It's Over! 18 Listed Companies Delisted from the Exchange This Year, Including SRIL

The Indonesia Stock Exchange (BEI) has officially announced the delisting of 18 listed companies, including major issuers such as PT Sri Rejeki Isman Tbk (SRIL) and PT Sugih Energy Tbk (SUGI). This policy is aimed at cleansing the trading board of problematic issuers, whether those declared bankrupt or those experiencing prolonged suspensions. According to the exchange’s announcement, the delistings will take effect on 10 November 2026. In detail, there are two groups of issuers affected by the delisting. First, seven companies that have been declared bankrupt: PT Cowell Development Tbk (COWL), PT Mitra Pemuda Tbk (MTRA), PT Sri Rejeki Isman Tbk (SRIL), PT Sunindo Adipersada Tbk (TOYS), PT Sejahtera Bintang Abadi Textile Tbk (SBAT), PT Tianrong Chemicals Industry Tbk (TDPM), and PT Omni Inovasi Indonesia Tbk (TELE). Second, 11 other companies that have undergone share trading suspensions for more than 50 months, including PT Eureka Prima Jakarta Tbk (LCGP), PT Sugih Energy Tbk (SUGI), PT Marga Abhinaya Abadi Tbk (MABA), PT Limas Indonesia Makmur Tbk (LMAS), and PT Golden Plantation Tbk (GOLL). BEI explains that the delisting is carried out in reference to Exchange Regulation No. I-N. Under this regulation, a company may have its listing removed if it experiences conditions that have a significant negative impact on business continuity or shows no indication of recovery, including if its shares are suspended for more than 24 months. Notably, several issuers on the delisting list have a long track record in the capital market, including SRIL, which was once a major player in the national textile industry before becoming entangled in financial problems. Additionally, data in the announcement attachment shows that most of these issuers have faced various serious issues, from bankruptcy, delays in financial reporting, to doubts about business continuity (going concern). As part of the delisting process, BEI also encourages companies to conduct share buybacks. The deadline for disclosing buyback information is set for no later than 10 May 2026, with the buyback implementation period running until 9 November 2026. BEI emphasises that even though delisting has been decided, these companies remain obligated to fulfil all requirements as listed companies until the effective date of delisting.