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Calls Sritex Potential Delisting, IDX: Shares Suspended Since May 18, 2021

TEMPO.CO, Jakarta – The Indonesia Stock Exchange Authority or BEI said the textile issuer PT Sri Rejeki Isman Tbk. or Sritex potentially removed from the listing or delisting. This was conveyed by the Head of the IDX’s Corporate Valuation Division 3, Goklas Tambunan and the Head of the IDX’s Trading Operations and Regulations Division, Irvan Susandy.

The reason is, the company with the stock code SRIL has been suspended in all markets since May 18, 2021 and is now entering its sixth month of not trading. “The suspension period will reach 24 months on May 18, 2023,” the IDX said in its announcement, quoted on Sunday, November 21, 2021.

Also Read: Sritex Targets IDR 1.5 Trillion IPO Funds

Exchange Regulation No. II concerning Delisting and Relisting states that the IDX may delete the listing of company shares for two reasons.

First, in accordance with the provisions of III..3.1.1, experienced a condition, or event, which significantly negatively affected the business continuity of the listed company. The intended negative effect is either financially or legally, or on the continuity of the company’s status as a public company, and the listed company cannot show adequate indications of recovery.

Also Read: How Sritex was entangled in a debt of Rp. 17 trillion

Second, provision III.3.1.2, the shares of listed companies which are due to suspension in the regular market and cash market, are only traded in the negotiated market for at least the last 24 months.

Currently, public ownership in SRIL reaches 8.15 billion shares or 39.89 percent of the total shares of SRIL. While the remaining 59.03 percent is owned by PT Huddleston Indonesia, 0.52 is owned by Iwan Kurniawan, 0.00 percent or 740,000 shares are owned by Vonny Imelda Lukminto.

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