List of Shares Controlled by the Usual Suspects: A Risk Signal?

Jakarta, CNBC Indonesia — The Financial Services Authority (OJK), together with the Indonesia Stock Exchange (BEI) and the Central Securities Depository Indonesia (KSEI), has officially released data on High Shareholding Concentration (HSC) or high share ownership concentration in issuers, beginning Thursday (2 April 2026).

This publication represents a new step in enhancing capital market transparency, providing investors with an overview of share ownership structures that are concentrated among a few parties or affiliated entities.

In simple terms, shares on the HSC list are those held by the same “usual suspects” individuals or parties, rather than being owned by a broad base of investors as is typical.

The Executive Head of Capital Market Supervision, Derivative Finance, and Carbon Exchange at OJK, Hasan Fawzi, stated that this data publication will serve as important additional information for investors. “This is not due to any specific violation, but as a form of information disclosure for shares confirmed to have high ownership concentration,” he said at the BEI building in Jakarta, quoted on Monday (6 April 2026).

According to him, this data can be used as an early warning for investors in making investment decisions, without disrupting the ongoing market mechanisms.

The HSC data is compiled based on the methodology for determining high concentrated share ownership, covering shares in both certificate and book-entry forms, with positions as of 31 March 2026.

Based on the published data, there are nine issuers with ownership concentration levels above 95%. The top position is held by PT Rockfields Properti Indonesia Tbk. (ROCK) with an ownership level of 99.85%, followed by PT Ifishdeco Tbk. (IFSH) at 99.77% and PT Satria Mega Kencana Tbk. (SOTS) at 98.35%.

Next, PT Samator Indo Gas Tbk. (AGII) recorded an ownership concentration of 97.75%, followed by PT Barito Renewables Energy Tbk. (BREN) at 97.31%. Other issuers on this list include PT Panca Anugrah Wisesa Tbk. (MGLV), PT Dian Swastatika Sentosa Tbk. (DSSA), PT Lima Dua Lima Tiga Tbk. (LUCY), and PT Abadi Lestari Indonesia Tbk. (RLCO), all with ownership levels above 95%.

OJK emphasises that going forward, together with the Self-Regulatory Organisation (SRO), it will continue to conduct socialisation and periodic publication of similar data as part of efforts to strengthen information openness in Indonesia’s capital market.