Global index provider FTSE Russell has announced the delisting of PT Dian Swastatika Sentosa Tbk (DSSA) from its FTSE Global Equity Index Series for the Indonesian market. This significant change was revealed in the June 2026 Quarterly Review, which was published on Saturday, May 23rd.
The adjustments to the index are slated to become effective on June 22, 2026, following the close of trading on June 19. Notably, FTSE’s announcement did not include the addition of any new Indonesian issuers across any category, be it large-cap, mid-cap, small-cap, or micro-cap segments.
Specifically within the Indonesian large-cap group, PT Dian Swastatika Sentosa Tbk (DSSA) was removed. The global index provider cited that DSSA’s ownership structure exhibits an excessively high concentration among certain shareholder groups, categorizing it under “high shareholding concentration” (HSC).
“It does not meet the requirements due to an excessively high level of shareholding concentration,” FTSE stated in its June 2026 quarterly review document, highlighting the stringent criteria for index inclusion.
The exclusion of this Sinar Mas conglomerate-affiliated stock from the prestigious FTSE global index is anticipated to prompt portfolio rebalancing among a number of institutional investors and fund managers. These entities often benchmark their investments, including passive index funds, against the FTSE indices. Beyond DSSA, FTSE also removed three other Indonesian issuers from its micro-cap segment.
First, PT Daaz Bara Lestari Tbk (DAAZ) was delisted for failing to meet the minimum public free float requirement. DAAZ, an issuer primarily active in the mining sector, is also currently participating in a Waste-to-Energy (WtE) project tender initiated by Danantara.
Second, PT Hillcon Tbk (HILL) was removed from the micro-cap index after being placed on the “surveillance stocks screen,” indicating unusual trading activity. Similarly, FTSE also delisted PT Mulia Industrindo Tbk (MLIA) for comparable reasons related to the monitoring of its trading activities.
Meanwhile, the mid-cap and small-cap categories for Indonesia saw no changes in this latest review. FTSE Russell’s decisions are closely watched by market participants, as shifts in the composition of global indices typically influence foreign capital flows, particularly for stocks that form part of global ETF and index mutual fund portfolios.
FTSE confirmed that the results of the June 2026 quarterly review are subject to revision until the close of trading on June 5, 2026. Following this date, the final index composition will be confirmed on June 8, with the changes becoming officially effective on June 22, 2026.
Summary
FTSE Russell has announced the removal of PT Dian Swastatika Sentosa Tbk (DSSA) from its Global Equity Index Series due to concerns over high shareholding concentration. Additionally, the index provider delisted PT Daaz Bara Lestari Tbk (DAAZ), PT Hillcon Tbk (HILL), and PT Mulia Industrindo Tbk (MLIA) from the micro-cap segment. These removals were attributed to failing public free float requirements and surveillance monitoring related to unusual trading activities.
These adjustments, scheduled to take effect on June 22, 2026, are expected to trigger portfolio rebalancing for institutional investors and passive index funds benchmarking against FTSE. No new Indonesian issuers were added during this quarterly review, and the mid-cap and small-cap categories remained unchanged. The final composition of the indices will be confirmed following the completion of the review period in early June.