IDX Urges 9 Listed Companies on HSC List to Promptly Undertake Corporate Actions

The Indonesia Stock Exchange (IDX) has requested that listed companies included in the high shareholding concentration (HSC) list, where share ownership is concentrated among a few parties, promptly improve their shareholding structures. “We announced it in the previous period on 2 April; we have stated that there are nine companies categorised as shares owned by certain parties,” said IDX Director of Company Valuation, I Gede Nyoman Yetna, on Friday (10/4/2026). Nyoman stated that issuers on the HSC list must take actions to assure investors that their ownership structures are no longer concentrated. “The company’s obligation is to take the necessary actions to ensure that the ownership structure is no longer concentrated,” he said. Nyoman explained that issuers on the HSC list can undertake corporate actions such as issuing new shares or rights issues to reduce ownership held by a handful of parties. “Please take actions. Whatever corporate actions they choose, we do not dictate to them. They know what to do; what I mean is that the company has the obligation to undertake corporate actions,” he clarified. “We will request information. So besides asking them, we ask them to be proactive in reporting what has been done. We will check the structure again; once we see that the structure is no longer concentrated according to the exchange’s and SRO’s methodology,” he continued. Thus, Nyoman said, it is hoped that investor confidence, both domestic and foreign, can be restored to invest in those shares. “If we implement this, not only domestic investors will trust us, but foreign investors will also increase their trust in us. That is what we hope for in the long term. There will be more investments in us. Why? Because we are more transparent,” he stated. For information, with ownership concentration above 95%, share liquidity in the secondary market becomes very limited because control of supply is in the hands of controlling shareholders. This condition causes the supply and demand mechanism not to function as it does for shares with more even ownership distribution. The limitation in transaction volume poses risks that investors need to consider. A concentrated ownership structure allows a transaction with relatively small value and volume to trigger sharp price movements. Therefore, price formation in HSC issuers tends to be vulnerable to volatility and is often influenced by limited liquidity space on the exchange. “Please remember, this is neutral information from the regulator, not a sanction,” he concluded. The issuers categorised as HSC as of 2 April 2026 number nine, including PT Barito Renewables Energy Tbk (BREN), owned by Prajogo Pangestu, with an ownership structure controlled by a few parties at 97.31% of total shares in warrant and non-warrant form. Next, PT Dian Swastatika Sentosa Tbk (DSSA), owned by the Sinar Mas Group, with an ownership structure controlled by a few parties at 95.76% of total shares in warrant and non-warrant form. Then, PT Abadi Lestari Indonesia Tbk (RLCO) with share ownership by a few parties at 95.35%, PT Rockfields Properti Indonesia (ROCK) with a concentration level of 99.85%. In addition, there is PT Panca Anugrah Wisesa Tbk (MGLV) with an HSC level of 95.94%. Sixth, PT Ifishdeco Tbk (IFSH) with a concentration level of 99.77%, PT Satria Mega Kencana Tbk (SOTS) with a high concentration of 98.35%, PT Samator Indo Gas Tbk (AGII) with a concentration of 97.75%. And, PT Lima Dua Lima Tiga Tbk (LUCY) with an HSC level of 95.47%.