The Conglomerates Whose Stocks MSCI Has Dropped

Jakarta, CNBC Indonesia — Morgan Stanley Capital International (MSCI) announced the results of its November 2026 index review on Thursday (12 November 2026), Indonesia time.

Two stocks were removed from the MSCI Global Standard indexes: PT Barito Pacific Tbk (BRPT) and PT Bumi Resources Minerals Tbk (BRMS). No listed companies’ shares were added to the category.

MSCI also adjusted its small-cap index, the MSCI Small Cap Indexes. BRMS was added to the list after previously being removed from the MSCI Global Standard indexes.

Meanwhile, seven Indonesian stocks were removed from the MSCI Small Cap Indexes: PT Avia Avian Tbk (AVIA), PT Ciputra Development Tbk (CTRA), PT Dayamitra Telekomunikasi Tbk (MTEL), PT Elang Mahkota Teknologi Tbk (EMTK), PT Jasa Marga (Persero) Tbk (JSMR), PT Rukun Raharja Tbk (RAJA) and PT Solusi Sinergi Digital Tbk (WIFI).

BRMS has therefore shifted from the MSCI Global Standard category to MSCI Small Cap. BRPT, meanwhile, has lost its place in MSCI Global Standard and is not listed among the additions to MSCI Small Cap.

There were no constituent changes in the MSCI Micro Cap Indexes. MSCI neither added new stocks nor removed any Indonesian shares from that category in its November 2026 review.

The changes will be made after the market closes on 30 November 2026 and will take effect on 1 December 2026. Most of the stocks removed from the MSCI lists are owned by Indonesian conglomerates.

According to information gathered from various sources, BRPT is a listed company operating in industries including manufacturing, renewable energy and mining. Indonesia Stock Exchange data show that Prajogo Pangestu owns 71.37% of the company’s shares. He is also its president commissioner.

BRMS is owned by the Bakrie family through PT Bumi Resources Tbk (BUMI), which holds a 20.09% stake. BUMI itself is jointly controlled by the Bakrie and Salim groups through Mach Energy Limited.

AVIA is associated with the Tanoko family — Hermanto Tanoko and Wijono Tanoko — through its business holding company, Tancorp. The company is jointly controlled by PT Tancorp Surya Sentosa and PT Wahana Lancar Rejeki, both Tanoko family entities, which together hold a majority stake of about 73%.

The Ciputra family controls CTRA through PT Sang Pelopor, the family’s principal investment vehicle, which holds a 52.85% stake.

Another conglomerate, the Sariaatmadja family, controls EMTK. Eddy Kusnadi Sariaatmadja directly owns about 21.8% of EMTK. Anthoni Salim of the Salim Group is also a major shareholder, with a stake of around 9%.

National businessman Hapsoro Sukmonohadi (Happy Hapsoro), who is married to House of Representatives Speaker Puan Maharani, is known to control RAJA, with a personal stake of about 28% and a further 32–34% held through his investment vehicle, PT Sentosa Bersama Mitra.

Lastly, WIFI is affiliated with Hashim Djojohadikusumo’s Arsari Group. Its main controlling shareholder is PT Investasi Sukses Bersama.