Indonesia Bourse Removes NexAI and FILM From High Concentration List as 13 Mid-Caps Added

JAKARTA, Investortrust.id — The Indonesia Stock Exchange (BEI) has officially removed digital infrastructure provider PT NexAI Digital Infrastruktur Tbk (MGLV) and film studio PT MD Entertainment Tbk (FILM) from its High Shareholding Concentration (HSC) watchlist.

At the same time, the bourse operator added 13 listed companies across shipping, telecommunications, banking, and real estate to the scrutiny list, according to an official exchange announcement published on Tuesday, Oct. 13, 2026.

The regulatory adjustment follows the bourse’s periodic assessment evaluating script and scriptless equity ownership structures as of Sept. 30, 2026. Under the exchange's methodology, the classification identifies listed entities where an overwhelming portion of equity is locked within tightly held ownership blocks, leaving thin public free float for secondary market discovery.

Heightened scrutiny around shareholding concentration forms a central pillar of Indonesia's capital market modernization drive, particularly as international index compilers evaluate the domestic market's genuine investable free float. When major blocks control nearly the entirety of a firm's issued capital, liquidity dries up and pricing mechanics become distorted. Removing expanding counters like NexAI Digital provides market validation ahead of major equity issuances, while placing 13 mid-tier companies under concentration flags alerts institutional allocators to extreme liquidity bottlenecks.

NexAI Clears Hurdles Ahead of Rp 2.53 Trillion Rights Issue

The removal of NexAI Digital—formerly known as PT Panca Anugrah Wisesa Tbk—comes as the company readies a major balance-sheet expansion to fund AI infrastructure. The listed provider plans to raise up to Rp 2.53 trillion ($159.1 million) through a preemptive rights offering (PMHMETD I), issuing 285.73 million new common shares priced at Rp 8,880 per share.

The capital call represents 13.04% of the company's enlarged issued and paid-up capital upon completion. Under the rights entitlement structure, shareholders registered by Nov. 3, 2026, will receive 15 subscription rights for every 100 shares held, with trading scheduled between Nov. 5 and Nov. 18, 2026.

Parent company PT Nextier Datamate Center (NDC), which controls a 65.10% stake in MGLV, has committed to exercising its full allocation of 186 million rights valued at Rp 1.65 trillion. The net proceeds are earmarked to build out high-density, AI-ready data centers in Cikarang, West Java, and the Batang Integrated Industrial Estate in Central Java. NexAI Digital is affiliated with energy tycoon Garibaldi "Boy" Thohir through family investment vehicles holding an aggregate 7.11% interest.

Bourse Flags 13 Firms Over Tightly Locked Free Floats

In contrast to the exits, data compiled by the bourse and the Indonesian Central Securities Depository (KSEI) as of Oct. 1, 2026, revealed severe ownership concentration across 13 incoming counters.

Hospitality developer PT Citra Putra Realty Tbk (CLAY) recorded the highest concentration level on the exchange, with certain dominant shareholders controlling 99.89% of its total equity. Property developer PT Duta Pertiwi Tbk (DUTI) and packaged food manufacturer PT Diamond Food Indonesia Tbk (DMND) followed closely, with aggregated controlling blocks holding 99.88% and 99.86% of total shares, respectively.

Substantial concentration levels were also identified across regional banking and pharmaceutical supply chains. Regional lender PT Bank Mestika Dharma Tbk (BBMD) showed a 99.25% concentration ratio, while pharmaceutical distributor PT Enseval Putera Megatrading Tbk (EPMT) stood at 99.01%. Commercial developer PT Indonesian Paradise Property Tbk (INPP) registered 98.72%, followed by marine transporter PT Sillo Maritime Perdana Tbk (SHIP) at 98.30%.

The remaining additions to the watchlist include private lender PT Bank Mayapada Internasional Tbk (MAYA) at 96.68%, state-owned telecommunications tower operator PT Dayamitra Telekomunikasi Tbk (MTEL) at 95.58%, container shipper PT Temas Tbk (TMAS) at 95.30%, consumer goods maker PT Akasha Wira International Tbk (ADES) at 95.10%, hospital operator PT Sarana Meditama Metropolitan Tbk (SAME) at 94.99%, and telecommunications infrastructure provider PT Bali Towerindo Sentra Tbk (BALI) at 92.60%.