MSCI Maintained Indonesia’s Emerging Market Status, Flagged Reclassification Risk

MSCI maintained Indonesia’s Emerging Market status in its 2026 Market Classification Review and did not initiate a reclassification consultation, but issued a warning over persistent concerns regarding shareholder transparency, free-float determination, and potential coordinated trading activities. MSCI acknowledged recent reforms by OJK, IDX, and KSEI—including enhanced ownership disclosures, the High Shareholding Concentration (HSC) framework, and plans to raise minimum free float requirements—but stressed that consistent implementation and measurable improvements are required. Should sufficient progress not be evident by the Nov-26 MSCI Index Review, MSCI may consider launching a consultation on reclassifying Indonesia from Emerging Market to Frontier Market. (MSCI)

Govt. Proposed Relaxation of Regional Personnel and Infrastructure Spending Limits

The Ministry of Finance proposed relaxing the fiscal rules under the HKPD Law by allowing regional governments to allocate more than 30% of APBD spending to personnel expenses, above the current statutory cap, starting in FY27. The govt. also proposed easing the requirement for regions to allocate at least 40% of APBD spending to infrastructure, citing implementation challenges faced by many local governments following recent changes in the Transfer to Regions (TKD) scheme. The proposal has been coordinated with the Ministry of Home Affairs and the Ministry of Administrative and Bureaucratic Reform and is expected to be included in discussions surrounding the FY27 State Budget (APBN). The measure aims to provide greater fiscal flexibility for regional governments and improve budget execution stability. (Bloomberg Technoz)

Archi Indonesia (ARCI) Controlling Shareholder Completed IDR 18.3 tn Internal Share Transfer

ARCI's controlling shareholder PT Rajawali Kapital Emas (RKE) acquired 16.6 bn shares from affiliated entity PT Rajawali Corpora on 23 Jun-26 at IDR 1,100/sh, representing a transaction value of approximately IDR 18.3 tn. The transaction was conducted as an internal group restructuring and does not change the ultimate beneficial ownership, which remains under Peter Sondakh. Following the transfer, RKE's ownership increased from 17.85% to 83.65%, while Rajawali Corpora's stake declined from 65.80% to 0%. The transaction explains the previously reported block trade of approximately 16.6 bn shares in the negotiated market and is not expected to materially impact ARCI's operations or control structure. (Emitennews)

GoTo Gojek Tokopedia (GOTO) and Grab Indonesia to Cut Ojol Commission to 8%

GOTO and Grab Indonesia will reduce commission rates for two-wheeler ride-hailing services to 8% from 20%, effective 01 Jul-26, following Presidential Regulation No. 27/2026. The policy is aimed at increasing driver welfare by raising the revenue share received by driver-partners. For GOTO, the lower commission rate could pressure mobility segment profitability in the near term, although the impact may be partly offset by improved driver retention and higher platform activity. The development is negative for take rates but positive for driver income and ecosystem sustainability. The govt. expects the measure to create a fairer online transportation ecosystem while maintaining service quality. (Kontan)

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Bank Tabungan Negara

15 April 2025 - 02.19pm

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Fixed Income Daily Notes 25 Jun 2026

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Indonesia Set to Boost Nickel Mining Quotas

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MSCI Maintained Indonesia’s Emerging Market Status, Flagged Reclassification Risk