Foreign Funds at Risk of Fleeing, HSC Status Drags BREN and DSSA into Vulnerable Zone
JAKARTA, KOMPAS.com - PT Barito Renewables Energy Tbk (BREN) and PT Dian Swastatika Sentosa Tbk (DSSA) have entered the list of stocks with high shareholding concentration (HSC).
Both issuers are assessed as having the potential for delisting from global indices, such as the Morgan Stanley Capital International (MSCI).
Based on Indonesia Stock Exchange (BEI) data, the ownership level by certain groups in BREN shares reaches 97.31 per cent. Meanwhile, the concentration ownership for DSSA shares is at 95.76 per cent.
Azharys Hardian, Investment Specialist at PT Korea Investment and Sekuritas Indonesia (KISI), views the inclusion of BREN and DSSA in the HSC list as a fairly serious risk signal for the market, particularly regarding the potential exit of these stocks from global indices like MSCI.
“The inclusion of BREN and DSSA in the HSC list is a significant risk signal, especially related to the potential delisting from global indices like MSCI,” Azharys stated when contacted by Kompas.com on Wednesday (8/4/2026).
This condition risks triggering a large outflow of funds from global institutional investors, particularly passive investment managers who have hitherto referred to the weighting of global indices.
Azharys assesses that the potential exit of BREN and DSSA from global indices will directly reduce foreign investor interest, thereby creating significant short-term selling pressure.
“This creates strong short-term selling pressure due to the loss of interest from passive investment managers who have relied on those index weightings,” he explained.
For information, in the second trading session on Wednesday, BREN’s share price strengthened by 6.02 per cent to Rp4,930. Intraday movements showed high volatility, where the price once surged to touch Rp5,650, before eventually correcting and moving in the range of Rp4,800 to Rp5,000.
In fact, BREN shares were bought up by foreign investors with a net purchase value of Rp13.01 billion in Monday’s trading (6/4/2026).
Based on the BEI disclosure of information, Green Era Energy Pte Ltd has sold 350 million BREN shares on Monday, 6 April 2026. The transaction was conducted at a price of Rp4,510 per share and classified as ordinary shares.
The purpose of this corporate action is to increase the free float and liquidity of shares circulating in the market.
Post-transaction, Green Era Energy Pte Ltd’s share ownership decreased from the previous 30.67 billion shares to 30.32 billion shares.