MSCI to Remove HSC Shares, BREN and DSSA Set to Be Booted

Jakarta, CNBC Indonesia - Morgan Stanley Capital International (MSCI) has issued an announcement assessing Indonesia’s capital market reforms on 20 April 2026. This announcement follows its previous release on 27 January 2026, when it suspended rebalancing for the Indonesian indices.

In the May 2026 index review, MSCI has decided to retain the temporary policy that has been in place for Indonesian securities. This policy includes freezing increases in Foreign Inclusion Factors (FIF) and Number of Shares (NOS), as well as not adding new shares to the MSCI Investable Market Indexes (IMI).

Additionally, one of MSCI’s measures, consistent with its treatment of similarly identified securities in other markets, is to remove securities identified by Indonesian authorities as part of the new High Shareholding Concentration (HSC) framework.

As a result, shares of the Sinar Mas Group company PT Dian Swastatika Sentosa Tbk. (DSSA) and shares owned by conglomerate Prajogo Pangestu, PT Barito Renewables Energy Tbk. (BREN), are at risk of being removed from the MSCI indices. Both shares are included in the list of nine HSC shares released by the Indonesia Stock Exchange (BEI) and the Indonesian Central Securities Depository (KSEI).

BREN has an ownership concentration level of 97.31%, while DSSA stands at 95.76%.

“We expect BREN and DSSA to be removed based on the HSC provisions at the earliest in the May rebalancing, although the exact timing is not explicitly stated,” said Senior Analyst for Investment Information at Mirae Asset Sekuritas, Nafan Aji Gusta, to CNBC Indonesia on Tuesday (21/4/2026).