WBSA Joins HSC List One Month After IPO, OJK and BEI Highlight This

The inclusion of PT BSA Logistic Tbk (WBSA) in the high shareholding concentration (HSC) list has drawn attention, as it occurred less than a month after the company listed on the stock exchange. WBSA conducted its initial public offering (IPO) on 10 April 2026, and was added to the HSC list on 7 May 2026. The Executive Head of Capital Market, Derivative Finance, and Carbon Exchange Supervision at OJK, Hasan Fawzi, stated that the HSC calculation was performed after the IPO. From the free float perspective, the company has met the latest minimum free float rule of 15%. “It was calculated after the IPO. Because the IPO follows the provisions. So again, the free float is sufficient and so on. But then we see if there is concentrated ownership or not,” Hasan explained when met by reporters at the BEI building in Jakarta on Wednesday (13/5/2026). Nevertheless, Hasan emphasised that the HSC status designation does not constitute a violation in the capital market. This data can serve as an early warning for investors, given that shares in this category have very high price volatility. On the other hand, Acting President Director of BEI Jeffrey Hendrik said that his side is closely monitoring the movement of WBSA shares. However, the distribution of WBSA shares is said to still align with capital market provisions. “That will then be followed up by the supervisor for further action. How the distribution process was at the time of the IPO, and then we also pay attention to how transactions are in the secondary market,” Jeffrey explained. Based on the high concentrated share ownership determination methodology as of 7 May 2026, WBSA shares are recorded as controlled by certain shareholders who collectively hold 95.82% of the total shares in both certificate and non-certificate forms. “This announcement does not immediately indicate any violation of the applicable laws and regulations and provisions in the capital market sector,” as quoted from the BEI information disclosure on Monday (11/5/2026). Looking at the shareholder composition as of 30 April 2026, WBSA’s largest shareholder is Tija Beruang Kaliornia Pte. Ltd with ownership of 6.35 billion shares or equivalent to 79.01%. Meanwhile, public non-certificate ownership reaches 1.8 billion shares or 20.75%, while public certificate ownership is only 21.02 million shares or 0.24%.