The delisting alarm sounded again in early 2026. The Indonesia Stock Exchange (IDX) announced that 70 listed companies could potentially have their shares delisted this year, including four state-owned enterprises (SOEs). This is a sign of increasing compliance and business sustainability risks for a number of issuers.
The plan for a large-scale delisting, which is the first of its kind for the IDX, has become the talk of investors and the business world. This is because the 70 companies represent 7.32% of the total 956 issuers on the exchange. Previously, 10 companies were forcibly delisted on July 21, 2025.
The announcement of the delisting plan for the 70 issuers was made to coincide with the opening of stock trading in 2026 on Friday, January 2, 2026.
In Announcement No. Peng-00003/BEI.PLP/12-2025 quoted on Monday (5/1/2026), the IDX explained that the potential for delisting refers to Exchange Regulation Number I-N concerning Delisting and Relisting.
The exchange has the authority to delist shares if a company experiences significant conditions or events that have a negative impact on its business continuity, both financially and legally, and does not show adequate signs of recovery.
In addition, the suspension of securities trading for a certain period of time also forms the basis for evaluation. Issuers whose shares have been suspended for at least six consecutive months must be announced to the public and placed under exchange supervision. If the suspension lasts for 24 months or more, and the company still does not meet the listing requirements, the IDX may proceed with the delisting process.
"As of December 30, 2025, the suspension of trading in the following listed companies has reached a period of six months or more," wrote the IDX in the announcement.
Of the 70 issuers on the potential delisting radar, four state-owned enterprises are of particular concern, namely PT Indofarma Tbk (INAF), PT PP Properti Tbk (PPRO), PT Wijaya Karya (Persero) Tbk (WIKA), and PT Waskita Karya (Persero) Tbk (WSKT). Sectorally, the list reflects the distribution of risks across industries, ranging from textiles, energy, property, to construction.
In the textile sector, for example, there are PT Sri Rejeki Isman Tbk (SRIL) and PT Sejahtera Bintang Abadi Textile Tbk (SBAT). Meanwhile, in the energy sector, there is PT Borneo Olah Sarana Sukses Tbk (BOSS). A number of property and construction issuers are also included in the list, showing that structural pressures still loom over capital-intensive sectors.
Throughout 2025, the IDX has delisted eight stocks due to conditions that are considered to have a direct impact on business continuity and the absence of any signs of recovery.
Issuers whose listings have been delisted include PT Mas Murni Indonesia Tbk (MAMI) and its preferred shares, PT Forza Land Indonesia Tbk (FORZ), PT Hanson International Tbk (MYRX) along with its preferred shares, PT Grand Kartech Tbk (KRAH), PT Cottonindo Ariesta Tbk (KPAS), PT Steadfast Marine Tbk (KPAL), PT Prima Alloy Steel Universal Tbk (PRAS), and PT Nipress Tbk (NIPS).
Cases involving state-owned enterprises reveal a more specific spectrum of risks. Indofarma (INAF), for example, has been suspended for approximately 18 months since July 2, 2024, following findings of alleged fraud reported by the Supreme Audit Agency (BPK) to the House of Representatives.
In the 2023 Semester II Audit Results Summary (IHPS), the BPK revealed indications of state losses amounting to Rp294.77 billion and potential losses of Rp164.83 billion, related to fictitious transactions, improper fund placements, cooperation without feasibility studies, problematic receivables, and unsold inventory.
Waskita Karya (WSKT) has been suspended since May 2024, or for approximately 32 months, due to its failure to pay a number of non-guaranteed bond series. The IDX noted the delay in interest payments and repayment of certain bond principals as the basis for suspending trading of the company's shares.
Meanwhile, Wijaya Karya (WIKA) has been suspended since February 18, 2025, approximately 10 months after the delay in sukuk and bond principal payments. In 2023, WIKA posted a net loss of Rp7.12 trillion, a significant increase compared to the previous year. Management attributed this performance to high interest expenses and losses from PT Pilar Sinergi BUMN Indonesia (PSBI), one of the entities involved in the high-speed rail project.
The case of PT PP Properti Tbk (PPRO) highlights the direct impact on retail investors. The shares of the subsidiary of PT PP (Persero) Tbk have been suspended for approximately 14 months and could potentially reach the 24-month threshold in October 2026, which opens the door for delisting.
Approximately 20.8% of PPRO shares, equivalent to 12.38 billion shares, are publicly owned and cannot be traded at this time. The suspension is related to the delay in bond interest payments, as announced by the Indonesian Central Securities Depository (KSEI) on October 11, 2024.
The IDX emphasized that announcements regarding potential delisting will be made repeatedly every June and December until the suspension is lifted or a decision to cancel the listing is made. With 70 issuers on the radar by the end of 2025, early 2026 will be a crucial period for companies to demonstrate progress in their recovery, as well as for investors to pay close attention to compliance and business continuity risks.
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Race against time
Amidst this time pressure, two state-owned enterprises whose shares are still suspended, namely Waskita Karya and PP Properti, reported the latest developments in their recovery plans to the IDX throughout December 2025.
