Danantara Caps Planned Stake in Indonesia Stock Exchange at 10%, Dismissing 40% Rumors

JAKARTA, Investortrust.id — The Daya Anagata Nusantara Investment Management Agency (BPI Danantara) moved to quell mounting market speculation over state control of the domestic bourse, confirming it plans to acquire between 5% and 10% of the Indonesia Stock Exchange (IDX).

Danantara Chief Executive Officer Rosan Roeslani addressed the matter at the Presidential Palace complex in Jakarta on Wednesday, Sept. 30, 2026, dismissing reports that the sovereign investment agency was seeking an outsized 40% controlling stake on its own.

The demutualization of Southeast Asia’s most valuable equity bourse represents a historic structural overhaul, shifting the exchange from a member-owned broker utility into a commercial corporate vehicle. Reining in state balance-sheet exposure and keeping single-party ownership within strict statutory ceilings is critical to preserving market independence, avoiding conflicts of interest, and maintaining the credibility of Indonesian equities among offshore institutional investors.

"We are currently discussing it, but it will likely be between 5% and 10%," Rosan said on Wednesday.

Rosan emphasized that Danantara’s ultimate shareholding proportion will comply fully with Financial Services Authority Regulation (POJK) No. 13 of 2026 regarding Stock Exchange Shareholders. The core objective of demutualization, he stressed, centers on modernizing the ownership framework of the national capital market rather than state domination.

Rosan dismissed circulating rumors that Danantara alone had targeted a 40% equity tranche, explaining that such estimates represent a combined government consortium.

"Other ministries might join, such as the Ministry of Finance or others," Rosan said. "So we would do this together. A consortium could hold up to 30% to 40%, but Danantara’s individual portion would likely be around 5% to 10%."

Aligning with Official Boundaries

Danantara Chief Operating Officer Dony Oskaria echoed the sentiment, underscoring that the sovereign fund will align strictly with the boundaries established under POJK 13/2026. He noted that the overriding priority of demutualization is building an exchange that is transparent, credible, and trusted by global asset allocators.

"We cannot let ego drive this—whether it is Danantara or anyone else," Dony said. "What is far more critical for us is that our bourse becomes transparent, credible, continues to grow, and, above all, earns the confidence of investors."

Dony reiterated that Danantara will follow the regulator's final ruling without friction. "There is no tug-of-war here. That is not the issue. Once the OJK makes its decision and issues the regulatory framework, Danantara will naturally follow."

The Origin of Speculation

Market speculation had escalated following reports that Danantara was slated to become the bourse's anchor shareholder with a 40.12% stake following a planned rights issue. Such an arrangement would have significantly reshaped the bourse’s ownership structure, diluting exchange member brokerages from 87.38% down to 51.16%.

According to presentation materials delivered during an IDX shareholder briefing on Sept. 9, 2026, the 40.12% figure was marked as strictly subject to OJK shareholding guidelines. Due diligence on the exchange commenced on Aug. 11, 2026, with final advisory reports submitted on Sept. 11 following reviews by legal, strategic, and valuation consultants. Under that hypothetical model, non-member holdings would have adjusted to 2.32%, while treasury shares narrowed to 6.40%.

However, the Financial Services Authority pushed back firmly against the transaction narrative. Hasan Fawzi, OJK Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision, stated that the regulator has not received any formal filings from Danantara regarding a 40.12% stake.

"There has been none. An official submission to the OJK certainly does not exist to date," Hasan told reporters at the IDX Building in Jakarta on Friday, Sept. 25, 2026.

Hasan pointed out that speculation regarding Danantara's large stake began circulating well before the regulator officially enacted POJK No. 13 of 2026 on Sept. 17, 2026. Under the new statute, equity ownership by any single entity is generally capped at a maximum of 5%, unless granted specific regulatory clearance by the OJK, with absolute statutory prohibitions preventing any party from exceeding a 50% majority interest.