IDX Flags 59 Issuers for Potential Forced Delisting, Including State-Owned Firms

The Indonesia Stock Exchange (BEI) has announced that 59 listed companies are at risk of forced delisting after their shares were suspended from trading for an extended period. According to BEI Announcement No. Peng-S-00019/BEI.PLP/06-2026 dated 30 June 2026, all the affected issuers have been suspended for more than six months as of that date. The announcement is in accordance with Exchange Rule I-N on Delisting and Relisting of Shares, which requires the bourse to inform the public if a security has been suspended for six months or more. BEI explained that delisting can occur if an issuer experiences conditions or events that significantly and negatively impact its business continuity, whether from a financial or legal standpoint, and shows no adequate indication of recovery.

Several state-owned enterprises are among the 59 companies on the potential forced delisting list, including PT Wijaya Karya Tbk (WIKA), PT Waskita Karya Tbk (WSKT), PT Solusi Bangun Indonesia Tbk (SMCB), and PT Indofarma Tbk (INAF). BEI data shows that WIKA shares have been suspended for 16 months, SMCB for 17 months, INAF for 24 months, and WSKT for the longest period at 38 months.

Waskita Karya’s Finance Director, Wiwi Suprihatno, stated that the company’s shares remain under suspension and have entered a potential delisting period under BEI regulations. He attributed the situation primarily to the unresolved restructuring of the company’s Sustainable Bonds III Phase IV issued in 2019. “The company is coordinating regularly with BEI and OJK regulators to convey the progress of the recovery plan in accordance with applicable regulations,” he said. WSKT is striving to meet all requirements for the lifting of the suspension to prevent its shares from being removed from the exchange. As part of mitigation efforts, the company continues to negotiate with bondholders to secure approval for the restructuring proposal and achieve a quorum at the General Meeting of Bondholders (RUPO).

Alfred Nainggolan, Head of Research at Praus Capital, noted that historically, forced delistings on the IDX have mostly involved non-state-owned companies. “Delistings that have occurred so far in the forced delisting category were caused by the controlling shareholder’s inability to rescue the company,” he said. He emphasised that Self-Regulatory Organisations (SRO) bear the responsibility of ensuring market integrity. In voluntary delistings, he noted, issuers are required to conduct a tender offer, providing a protection mechanism for investors. Alfred argued that forced delisting procedures should be accompanied by stronger regulations to protect public investors, as affected companies are typically already suffering significant losses. He warned that after delisting, investors risk losing access to crucial information, including updates on company liquidation and the realisation of shareholder rights, and urged regulators to facilitate a fairer mechanism for impacted investors.