Under DPR Scrutiny, Foreign Investors Suddenly Buy These Shares via Negotiation Market
Jakarta, CNBC Indonesia — Foreign investors were recorded making a jumbo buying action on shares of PT Abadi Lestari Indonesia Tbk (RLCO) through the negotiation market during trading on Tuesday (28/4/2026). The transaction value reached approximately Rp330.5 billion, making RLCO the stock with the largest net foreign buy.
Based on trading data, the transaction was conducted through the negotiation market. A total of 600,000 lots, or the equivalent of 60 million shares, were absorbed, with an average price of Rp5,500 per share.
Further investigation revealed that this transaction was an internal crossing at the same broker, namely Samuel Sekuritas. In the transaction, the buyer was recorded as a foreign investor, while the seller came from a domestic investor.
This means the transaction more accurately reflects a large-scale transfer of share ownership from domestic investors to foreign investors, rather than a pure foreign buying action in the regular market.
In line with the transaction, RLCO shares closed up 3.3% at Rp5,475, approaching the agreed price in the negotiation market. This indicates a relatively positive market response to the accumulation action.
Previously, a member of the Indonesian House of Representatives highlighted the high price movement of a newly listed stock on the Indonesia Stock Exchange (BEI). Melchias Marcus Mekeng, a member of Commission XI of the DPR RI from the Golkar Faction, mentioned that the company had recently gone public through an initial public offering (IPO) at around Rp200 per share and had skyrocketed to Rp8,000 per share in about two months.
“Now I want to ask, surely the gentlemen and ladies at OJK already know. Who is this company? How is this company? This doesn’t make sense,” said Melchias at the DPR RI Building, Wednesday (1/4/2026).
Melchias continued that the company’s valuation, which was beyond normal limits, was very dangerous. Especially if the unreasonably rising stock was used as collateral to borrow money from banks. “Now this becomes double. The capital market is breached, and in banking, it’s breached,” he explained.
Melchias then asked whether there was a department or mechanism at OJK that monitored this issue. He warned the authority not to receive reports only when “the thing is already destroyed.”
“Is there that? Is there a dashboard that can see that this company is strange? Why can the price be that high? How is that company? Has that company been investigated or not? Because this is criminal, it falls into the criminal realm due to public deception. OJK must be firm here, and if actions have been taken, they must be announced so that the market believes there is legal certainty enforced by OJK,” emphasised Melchias.
Furthermore, he said that it was not just that one stock; there were many stocks also engaging in manipulation practices. Melchias assessed that this was a consideration for MSCI in deeming Indonesia’s capital market fragile.
Melchias did not specifically mention the stock in question. However, one of the stocks that had recently listed on the Indonesia Stock Exchange and immediately soared was RLCO.
RLCO was listed on the exchange on 8 December 2026 with an offering price of Rp168. After the IPO, RLCO shares repeatedly rose to hit the auto reject upper (ARA).
On 20 January 2026, the RLCO share price reached a closing level of Rp8,700. This means in less than two months, RLCO shares surged by 5,078.57%.