January 1, 2026 | 03:34 pm
TEMPO.CO, Jakarta - The Indonesia Stock Exchange (IDX) has placed four state-owned enterprises (SOEs) on a list of companies at risk of delisting, citing prolonged financial and legal difficulties and a lack of clear recovery prospects.
The four SOEs, namely PT Indofarma Tbk (INAF), PT Waskita Karya (Persero) Tbk (WKST), PT Wijaya Karya (Persero) Tbk (WIKA), and PT PP Properti Tbk (PPRO), are among 70 listed companies flagged by the IDX in an announcement issued on Wednesday, December 30, 2025.
In Announcement No. Peng-00003/BEI.PLP/12-2025, the IDX said the companies were included due to significant negative events or conditions that have affected business sustainability, both financially and legally.
The exchange noted that these issuers have yet to demonstrate adequate signs of recovery.
The IDX also explained that shares suspended from trading for at least 24 months may be subject to delisting.
If a suspension lasts for six consecutive months, the exchange is required to publicly announce the issuer’s potential delisting every June and December until trading resumes or delisting is executed.
As of December 30, 2025, the potential delisting list includes 70 companies across sectors such as energy, infrastructure, property, and consumer goods.
Several major textile manufacturers, including PT Sejahtera Bintang Abadi Textile Tbk and PT Sri Rejeki Isman Tbk (Sritex), are also on the list.
Profiles of the Four SOEs at Risk
PT Indofarma Tbk (INAF)
Founded in 1918, PT Indofarma Tbk is a state-owned pharmaceutical company producing generic medicines, supplements, and medical devices for domestic and international markets.
Despite its long operating history and research capabilities, the company has faced mounting financial pressures in recent years, raising concerns about its long-term viability.
PT Waskita Karya (Persero) Tbk (WKST)
Established in 1961, PT Waskita Karya is a state-owned construction firm involved in national strategic projects, including toll roads, bridges, and dams.
However, heavy debt burdens and persistent cash flow problems have led to a prolonged suspension of its shares on the IDX.
PT Wijaya Karya (Persero) Tbk (WIKA)
PT Wijaya Karya began as a construction company in the 1970s and went public in 2007. Since 2023, the company has recorded a sharp decline in new contract acquisitions.
WIKA President Director Agung Budi Waskito said new contracts fell from Rp33 trillion in 2022 to around Rp6 trillion by the third quarter of 2025, driven by a weakening construction market and tighter government budget policies.
Data show that WIKA’s new contracts declined by 81.42 percent between 2022 and 2025. The company secured Rp33.3 trillion in new contracts in 2022, which dropped to Rp29.2 trillion in 2023, fell further to Rp20.6 trillion in 2024, and stood at Rp6.1 trillion as of the third quarter of 2025.
PT PP Properti Tbk (PPRO)
PT PP Properti Tbk, a property development subsidiary of PT PP (Persero) Tbk, has been under severe financial strain after posting a net loss of Rp1.09 trillion in 2024. The company also reported a sharp decline in revenue.
In 2024, PP Properti recorded sales of Rp458 billion, down from Rp983 billion in 2023. Revenue was supported by apartment sales of Rp245 billion, house sales of Rp34 billion, hotel sales of Rp149.7 billion, tenant service fees of Rp17 billion, and rental income of Rp11 billion.
The company’s asset base also shrank, with total assets declining to Rp18.24 trillion in 2024 from Rp19.69 trillion the previous year.
Adil Al Hasan contributed to the writing of this article.
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