12 Issuers Threatened To Be Expelled from the Exchange, Here’s the Leak

Jakarta

The Indonesia Stock Exchange (IDX) revealed, as many as 12 listed companies have the potential to be delisted or written off by the stock exchange. The company has been suspended for 24 months or 2 years.

“Until now, there are 12 listed companies that are still in a state of suspension for more than 24 months and have the potential to be delisted by the exchange,” said IDX Director of Corporate Valuation I Gede Nyoman Yetna, Sunday (11/14/2021).

He said, as long as there is no improvement, the issuer has the potential to be delisted. He also mentioned a number of issuers, including PT Eureka Prima Jakarta Tbk (LCGP), PT Triwira Insanlestari Tbk (TRIL), PT Kertas Basuki Rachmat Tbk (KBRI), and PT Jakarta Kyoei Steel Works Tbk (JKSW).

“As long as there is no improvement in conditions that caused the suspension of LCGP, TRIL, the Indonesian Embassy, ​​and JKSW, the listed company has the potential to be delisted. The Exchange will consider the performance improvement efforts made before the listed company is delisted by the exchange,” he said.

He explained that LCGP, the Indonesian Embassy and JKSW had previously conveyed information disclosure regarding the improvement plan. However, until now there has been no progress that shows the problem has been resolved.

“Regarding TRIL, the suspension is due to going concern problems, although based on the financial statements for the period of June 30, 2021, it has recorded revenue. Until now there are still concerns from the stock exchange regarding the financial statements of the previous period that must be improved,” he said.

“In addition, the stock exchange also coordinates with the Financial Services Authority related to the condition of the potential delisting. As is known based on POJK No. 3/POJK.04/2021 concerning the Implementation of Activities in the Capital Market Sector, it is regulated that listed companies are delisted by the stock exchange. is required to change its status from a public company to a closed company by repurchasing all shares owned by public shareholders (buyback),” he explained.

(acd/dna)

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