Jakarta. Indonesia Stock Exchange (IDX) has decided to delist 18 listed companies, effective November 10, 2026, after determining they failed to demonstrate meaningful recovery amid prolonged financial and legal distress.

The move follows extended trading suspensions and deteriorating business conditions that raised serious concerns over the companies’ ability to continue as going concerns.

IDX Director of Corporate Assessment, I Gede Nyoman Yetna, said the decision refers to Exchange Regulation No. I-N, which allows the bourse to delist companies facing significant adverse conditions affecting their business sustainability, both financially and legally.

“Delisting is carried out when a company cannot show adequate signs of recovery. In addition, its shares have been suspended on the regular and cash markets for at least 24 months,” Nyoman told reporters in Jakarta on Tuesday.

He emphasized that the IDX had completed all supervisory and coaching stages before proceeding with the delisting, including providing opportunities for issuers to improve their operational and financial performance.

The process also involved close coordination with regulators and related stakeholders from the moment companies began showing going-concern issues.

“The Exchange continuously monitors and encourages listed companies to make improvements. We also announce potential delisting after six months of suspension and issue reminders every six months thereafter,” he said.

According to Nyoman, this mechanism serves as both investor protection and an early warning system, allowing shareholders to understand delisting risks well in advance.

Buyback Obligation
As part of its market oversight, the IDX also ensures that delisted companies fulfill their share buyback obligations in accordance with Financial Services Authority regulation POJK 45/2024 on the Development and Strengthening of Listed Companies and Public Firms.

The buyback requirement is intended as a form of accountability to investors once a company is removed from the exchange.

The IDX reiterated that delisting decisions are based on regulatory provisions, including:

• III.1.3.1: The issuer faces conditions that negatively affect business continuity and shows no signs of recovery.
• III.1.3.2: The issuer’s shares have been suspended on the regular and cash markets for at least 24 months.

“The Exchange has decided to delist these securities, effective November 10, 2026,” the IDX said in an official statement released on Saturday.

Bankrupt Issuers Slated for Delisting
The following companies have been declared bankrupt and will be delisted:

1. Cowell Development (COWL)
2. Mitra Pemuda (MTRA)
3. Sri Rejeki Isman (SRIL)
4. Sunido Adipersada (TOYS)
5. Sejahtera Bintang Abadi Textile (SBAT)
6. Tianrong Chemicals Industry (TDPM)
7. Omni Inovasi Indonesia (TELE)

Issuers Suspended over 50 Months
The following companies have been suspended for more than 50 months and will also be delisted:

1. Eureka Prima Jakarta (LCGP)
2. Sugih Energy (SUGI)
3. Marga Abhinaya Abadi (MABA)
4. Limas Indonesia Makmur (LMAS)
5. Northcliff Citranusa Indonesia (SKYB)
6. Envy Technologies Indonesia (ENVY)
7. Golden Plantation (GOLL)
8. Polaris Investama (PLAS)
9. Triwira Insanlestari (TRIL)
10. Nusantara Inti Corpora (UNIT)
11. Jaya Bersama Indo (DUCK)