Indonesia's Stock Exchange Expands High Shareholding Concentration List: 383 New Stocks Added

The Indonesia Stock Exchange (Bursa Efek Indonesia, BEI) has officially announced that 383 stocks will be classified under high shareholding concentration (HSC), a significant increase from the previous list of 82 stocks. This change will take effect on November 13, 2026, which is the second trading day after the announcement, when these stocks will be removed from the calculation of the Jakarta Composite Index (IHSG).

According to BEI, the new methodology for determining HSC stocks has eliminated the previous market capitalization threshold of Rp 5 trillion. Stocks will now be classified as HSC if they have a cumulative ownership of at least 92.5% held by ten or fewer shareholders, both scripless and scrip shares included. BEI's President Director, Jeffrey Hendrik, said the new methodology aims to provide protection to investors by ensuring transparency regarding stock ownership from the outset.

“The new methodology aims to provide protection to investors by ensuring transparency regarding stock ownership from the outset.”Jeffrey Hendrik, President Director, BEI

The newly added stocks include significant players from various sectors, including state-owned enterprises (BUMN) and conglomerates. Notable entries include PT Garuda Indonesia Tbk (GIAA), which has a concentration of 96.049%, and PT Bank Syariah Indonesia Tbk (BRIS) with 93.024%. Other prominent companies in the list are PT Chandra Daya Investasi Tbk (CDIA) and PT Jhonlin Agro Raya Tbk (JARR), both linked to well-known Indonesian conglomerates.

In total, 27 banking firms are included in this new classification, with several banks like PT Bank Amar Indonesia Tbk (AMAR) and PT Bank JTrust Indonesia Tbk (BCIC) also making their debut on the HSC list. The inclusion of these banks reflects a broader trend of increasing concentration in the financial sector.

“This adjustment reflects a broader trend of increasing concentration in the financial sector.”Analysts

The 300 new stocks contribute approximately 6.16% of the total market capitalization of the IHSG, while the previous 82 stocks contributed 18%. This change reflects a notable shift in the composition of the index.

Despite these changes, BEI emphasized that being classified as HSC does not indicate any regulatory violations. The exchange encourages stakeholders to remain vigilant about the information disclosed by listed companies to make informed investment decisions.