In a statement quoted on Monday (January 5, 2026), Waskita Karya announced that the restructuring of the company's bank debt had been fully completed and had been effective since October 17, 2024.
This settlement was achieved through amendments to the Master Restructuring Agreement (MRA) and the Master Banking Creditors Agreement (KMKP). Management stated that this step has reduced short-term liquidity pressure.
"The restructuring of bank debt has been completed on schedule with a progress rate of 100%," said Waskita Karya President Director Muhammad Hanugroho.
However, Waskita is still continuing with the restructuring of its bonds, which will only reach around 75% by the end of 2025. Of the four series of non-guaranteed bonds, three series have obtained bondholder approval, while the other series is still awaiting approval through a General Meeting of Bondholders (RUPO). Management is targeting the completion of the entire bond restructuring by March 2026 at the latest.
Unlike Waskita, PP Properti is undergoing recovery after exiting the Debt Payment Suspension (PKPU) process. The company announced that a homologation agreement had been reached on February 17, 2025, thereby officially revoking the PKPU status and making it legally binding.
"With the achievement of homologation, the company's PKPU process has ended and has permanent legal force," said PPRO Director Ikhwan Putra Pradhana.
However, PPRO is still continuing with the restructuring of its bonds and Medium Term Notes (MTN). The company has submitted a request to the trustee to implement a RUPO (restructuring plan) in order to adjust the trustee agreement with the homologation decision.
The process has only reached about 50%, in coordination with the Financial Services Authority (OJK). Adjustments to the schedule and value of interest payments and bond and MTN principal are also still ongoing, with progress at around 60% and a target completion date in the second quarter of 2026.
Meanwhile, IDX Corporate Assessment Director I Gede Nyoman Yetna stated that even though Waskita's suspension period had exceeded two years, the exchange would not immediately delist the company without considering the response and business continuity plans from the company's management.
"Delisting, even after two years, is not automatic. We are looking at the response of the board of directors and future plans," said Nyoman.
He emphasized that the delisting policy in stock exchange regulations was designed as an instrument to encourage fundamental improvements and issuer accountability, not merely as an administrative sanction.
Meanwhile, Inarno Djajadi, Chief Executive of Capital Market, Financial, Derivatives, and Carbon Exchange Supervision at the Financial Services Authority (OJK), did not comment on delisting in general. He only explained that PT Sri Rejeki Isman Tbk (stock code: SRIL) shares were among those that met the delisting criteria.
Inarno explained that SRIL shares had been suspended from trading by the Indonesia Stock Exchange (IDX) since May 18, 2021, and that there had been no trading activity to date.
"There are no transactions because there was a delay in the principal payment of the 2018 3-year MTN, and in accordance with the provisions and criteria set out in exchange regulation 1 N, this has met the criteria for delisting because the suspension has been in place for more than 24 months," he said in a virtual press conference held by the OJK on Monday (2/6/2025).
In addition, although the OJK has also granted an exception for the late submission of annual and semi-annual financial reports to SRIL, the submission of financial performance reports must still be carried out.
"Of course, SRIL is still required to disclose information and other reports," he said.
Governance is Key
Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, believes that delisting dynamics, including those involving state-owned enterprises, do not automatically exert significant pressure on overall market sentiment. However, this issue is an important indicator of corporate governance quality, transparency, and investor protection.
According to Nafan, the risk of delisting for state-owned enterprises generally stems from fundamental issues such as negative operating cash flow, weak commitment to restructuring, and inconsistent implementation of governance. Issuers with relatively stable stock liquidity are safer, while illiquid issuers are more vulnerable.
"If the shares are still liquid, such as ADHI or PTPP, they are relatively safe so far. But illiquid issuers inevitably have the potential to be delisted," Nafan told SUAR.
A similar view was expressed by Bank Permata economist Josua Pardede, who assessed the list of potential delistings as a signal of increased governance and information disclosure risks. Although the short-term impact on the index is limited, this issue has the potential to affect the risk perception of institutional and foreign investors, especially in the construction sector, which is characterized by high debt and project dependency.
Josua explained that prolonged suspension limits access to funding, narrows corporate action space, and damages the company's reputation, thereby complicating the recovery process.
"For retail investors, a full suspension removes control over selling shares on the regular market, making exposure management and monitoring of recovery plans crucial factors," said Josua.
As a protective measure, Nafan encouraged the strengthening of Good Corporate Governance and the IDX's issuer risk assessment mechanism. Meanwhile, Josua proposed strengthening investor protection through the obligation to provide a definite exit route for public shareholders when issuers enter the potential delisting phase, including through a share buyback mechanism at a fair price and a special guarantee fund.
"Investors need to pay close attention to substantial indicators such as the accuracy of audited financial reports, improvements in operating cash flow, effective debt restructuring, resolution of material legal disputes, and the lifting of suspensions by the stock exchange," explained Josua.
Josua also reminded that if the delisting actually occurs, the relisting process cannot be done quickly. This is because a new relisting application can only be submitted at the earliest six months after the delisting takes effect, provided that all root causes have been resolved.
"Therefore, the strategy of waiting for relisting is only suitable for investors who truly understand the case and are prepared to accept the risk of extreme results," he concluded.
