JAKARTA — The Indonesia Stock Exchange (IDX) is taking a resolute stance to uphold capital market quality standards, announcing the delisting of 18 issuers simultaneously. This decisive action underscores the bourse’s commitment to market integrity and investor protection.
The comprehensive decision was formally communicated through Bursa Announcement No. Peng-DEL-00001/BEI.PP1/04-2026 and other related circulars, all released on Friday, April 10, 2026. This move also references IDX Regulation Number I-N, which pertains to the cancellation of stock listings, providing a strong regulatory basis for the widespread delistings.
The IDX outlined two primary conditions that triggered this significant decision. Firstly, issuers facing substantial adverse events that negatively impact their business continuity without demonstrating adequate recovery prospects are subject to delisting. Secondly, the exchange stated that issuers whose shares have been suspended across all markets for a minimum of the past 24 months will also be removed from the trading board.
Further elaborating on these decisions, the IDX divided the delisting list into two main categories. The first group comprises seven issuers declared bankrupt. This includes the prominent textile giant PT Sri Rejeki Isman Tbk. (SRIL), commonly known as Sritex, alongside PT Cowell Development Tbk. (COWL), and PT Mitra Pemuda Tbk. (MTRA).
The second, larger group encompasses eleven issuers that have endured a prolonged suspension period exceeding 50 months. Notable entities within this category include PT Sugih Energy Tbk. (SUGI), PT Eureka Prima Jakarta Tbk. (LCGP), and PT Jaya Bersama Indo Tbk. (DUCK). As stated in the IDX announcement, quoted on Saturday, April 11, 2026, “The Exchange has decided on the delisting of securities for these listed companies, effective November 10, 2026.”
Beyond the delisting itself, the IDX has unequivocally urged these eighteen issuers to execute share buybacks for the shares circulating in the public market. According to the established timeline, issuers are mandated to submit public disclosure regarding their buyback plans by no later than May 10, 2026. The actual buyback period is scheduled to span six months, commencing from May 11, 2026, until November 9, 2026, precisely one day before the delisting status becomes officially effective.
Even though these companies are slated for removal from the exchange, the IDX emphasized that they remain obligated to fulfill all financial and administrative commitments to the exchange up to the effective date of their share cancellation. This ensures a clean and orderly exit from the public market.
Below is the full list of issuers delisted by the IDX:
Issuers with Bankruptcy Status
1. COWL (Cowell Development)
2. MTRA (Mitra Pemuda)
3. SRIL (Sri Rejeki Isman)
4. TOYS (Sunindo Adipersada)
5. SBAT (Sejahtera Bintang Abadi Textile)
6. TDPM (Tianrong Chemicals Industry)
7. TELE (Omni Inovasi Indonesia)
Issuers Suspended for More Than 50 Months
1. LCGP (Eureka Prima Jakarta)
2. SUGI (Sugih Energy)
3. MABA (Marga Abhinaya Abadi)
4. LMAS (Limas Indonesia Makmur)
5. SKYB (Northcliff Citranusa Indonesia)
6. ENVY (Envy Technologies Indonesia)
7. GOLL (Golden Plantation)
8. PLAS (Polaris Investama)
9. TRIL (Triwira Insanlestari)
10. UNIT (Nusantara Inti Corpora)
11. DUCK (Jaya Bersama Indo)
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