, which then completely paralysed the company\u2019s business\noperations. The company ultimately defaulted on its debts, faced a long\nsuspension by the exchange reaching the 48-month limit, and was declared\nbankrupt by the Central Jakarta Commercial Court before being officially\nremoved from the exchange in July 2025. From the company owner\u2019s\nperspective, business interests and reputation have been completely\ndestroyed. The controller no longer has control over the company, has\nbeen sentenced to life imprisonment, and all strategic assets have been\nseized by the state. For the state, the MYRX case leaves a massive\nfinancial loss burden, although the Attorney General\u2019s Office has\nattempted to seize 22% of the company\u2019s shares. Meanwhile, the fate of\npublic investors is at its lowest point. Given that public ownership\nreaches more than 66%, those retail investment funds are completely\nwiped out. The shares become dead assets, and the remnants of the\ncompany\u2019s liquidation are seized by the state, leaving no room for\ncapital return to minority shareholders who must bear 100% losses.\nLiquidity Efficiency and Voluntary Withdrawal The second scenario occurs\nwhen a company takes the initiative for voluntary withdrawal due to\ninactive trading liquidity conditions and compliance efficiency, even\nthough its financial fundamentals are very stable. PT Tunas Ridean Tbk\nor TURI is an apt representation of this category. The chronology\nproceeded procedurally when management realised that their shares were\nrarely traded on the regular market and public ownership had shrunk to\nthe minimum limit of 7.5%. Feeling no longer in need of raising funds\nfrom the public, the company applied for suspension in May 2022 to\nprocess privatisation plans. The main interest from the owner\u2019s side, in\nthis case Jardine Cycle &amp; Carriage Ltd, is operational efficiency\nand ownership consolidation. By withdrawing from the exchange, the\ncontroller no longer needs to bear the annual listing cost burden for\ninactive shares. For the state, this scenario has a neutral impact\nbecause the business entity continues to operate normally and pays\ncorporate taxes as usual. On the other hand, this condition actually\nprovides significant benefits to public investors. Financial Services\nAuthority regulations require owners to buy back remaining public shares\nthrough a voluntary tender offer. TURI shareholders at the time enjoyed\nfund liquidation at Rp1,700 per share, providing liquidity certainty\nabove historical market prices before the company officially departed in\nApril 2023. Solid Fundamentals and Execution of Go-Private Strategy The\nthird scenario represents the most premium side of delisting, namely\nwhen a company with very healthy financial fundamentals and large assets\nchooses to withdraw from the exchange purely for absolute control\npurposes. PT Danayasa Arthatama Tbk with the stock code SCBD perfectly\nrepresents this category. As the manager of the most strategic business\ndistrict in the capital, the company has very strong cash flow. The\nchronology began with management\u2019s decision in 2020, which assessed that\nthe company no longer needed equity funding access. The remaining public\nshares were also very small, only 0.07% of total issued shares. From the\ncapital owner\u2019s perspective, the strategic interest is absolute control\nover premium property asset values and financial data privacy. Becoming\na closed company allows the controller to execute business strategies\nwithout public intervention and quarterly reporting obligations. The\nimpact of this scenario on state revenue remains neutral because\noperational corporate tax obligations run without issues. For retail\ninvestors, the privatisation of this elite entity is an extraordinary\nprofit realisation moment. To smooth its corporate action, the SCBD\ncontroller set the share purchase offer price at Rp5,565 per share,\nsurging more than twice compared to its last trading price. This fact\nconfirms that delisting actions do not always end in losses but can\nbecome a catalyst for maximum gains if they occur in issuers with strong\nfundamentals.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/these-3-delisting-scenarios-for-indonesias-stock-exchange-and-the-fate-of-investors-which-is-the-worst-1776405075",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}