Listed Companies Must Do This to Exit the HSC Stock List
The Indonesia Stock Exchange (BEI) hopes that companies included in the high shareholder concentration or High Shareholder Concentration List (HSC) stocks can distribute their share ownership more evenly to maintain liquidity.
Acting CEO of BEI Jeffrey Hendrik has opened the possibility of periodically evaluating the disclosure of information for stocks meeting the HSC criteria.
“With that announcement, we certainly hope that listed companies will take the necessary steps to better distribute shares to the public so that they are no longer concentrated,” Jeffrey concluded to reporters on Monday (6/4/2026).
He emphasised that if the evaluation results show that share ownership is no longer concentrated, BEI will announce the change in status. Thus, companies have the opportunity to exit the HSC list after meeting the specified criteria.
Jeffrey also explained that HSC status does not require affiliation relationships among shareholders. This status purely reflects a condition where several investors control a large portion of shares, making ownership concentrated.
“For example, if a large foreign investor enters with a certain amount, say still below 5 percent, it is still considered free float. But if there are several individuals or institutions buying 3-4 percent each, combined with the founder’s shares, it becomes concentrated,” he clarified.
Based on the ownership structure determination methodology as of 31 March 2026, there are nine companies recording single ownership above 95%.
Trading data shows that seven out of the nine stocks on the HSC list experienced selling pressure. PT Satria Mega Kencana Tbk (SOTS) recorded the deepest correction of 14.58%, followed by PT Rockfields Properti Indonesia Tbk (ROCK) which fell 13.06%, and PT Abadi Lestari Indonesia Tbk (RLCO) which weakened 12.60%.
On the other hand, only two stocks rose, namely PT Ifishdeco Tbk (IFSH) by 11.42% and PT Lima Dua Lima Tiga Tbk (LUCY) by 9.76%.
This highly volatile price dynamic is closely related to the minimal free float portion in those companies.
With ownership concentration above 95%, stock liquidity in the secondary market becomes very limited because supply control is in the hands of controlling shareholders. This condition causes the supply and demand mechanism to not function as it does for stocks with more even ownership distribution.
The limitation in transaction volume gives rise to risks that investors need to watch. A centralised ownership structure allows a transaction with relatively small value and volume to trigger sharp price movements.