No, nationalization of foreign-owned businesses is unheard of since Suharto’s time, it only happened during Sukarno’s time.
Well, have you heard about Indonesia's mandatory
divestment rule, especially in the mining, mineral, and coal sectors?
Foreign investors can initially own up to 100% of an Indonesian mining company (PT PMA), but Indonesia's regulatory framework strongly promotes resource nationalism through mandatory divestment requirements. Under the divestment rule, foreign shareholders are required to gradually divest their shares to Indonesian parties, such as the central or regional government, state-owned enterprises (BUMN), or Indonesian private companies until Indonesian ownership reaches at least 51%.
The divestment timeline depends on the type of mining operation. For most standard mining projects, divestment starts in the 5th year of commercial production and must reach 51% Indonesian ownership by the 10th year. However, for more complex underground mining operations with integrated processing and refining facilities, the divestment obligation is deferred, with the 51% requirement not applying until the 20th year of production.
This is how Freeport McMoran parent company, for instance lose their control in Grasberg mine in Papua, Indonesia, one of the largest copper and gold deposits in the world. They now only own 48.8% while the remaining 51.2% is now owned Indonesia's state-owned mining holding company and Indonesian businesses. Also that is allegedly one of the main reason why some foreign countries try to help the separatist movement in Papua keep the issue afloat to help them gain independence