IDX Demutualisation: Danantara Prepares for 5 to 10 Per Cent Shareholding
The Danantara Indonesia Investment Management Agency (BPI Danantara) estimates that its shareholding in the Indonesia Stock Exchange (IDX) will range between 5 and 10 per cent through a demutualisation scheme.
Chief Executive Officer (CEO) of Danantara, Rosan Perkasa Roeslani, stated that discussions regarding the exact share size are ongoing following the Financial Services Authority’s (OJK) issuance of OJK Regulation (POJK) Number 13 of 2026 concerning Stock Exchange Shareholders.
“The POJK has been released, and at Danantara, our portion… we are currently discussing it, but it might be between 5 to 10 per cent,” said Rosan, as quoted by Antara on Wednesday (30/09/2026).
Previously, information emerged suggesting that Danantara’s stake in the IDX could reach over 40 per cent. However, Rosan explained that such a figure likely represents the accumulated ownership of several parties.
“There might be other parties, perhaps other ministries involved, such as the Ministry of Finance or others. Therefore, as a consortium, we could reach 30 to 40 per cent, but Danantara’s specific portion might be around 5 to 10 per cent,” he added.
Danantara had previously expressed interest in becoming a shareholder of the IDX through the demutualisation scheme. This interest was conveyed through Danantara Investment Management (DIM). The plan is part of the process to change the IDX ownership structure, which was previously held exclusively by Exchange Members.
The OJK has issued POJK Number 1s3 of 2026 concerning Stock Exchange Shareholders as the legal basis for implementing demutualisation. This regulation has been in effect since 17 September 2026.
Demutualisation allows for the expansion of exchange share ownership to parties other than Exchange Members, including Indonesian legal entities. The OJK stated that this step is aimed at supporting the strengthening of governance, capital access, and the development of the IDX.
Under the regulation, every shareholder can essentially hold a maximum of 5 per cent of IDX shares. However, ownership above this limit is still possible subject to obtaining approval from the OJK. Consequently, the 5-10 per cent portion mentioned by Rosan is still under discussion, and any ownership exceeding 5 per cent requires regulatory approval.
The OJK explained that demutualisation does not only change the ownership structure of the IDX. The process is also directed towards separating share ownership from exchange membership, as well as separating the functions of regulation, supervision, and business operations.
The regulator has also stipulated that no single party may hold a majority stake in the IDX, whether directly or indirectly, including through affiliated companies.
Meanwhile, the IDX is preparing implementing regulations following the issuance of POJK 13/2026. The IDX previously stated that two mechanisms are being studied to admit new shareholders: through the issuance of new shares and the sale of treasury shares.
In this process, Danantara’s position remains in the discussion stage. Rosan previously noted that the size of the IDX shareholding will be discussed with several parties, not just Danantara. Demutualisation is expected to be part of the IDX’s transformation towards a broader ownership structure, while maintaining the independence of the exchange and the supervisory function of the OJK.