Indonesia Stock Exchange Demutualisation Approved; Danantara Submits Shareholding Offer

JAKARTA — The Daya Anagata Nusantara Investment Management Agency (Danantara) has formally submitted an offer to become a shareholder in the Indonesia Stock Exchange (IDX). Due diligence is under way, and no official decision has been made on the size of the stake it may acquire.

IDX President Director Jeffrey Hendrik said the exchange could not yet disclose the transaction value or details of Danantara’s offer because the process was ongoing.

“The offer has been received and due diligence is under way. However, as the process is still ongoing, we cannot disclose the details yet,” Jeffrey said after the IDX Extraordinary General Meeting of Shareholders (EGMS) in Jakarta on Wednesday (28 October 2026).

Jeffrey explained that approval of amendments to the articles of association at the EGMS opened the way for parties other than exchange members to own shares in the IDX. Previously, ownership of exchange shares was reserved for exchange members.

“From now on, the opportunity for prospective shareholders outside the exchange membership is open. We will begin processing applications, inviting prospective shareholders and assessing their suitability,” he said.

He stressed that the amendments were not designed specifically to accommodate one or two institutions, but would apply generally to any party that met the requirements.

Under the legislation, institutions such as the Ministry of Finance and Bank Indonesia could also become shareholders in the exchange. However, Jeffrey said neither had entered the due diligence stage.

Confirmation of which parties will officially become new shareholders is subject to the completion of all documents and administrative procedures. The IDX has not set a specific timetable for selling shares to the public through an initial public offering (IPO).

“In the future, of course, we hope to hold an IPO, like exchanges in other countries. But before reaching that stage, we must first complete these initial steps,” he said.

Jeffrey added that issuing new shares could be the first step before an IPO. However, the proposal still needs to be discussed and requires formal approval from shareholders.