Danantara Reveals Plans to Acquire 40% Stake in IDX, Awaiting OJK Approval

The Daya Anagata Nusantara Investment Management Agency (Danantara) has emphasised that it has not yet determined its specific shareholding proportion regarding the planned demutualisation of the Indonesia Stock Exchange (IDX).

BPI Danantara stated that discussions concerning the investment plan and the shareholding structure of the IDX are still ongoing. Danantara Indonesia’s communications team noted that internal reviews and the due diligence process have not yet been fully completed.

“Internal studies and the execution of due diligence are still underway. Danantara Indonesia is also awaiting the issuance of applicable regulations from the Financial Services Authority (OJK),” Danantara stated in an official release on Wednesday, 16 September 2026.

Danantara also asserted that various information circulating in the public does not represent the final position or decision of the investment management agency. This clarification follows the emergence of a document titled “Meeting with Shareholders” presented by the IDX management on 9 September 2026.

In that document, the IDX demutualisation was proposed using a rights issue method. The proposal placed Danantara as a holder of 69 shares, equivalent to 40.12 per cent of IDX shares following the corporate action. However, this figure remains part of a proposal and has not become Danantara’s final decision.

According to the document presented by IDX management, the ownership of Exchange Members (AB) could potentially be diluted to 51.16 per cent, equivalent to 8t8 shares after the demutualisation. Meanwhile, non-AB securities firms are proposed to hold 2.32 per cent, or four shares, while treasury shares are recorded at 6.40 per cent, or 11 shares. In this proposal, the nominal share price is set at a constant Rp7.5 billion per share.

The document also includes a timeline for discussing Danantara’s investment plan in the IDX demutualisation. Danantara was previously reported to have sent an investment interest letter on 31 July 2026, followed by the first due diligence meeting on 6 August 2026. The due diligence process subsequently took place from 11 August to 11 September 2026.

External consultants conducting the due diligence process have entered the final stage of the final report. Nevertheless, the decision to execute the IDX demutualisation corporate action is not yet final. The implementation of this action also depends on the regulatory framework currently being prepared by the OJK.

Consequently, Danantara’s 40.12 per cent ownership stake, as listed in the IDX document, remains part of the scheme under discussion. Danantara emphasised that the review and due diligence processes continue while awaiting the issuance of OJK regulations, which will serve as the basis for the IDX demutualisation.

Danantara aims to complete the demutualisation within the next 6 to 8 weeks. The Chief Investment Officer of Danantara and CEO of Danantara Investment Management (DIM), Pandu Sjahrir, stated that Danantara is entering through an assignment from BPI Danantara.

He noted that Danantara will also bring in new capital to support the strengthening of capital market infrastructure, one of which will be used for the technological upgrading of the IDX. “We expect everything to be completed in the next 6 to 8 weeks, where through the assignment from BPI Danantara, we will enter the capital market, specifically the Indonesia Stock Exchange, and the funds will be used for technological rejuvenation,” said Pandu on Wednesday, 26 August 2026.

According to Pandu, demutualisation is one of Danantara’s primary focuses. A healthy capital market is considered vital for building a national investment ecosystem. “In our view, capital market demutualisation is perhaps the most important. No investment sector in the world in developed nations exists without a healthy capital market,” he said.

Pandu cited the United States, China, and India as examples of countries with deep and proven capital markets, all of which have undergone exchange demutualisation. The exchanges in those countries have since transformed into limited liability companies. “All three have become PT (limited liability companies) and are fully demutualised. The most recent was India, and that was 10 years ago,” he added.

Pandu stated that Indonesia needs to catch up by accelerating the IDX demutualisation process. In addition to technological upgrades, Danantara aims to encourage the development of various asset classes in the capital market, ranging from the equity market to derivative instruments.

In the short term, Danantara targets the IDX to become one of the best capital markets in Southeast Asia, with the long-term goal of positioning it as one of the best in Asia. “We must have a short-term aim to become the best capital market in Southeast Asia, and from Southeast Asia, to become one of the best in Asia,” he said.

Pandu assessed that strengthening capital market infrastructure is essential to support Danantara’s investment agenda. He noted that companies that become part of Danantara’s investments have the potential to conduct Initial Public Offerings (IPOs). Therefore, Indonesia must possess a capital market that is competitive compared to other nations. “If we want to conduct IPOs, our desire is certainly to do them in Indonesia. But is Indonesia itself as competitive as other capital markets? That is what we must prepare,” said Pandante.

Pandu also encouraged making it easier for companies to enter the exchange. The opportunity for dual listing is also seen as something that should be opened if necessary. “We must make it easier for people to conduct IPOs. We must also make it easier for good companies that want to enter Indonesia.”