Indonesia Stock Exchange Delists 18 Companies Amid Extended Suspensions and Solvency Issues
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JAKARTA, Investortrust.id — The Indonesia Stock Exchange (IDX) has formally canceled the listing status of 18 publicly traded companies effective Tuesday, Nov. 10, 2026, marking one of the bourse's most extensive delisting actions to date. The decision removes several long-embattled firms from the local bourse, including prominent textile giant PT Sri Rejeki Isman Tbk (SRIL), digital and gadget distributor PT Omni Inovasi Indonesia Tbk (TELE), and property developer PT Cowell Development Tbk (COWL).
The bourse operator stated that the regulatory measure was executed pursuant to Exchange Rule Number I-N concerning Delisting and Relisting. Under the regulation, the exchange is authorized to revoke the listing status of listed companies facing significant legal, financial, or operational headwinds that negatively impact business continuity, provided the companies fail to demonstrate adequate indications of recovery.
Extended Suspensions Trigger Action
The exchange cited provisions under Clause III.1.3.2, which allow for delisting when an issuer ceases to fulfill prevailing listing requirements, as well as Clause III.1.3.3, which mandates removal when a company's shares have been suspended from trading across regular and cash markets, or across all market segments, for at least 24 consecutive months.
The 18 companies formally removed from the official roster of listed firms on the IDX starting Nov. 10, 2026, include:
- PT Cowell Development Tbk (COWL)
- PT Jaya Bersama Indo Tbk (DUCK)
- PT Envy Technologies Indonesia Tbk (ENVY)
- PT Golden Plantation Tbk (GOLL)
- PT Eureka Prima Jakarta Tbk (LCGP)
- PT Limas Indonesia Makmur Tbk (LMAS)
- PT Marga Abhinaya Abadi Tbk (MABA)
- PT Mitra Pemuda Tbk (MTRA)
- PT Polaris Investama Tbk (PLAS)
- PT Sejahtera Bintang Abadi Textile Tbk (SBAT)
- PT Northcliff Citranusa Indonesia Tbk (SKYB)
- PT Sri Rejeki Isman Tbk (SRIL)
- PT Sugih Energy Tbk (SUGI)
- PT Tianrong Chemicals Industry Tbk (TDPM)
- PT Omni Inovasi Indonesia Tbk (TELE)
- PT Sunindo Adipersada Tbk (TOYS)
- PT Triwira Insanlestari Tbk (TRIL)
- PT Nusantara Inti Corpora Tbk (UNIT)
Public Company Obligations Remain
The bourse noted that upon the revocation of their listed status, the affected issuers are relieved of their operational obligations as listed firms, and their securities will be permanently expunged from the official board of the Indonesia Stock Exchange.
However, the exchange emphasized that delisted entities retain the option to apply for relisting in the future, subject to meeting established criteria and standard listing prerequisites. Furthermore, the bourse reiterated that as long as these entities maintain the legal status of a public company (perusahaan publik), corporate boards remain strictly obligated to uphold the rights and interests of minority public shareholders, while continuing to comply with periodic financial reporting and statutory disclosure obligations overseen by the Financial Services Authority (OJK).
