JAKARTA – The Indonesia Stock Exchange (IDX) has announced that shares of PT Transcoal Pacific Tbk. (TCPI) have been included in its list of High Shareholding Concentration (HSC), indicating a significant concentration of ownership. The announcement, signed by IDX Director Kristian Manullang and KSEI Director Eqy Essiqy, clarified that an HSC status does not automatically imply a violation of capital market regulations.
“This HSC announcement does not automatically indicate any violation of the prevailing laws and regulations in the capital market sector,” stated Kristian and Eqy, as quoted on Monday, June 1, 2026.
They further elaborated that, based on the methodology for determining High Shareholding Concentration for both scrip and uncertificated share ownership structures as of May 25, 2026, a substantial 94.10% of TCPI’s total shares are held by a select group of shareholders in aggregate.
On the trading floor, TCPI’s shares were observed to decline by 1.59% or 1175 points, closing at Rp10,850 per share at the end of trading on Friday, May 29, 2026. Despite this recent dip, the shipping issuer has still recorded a robust 25.07% gain year-to-date in 2026.
Adding another layer of scrutiny to companies with concentrated ownership, global index provider FTSE Russell has decided to remove stocks with High Shareholding Concentration (HSC) from its June 2026 index review. This move follows FTSE Russell’s ongoing evaluation of developments in the Indonesian capital market, a process that commenced in February 2026.
While acknowledging the transparency reforms implemented by Indonesian capital market authorities, including the disclosure of ownership above 1% and the publication of HSC lists, FTSE Russell confirmed its conservative stance. “FTSE Russell will remove affected [HSC] securities at zero price in the June 2026 review, effective at the open of trading on Monday, June 22, 2026,” FTSE stated in its announcement on Wednesday, May 13, 2026.
The decision to remove shares at a zero price was made to ensure index integrity. FTSE Russell received feedback indicating that liquidity for stocks flagged with an HSC warning was expected to plummet sharply, making it challenging for passive investors to exit their positions fairly.
Beyond the removal of problematic shares, FTSE Russell has also opted to maintain the suspension of new additions and increases in free-float weights for Indonesian issuers. This policy will remain in effect until at least the September 2026 index review. The suspension encompasses delays in the inclusion of issuers from initial public offerings (IPOs) as well as those that would otherwise have qualified for an upgrade or re-ranking based on market capitalization.
“FTSE Russell will continue to delay full index re-ranking, free-float increases, and the addition of new issuers until at least the September 2026 index review, to allow for a longer monitoring period.”
During the June 2026 review period, the only adjustments that will proceed include updates to industry classifications, quarterly share counts, and issuer updates based on ESG and Sharia criteria. FTSE Russell affirmed its commitment to continuously monitor the effectiveness of Indonesia’s transparency reforms before considering a full restoration of the index ranking process in the future.
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Summary
The Indonesia Stock Exchange has officially added PT Transcoal Pacific Tbk. (TCPI) to its High Shareholding Concentration (HSC) list, revealing that 94.10% of the company’s shares are held by a select group. Although officials clarified that this status does not inherently signify a violation of capital market regulations, the news coincides with a recent decline in the company’s share price.
Following this development, FTSE Russell announced it will remove HSC-flagged securities from its June 2026 index review to protect index integrity due to expected liquidity concerns. Furthermore, the index provider will continue its suspension of new additions and free-float weight increases for Indonesian issuers until at least September 2026, pending a longer monitoring period of local transparency reforms.