Coordinating Minister for Economic Affairs Airlangga: Demutualiasi Bursa is carried out through a Private Placement or IPO scheme

JAKARTA - Coordinating Minister for Economic Affairs Airlangga Hartarto revealed that the demutualization of the exchange can be carried out through a private placement or through an initial public offering (IPO), with government regulations (PP) as the legal basis still in the process of preparation.

"Later it (the option) can be discussed technically. And this is important so that transparency and accountability can be disengaged between the exchange and exchange members," said Airlangga at the 2026 Financial Services Industry Annual Meeting (PTIJK) in Jakarta, quoted by Antara, Friday, February 6.

As entrusted by the President of the Republic of Indonesia Prabowo Subianto, Airlangga emphasized that the government encourages the implementation of capital market reforms.

In addition to demutualization, several action plans initiated by the regulator such as the free float policy from 7.5 percent to 15 percent, disclosure of ultimate beneficial owner (UBO), and expansion of disclosure of investor types and share ownership from the previous 5 percent to above 1 percent.

Then, enforcement of regulations and sanctions, improvement of issuer governance, deepening the market in an integrated manner, as well as synergy and collaboration with all stakeholders and all actors in the financial services industry.

He said the government also encouraged an increase in the limit or limit of investment in pension and insurance funds in the capital market to up to 20 percent. In that case, pension and insurance funds, especially those owned by the government, including BPJS Employment and others.

To minimize the risk, the investment is made in quality stocks or LQ45. The continued regulation regarding investment in certain stocks is left entirely to the regulator, in this case the Financial Services Authority (OJK).

Airlangga emphasized that the capital market is a "window" of a country's integrity, so that this window is not seen "blurred" by outsiders or investors. After the dynamics that have occurred recently, he noted that today the market has made adjustments.

"Even though our macro is solid and strong, but if the window is opaque, this can have long-term consequences. Therefore, the President asks that this be responded to immediately and must be completed in the shortest possible time," he said.

Meanwhile, Deputy Chief Executive of Capital Market, Derivatives Finance, and Carbon Exchange Supervisor of OJK Hasan Fawzi agreed that a private placement or IPO is an option that will be considered if the PP has been passed.

He added that the mechanism would be further examined, including how these options are used to change the exchange's structure from mutual to demutual. This process will be carried out through a corporate action that allows the offering of shares to other shareholders, not limited to exchange members.

"Now it is in the process of drafting the PP draft. Of course it will undergo discussion and consultation with the DPR Parliament in this case Commission XI. And we are fully involved by the Ministry of Finance when we draft and formulate the intended government regulation," said Hasan.