JAKARTA — The Indonesia Stock Exchange (IDX) has officially flagged shares of the palm oil producer PT Mahkota Grup Tbk. (MGRO) for having high shareholding concentration. This classification places MGRO alongside other prominent stocks, including BREN, that have recently come under scrutiny for limited ownership distribution.
According to a joint announcement from IDX Director Kristian Manullang and Indonesia Central Securities Depository (KSEI) Director Eqy Essiqy, 93.76% of MGRO’s total shares are held by a limited number of investors, covering both scripless and physical share certificates. The authorities emphasized that this disclosure does not automatically imply any violation of capital market regulations, serving primarily as a transparent update for the public as of Tuesday, June 2, 2026.
Expanding the High Shareholding Concentration (HSC) List
The inclusion of MGRO further extends the list of companies identified under the High Shareholding Concentration (HSC) category. Previously, the exchange had identified other companies, such as PT Transcoal Pacific Tbk. (TCPI) and PT BSA Logistics Indonesia Tbk. (WBSA), as having similar ownership structures where control is tightly held by a small group of stakeholders.
This follows a wider wave of classifications that began on April 2, 2026. Data from the exchange shows that several companies currently exhibit significant ownership concentration, including:
- BREN: 97.31% held by a limited number of shareholders.
- DSSA: 95.76% held by a limited number of shareholders.
- ROCK: 99.85% concentration.
- IFSH: 99.77% concentration.
- SOTS: 98.35% concentration.
- AGII: 97.75% concentration.
- MGLV: 95.94% concentration.
- RLCO: 95.35% concentration.
- LUCY: 95.74% concentration.
Global Index Implications
This trend of high shareholding concentration has caught the attention of global index provider FTSE Russell. Following an ongoing evaluation of the Indonesian capital market that began in February 2026, FTSE Russell announced that it would remove stocks with high ownership concentration from its indices during the June 2026 review.
While FTSE Russell acknowledged the transparency reforms implemented by Indonesian capital market authorities—such as the mandatory disclosure of holdings above 1% and the regular publication of the HSC list—the firm maintains a conservative stance. In a statement dated May 13, 2026, the global index provider confirmed, “FTSE Russell will delete the impacted securities at a zero price during the June 2026 review, effective at the opening of trading on Monday, June 22, 2026.”
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Summary
The Indonesia Stock Exchange (IDX) has officially added PT Mahkota Grup Tbk. (MGRO) to its High Shareholding Concentration (HSC) list, noting that 93.76% of its shares are held by a limited group of investors. This move, intended to increase market transparency, places MGRO alongside other companies like BREN and TCPI that have similarly concentrated ownership structures.
The rise of high ownership concentration has prompted global index provider FTSE Russell to remove affected securities from its indices during the June 2026 review. Despite local regulatory efforts to improve transparency, FTSE Russell plans to delete these impacted stocks at a zero price effective June 22, 2026.