IDX Delists 18 Issuers: Its Impact on the Capital Market
The Indonesia Stock Exchange (IDX) is undertaking a clean-up initiative by delisting 18 issuers. This policy is seen as a positive sentiment for the Indonesian stock market in the long term, as it enhances the quality and integrity of the capital market.
The IDX has set the delisting of these securities to take effect from 10 November 2026. Prior to the decision taking effect, issuers are still given the opportunity to conduct share buybacks until 9 November 2026.
This step refers to Exchange Regulation Number I-N, where companies are deemed no longer to meet the requirements to remain listed on the exchange.
Two main reasons for delisting 18 issuers
The IDX explained that there are two main conditions underlying the decision. First, issuers are experiencing conditions that negatively impact business continuity without any indication of recovery. Second, the company’s shares have been suspended for at least 24 months.
“The Exchange has decided on the Delisting of Securities for Listed Companies effective 10 November 2026,” said the IDX in a disclosure of information on Saturday (11/4/2026).
Based on KONTAN’s research, the 18 issuers on the delisting list have diverse public ownership structures.
Some of them include PT Tianrong Chemical Industri Tbk (TDPM) with 27.49% public ownership, PT Sugih Energy Tbk (SUGI) 66.23%, PT Omni Inovasi Indonesia Tbk (TELE) 30.36%, PT Northcliff Citranusa Indonesia Tbk (SKYB) 31.51%, and PT Eureka Prima Jakarta Tbk (LCGP) 87.38%.
In addition, there are PT Sunindo Adipersada Tbk (TOYS), PT Sri Rejeki Isman Tbk (SRIL), PT Polaris Investama Tbk (PLAS), PT Cahaya Permata Sejahtera Tbk (UNIT), PT Triwira Insanlestari Tbk (TRIL), and PT Cowell Development Tbk (COWL).
The other issuers are PT Limas Indonesia Makmur Tbk (LMAS), PT Envy Technologies Indonesia Tbk (ENVY), PT Mitra Pemuda Tbk (MTRA), PT Marga Abhinaya Abadi Tbk (MABA), PT Jaya Bersama Indo Tbk (DUCK), PT Sejahtera Bintang Abadi Textile Tbk (SBAT), and PT Golden Plantation Tbk (GOLL).
Observer: This step maintains market credibility
University of Indonesia capital market observer, Budi Frensidy, assesses that forced delisting is not caused by share price declines, but rather by the issuers’ fundamental conditions that have entered the severe category.
According to him, the IDX is cleaning up ‘zombie’ issuers that have been suspended for too long and show no improvement.
“In fact, if shares that have been suspended for dozens of months are left unchecked, the market’s credibility becomes worse,” he told Kontan.
He views this policy as crucial for maintaining market integrity and the quality of the price discovery process.
Capital market observer and Director of PT Purwanto Asset Management, Edwin Sebayang, emphasised that the delisting issue is closely related to market credibility and investor protection.
He mentioned several factors such as prolonged suspensions, failure in information disclosure, poor financial conditions, and governance violations as the main causes.
“The accumulation of problematic shares will reduce the trust premium in the Indonesian market,” he told Kontan.
Meanwhile, the Financial Services Authority (OJK) and IDX are said to be continuously strengthening regulations to increase issuer discipline in the capital market.
Buyback issue and investor protection
On the other hand, Director of Avere Investama, Teguh Hidayat, highlighted the obligation for issuers to buy back shares before delisting. He believes the IDX needs to ensure that retail investors are not disadvantaged.
According to him, issuers must provide buyback funds, even if necessary through asset sales. However, this is not always easy to do in a short time.
Budi Frensidy also added that not all issuers are capable of conducting buybacks, especially those already in bankruptcy status. In such conditions, shareholders’ positions are last in line after creditors.
Short-term and long-term impacts
In the short term, this policy has the potential to trigger market volatility, particularly in third-tier shares. Retail investors still trapped in suspended shares may also feel negative impacts.
“Because this confirms that liquidity in the exchange for the shares they hold has practically disappeared,” said Budi.
“It is important for the integrity of price discovery and market reputation,” he stressed.
Edwin also assesses that this reform will improve market efficiency, although in the short term it may increase risk perception.
IPO reform and the future of the stock market
Observers agree that this delisting policy is part of a broader capital market reform. In the future, the number of problematic issuers is expected to increase along with the tightening of rules by the self-regulatory organisation (SRO).
However, in the long term, the quality of listed issuers on the exchange is expected to improve, so the number of delistings could decrease steadily.
Teguh Hidayat believes the root problem of problematic issuers also stems from an overly lax initial public offering (IPO) process.
“In the future, what investors are waiting for is the IPO rules themselves to be of higher quality. However, the SRO’s steps throughout this year have been quite wise, including the delisting of these 18 issuer shares,” he said.