6 Issuers at Risk of Exiting LQ45 Index If They Fail to Meet These Rules

Jakarta, CNBC Indonesia - The Indonesia Stock Exchange (IDX) will adjust the criteria for stocks included in the LQ45 index. At least three new aspects will be considered for the index constituents.

The adjustment involves adding three main aspects: minimum free float, number of trading days, and provisions for stocks with High Shareholding Concentration (HSC). Apart from these additions, the selection criteria for LQ45 index constituents remain unchanged.

Of the total 45 stocks in the LQ45 index, there are two issuers currently in the HSC category, namely PT Barito Renewables Energy Tbk (BREN) and PT Dian Swastatika Sentosa Tbk (DSSA). The presence of stocks with high concentrated ownership is one of the concerns in future index evaluations.

Meanwhile, in terms of free float definition and requirements, all issuers in the LQ45 index currently meet the minimum 10% threshold. However, there are five issuers whose positions could be pressured if the free float threshold is raised to 15%.

“The IDX80 universe must meet a minimum free float ratio of 10% or follow the provisions in the latest IDX Regulation Number I-A and Circular Letter Number SE-00004/BEI/03-2026, whichever is higher,” as quoted from the official announcement on Wednesday (22/4/2026).

Referring to data on LQ45 index constituents as of 30 January 2026, the five issuers with free float below 15% include PT Barito Renewables Energy Tbk (BREN) at 11.63%, PT Pertamina Geothermal Energy Tbk (PGEO) at 10.24%.

In addition, PT Alamtri Minerals Indonesia Tbk (ADMR) at 12.53%, PT Trimegah Bangun Persada Tbk (NCKL) at 14.35%, and PT Unilever Indonesia Tbk (UNVR) at 14.49%.

Nevertheless, this adjustment will take effect starting 4 May 2026. Thus, changes in composition or increases in free float by issuers are still possible before the rules are fully implemented.