The notices published by the Indonesia Stock Exchange (IDX) on Thursday comes as Southeast Asia’s largest economy undertakes reforms to comply with MSCI Inc.’s demands for greater transparency in the ownership of listed companies.
Other companies named include PT Abadi Lestari Indonesia and PT Samator Indo Gas, according to IDX documents.
Indonesian regulators have pushed through a flurry of market reforms to avoid a downgrade to frontier market status by MSCI, which could trigger a retreat of international funds.
The country’s stocks are the worst performing in Asia this year as the index compiler’s warnings, coupled with the global energy shock from the Middle East war, triggered foreign investors’ selling.
Indonesian markets were closed Friday due to a public holiday.
The stock exchange this week required listed companies to raise the minimum amount of shares available for public trading to at least 15% from 7.5%. The IDX directed firms with a free float of more than 12.5% to comply by March 2027. Companies with fewer public investors need to meet the requirement by March 2029.
Getting a high shareholding concentration notice “does not indicate any violations,” Hasan Fazwi, head of capital market, financial derivative and carbon exchange supervision at the Financial Services Authority, said at a Thursday briefing in Jakarta.
“However, once this disclosure is available, it will become another factor for investors to determine their investment position and strategy,” he said.
Indonesia’s stock market has long been dominated by family-owned conglomerates that operate dozens of listed and private entities — from mining and tobacco to petrochemicals. The top 20 largest tycoon-linked companies on the Jakarta Composite Index make up nearly 43% of its weighting, including PT Bank Central Asia and PT Bayan Resources, according to PT Trimegah Sekuritas Indonesia data from June 2025.
The effort to disclose high shareholder concentrations is based on Hong Kong’s 2016 move to publish such disclosures, IDX’s Acting President Director Jeffrey Hendrik said at the briefing. Regulators will also announce when companies are removed from the list, he said.