However, although the deadline passed more than one-and-a-half years ago, there remain nine companies that are yet to comply with the minimum free float regulation (see table below). IDX General Director Tito Sulistio said he still waits for these nine companies to adjust their share composition to the new rule and therefore invites these companies to send their plans to the IDX. Sulistio warned that if the nine companies will not comply with the free float rule, then the maximum penalty would be a forced delisting from the Indonesia Stock Exchange.

Samsul Hidayat, Director of Corporate Listing at the IDX, said trading of these nine companies' shares has already been suspended. He added that there are actually more companies that still need to comply with the minimum 7.5 percent free float rule. However, they have shown their commitment to adjust to new regulations and therefore have not been suspended from trading. These companies are Bank CIMB Niaga, Golden Energy Mines, and Chandra Asri Petrochemical.

Among the companies that were suspended from trading is Keramik Indonesia Assosiasi, one of Indonesia's major producers of ceramic tiles. The Siam Cement Group owns a 96.31 percent stake in this company through SCG Building Materials Co. Ltd, while the remaining 3.69 percent is publicly traded on the Indonesia Stock Exchange. Vikron Phongsathorn, Investment Coordinating Manager of SCG Indonesia, said the company is eager to comply with the minimum 7.5 percent free float regulation and is currently searching strategic investors. However, considering Indonesia's ceramic industry is experiencing a difficult period, the company struggles to find an interesting party, either at home or abroad.

Companies that have not complied yet with the 7.5% minimum free float ratio:

Destinasi Tirta Nusantara
Danayasa Arthatama
Keramika Indonesia Assosiasi
Permata Prima Sakti
Hotel Mandarine Regency
Trikomsel Oke
Grahamas Citrawisata
Taisho Pharmaceutical Indonesia

Source: IDX