Stock Exchange Addresses Fate of Shareholders of Companies Facing Delisting
The Indonesia Stock Exchange (BEI) has spoken out regarding the fate of shareholders of issuers facing delisting. It is known that there are as many as 18 issuers that will exit the listed companies on the Indonesia Stock Exchange (BEI). However, in this process, the issuers are required to fulfil their share buyback obligations post-delisting as per the provisions of POJK 45 of 2024 on the development and strengthening of issuers and public companies.
Director of Company Evaluation I Gede Nyoman Yetna stated that the public company or the controller of the public company is the party responsible for this buyback process.
“In accordance with the provisions of Article 8 of POJK 45 of 2024 on the Development and Strengthening of Issuers and Public Companies, the responsible party is the Public Company or the Controller of the Public Company and or other parties if in accordance with the conditions already stipulated by the OJK (for conditions, see Article 8 paragraph 5),” he told reporters on Wednesday (15/4/2026).
This delisting is carried out because the issuers are experiencing conditions or events that have a significant negative impact on the continuity of their business, either financially or legally, and the issuers cannot demonstrate adequate signs of recovery.
The delisting decision has been stated to comply with the stock exchange regulation No I-N. In addition, delisting is also applied to issuers that have experienced securities suspension, both in the regular market and the cash market, for at least the last 24 months.
“Before deciding on delisting, the Exchange has carried out various stages of coaching, encouraging and providing opportunities for Listed Companies to improve their performance while continuing to monitor,” he said.
Nyoman added that these steps are taken as a form of investor protection. In addition, BEI has also made announcements of potential delisting for issuers that have been suspended for 6 months and issued reminders every 6 months thereafter.
“We hope this serves as a reminder for Listed Companies as well as an early warning for investors regarding the potential delisting,” he added.
In the coaching process, Nyoman said, BEI also coordinates with regulators and related parties from the beginning when the issuer experiences going concern problems, so that it then meets the delisting criteria up to the fulfilment of the share buyback obligations of the listed company post-delisting as per the provisions of POJK 45 of 2024 on the development and strengthening of issuers and public companies.
Based on the Exchange’s announcement, the delisting will be effective from 10 November 2026.
For information, there are two groups of issuers affected by the delisting. First, seven companies that have been declared bankrupt, namely 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 experienced share trading suspension for more than 50 months. These issuers include PT Eureka Prima Jakarta Tbk (LCGP), PT Sugih Energy Tbk (SUGI), PT Marga Abhinaya Abadi Tbk (MABA), PT Limas Indonesia Makmur Tbk (LMAS), to PT Golden Plantation Tbk (GOLL).