BEI Holds Consultations with High Shareholding Concentration (HSC) Issuers

Bursa Efek Indonesia (BEI) has held consultations with several issuers that are on the high shareholding concentration (HSC) list. BEI’s Director of Corporate Valuation I Gede Nyoman Yetna said the discussions focused on steps the companies could take to exit the HSC list.

‘I won’t name names, but most of these companies have already met with us,’ Nyoman told reporters at the Indonesia Stock Exchange, on Tuesday, 19 May 2026. He said the issuers asked in detail what criteria must be met for a company to no longer be categorised as a stock with high ownership concentration.

Nyoman said one possible action is to map ownership. He stated the exchange does not view affiliations of share ownership, but rather concentrates on the proportion of ownership held by a small group of parties.

According to Nyoman, when share ownership is concentrated, price formation in the market will not reflect objective conditions. ‘Friends, what we also want to convey is that with relatively even dispersion, price formation will be directed towards the objectivity of its fundamentals,’ he said.

Nevertheless, Nyoman emphasised that the HSC list information is not a punishment for issuers, but rather supplementary information for investors. He said the final decision remains in the hands of investors.

Based on BEI’s announcement, there are 10 issuers on the HSC list: PT Barito Renewables Energy Tbk (BREN), PT Dian Swastatika Sentosa Tbk (DSSA), PT Abadi Lestari Indonesia Tbk (RLCO), PT Rockfields Properti Indonesia Tbk (ROCK), PT Panca Anugrah Wisesa Tbk (MGLV), PT Ifishdeco Tbk (IFSH), PT Satria Mega Kencana Tbk (SOTS), PT Samator Indo Gas Tbk (AGII), PT Lima Dua Lima Tiga Tbk (LUCY), and PT BSA Logistics Indonesia Tbk (WBSA).

Morgan Stanley Capital International (MSCI) itself has removed BREN and DSSA from the Global Standard Index. Meanwhile, FTSE Russell said it would remove Indonesian stocks suspected of having high ownership concentration in its June 2026 review.

Editor’s Pick: How should investors respond to MSCI assessments?