SRIL to Be Delisted from the Stock Exchange This Year, What About the Fate of 45,866 Investors?

The Indonesia Stock Exchange recently announced the delisting of PT Sri Rejeki Isman Tbk (SRIL) due to the company’s bankruptcy. Shares of the textile issuer will be effectively delisted as of 10 November 2026.

According to the Monthly Report on Securities Holder Registration as of 31 January 2025, public ownership in SRIL stands at 8,158,734,000 shares, equivalent to 39.89%. The number of investors reached 45,866 shareholders by the end of March 2026.

Among them is the prominent investor Lo Kheng Hong. This was revealed after PT Kustodian Sentral Efek Indonesia (KSEI) disclosed data on share ownership exceeding 1%.

As of 27 February 2026, the man commonly known as Pak Lo holds 209,339,500 shares in Sritex, approximately 1.02% of the publicly circulating shares.

With SRIL shares priced at Rp146 each, Pak Lo’s stake in SRIL is equivalent to Rp30.56 billion.

So, what is the fate of SRIL investors?

According to the sikapiuangmu.ojk.go.id website on Tuesday (14 April 2026), there are two options available to investors if their shares are to be delisted.

First, investors can sell their shares in the negotiation market. The negotiation market is where securities are traded through negotiation or bargaining.

Negotiations are conducted individually, but the buying and selling process must still go through securities companies. The negotiation market has its own rules, which remain under stock exchange supervision.

The BEI will provide an opportunity by lifting the suspension on shares to be delisted for a certain period. However, it will only be open in the negotiation market for a few days.

During that time, investors are advised to sell their shares that are facing forced delisting. The concern is that prices may plummet due to the impending delisting, but at least the holdings can be sold.

Second, investors can choose to hold onto their shares. Some delisted companies remain public entities and may potentially relist on the exchange.

However, this possibility is very slim, although the ownership remains recorded, meaning the shares are not lost.

As the financial services sector regulator, the Financial Services Authority (OJK) has issued POJK No. 3/POJK.04/2021 on the Implementation of Activities in the Capital Market, aimed at protecting retail investors in the capital market, disciplining issuers, and accommodating new developments or global trends in the financial services industry.

One form of protection for retail investors under this POJK is that issuers are required to buy back shares from investors in the event of delisting, providing a channel for investors to sell back their holdings.

It should be noted that Law No. 40/2007 on Limited Liability Companies stipulates the position of shareholders as recipients of compensation for their share ownership. However, shareholders’ rights can only be fulfilled after creditor claims and employee rights have been settled.