Knock! IDX Removes PBRX, SRIL & WSBP Shares from Special Monitoring

Jakarta, CNBC Indonesia – The Indonesia Stock Exchange (IDX) officially issued the shares of textile issuer PT Pan Brothers Tbk (PBRX) from the special monitoring list today, Wednesday (28/7/2021).

Based on IDX’s information disclosure, on Tuesday (27/7), PBRX was included in the criteria for point 8 securities under special monitoring.

“This change will become effective on July 28, 2021,” explained the stock exchange, quoted by CNBC Indonesia, Wednesday (28/7/2021).

For information, point 8 is referred to when an issuer is in a condition where it is requested for a Suspension of Debt Payment Obligations (PKPU) or is filed for bankruptcy.

Previously, on Monday (26/7), PKPU from PT Bank Maybank Indonesia Tbk (BNII) to Pan Brothers was rejected by the Central Jakarta Commercial Court. This means that PBRX has escaped this PKPU lawsuit.

The decision was read in a hearing held on Monday (26/7/).

Maybank Indonesia’s attorney, Budi Rahmad, said that the rejection of the PKPU claim was because the court recognized the Singapore High Court’s decision on the moratorium on PBRX obligations in the country.

“Yes, it was rejected,” said Budi to CNBC Indonesia, Monday (26/7).

He explained that the consideration of the panel of judges regarding the rejection of the PKPU was against the law because it had recognized the Singapore moratorium decision.

Then this moratorium is made as to state the applicant does not have legal standing to apply for PKPU a quo.

“Even though the verdict is clear [pengadilan] Foreigners cannot be enforced in Indonesia and the bankruptcy law does not recognize/acknowledge foreign decisions,” he explained.

For the next step, Budi said that it would still be coordinated with Maybank Indonesia as his client.

The PKPU lawsuit was filed by Maybank on Monday (24/5/2021) with case number 245/Pdt.Sus-PKPU/2021/PN Jkt.Pst.

Meanwhile, on 28 June 2021, in Singapore, Judicial Commissioner Philip Jeyaretnam responded to the request for OS 551 and Subsidiaries OS. Judicial Commissioner Philip also gave a moratorium to Pan Brothers and its subsidiaries until December 28, 2021.

This moratorium application is based on Section 64 of the Insolvency, Restructuring and Dissolution Act 2018 with item number HC/OS 551/2021.

In addition, PBRX also submitted another application based on Section 65 of the IRDA (Subsidiaries OS) for a moratorium on subsidiaries in support of company restructuring.

Regarding the value of the debt being moratorium, the greatest value is to bondholders and syndications lenders with a bond value of US$ 171.1 million or equivalent to Rp. 2.48 trillion (average exchange rate of Rp. 14,500/US$) and a syndicated limit of US$ 138.5 million or equivalent to Rp. 2 trillion.

To note, the obligations of Pan Brothers from Maybank Indonesia are in the form of bilateral loan facilities worth Rp. 4.16 billion and US$ 4.05 million (around Rp. 58.75 billion, assuming an exchange rate of Rp. 14,500/US$), for a total of Rp. 62.91 billion. .

In addition to PBRX shares, the day before, or on Tuesday (27/7), the stock exchange also officially revoked three other shares from the special monitoring list.

The three stocks are engineering and manufacturing company PT Grand Kartech Tbk (KRAH), textile company PT Sri Rejeki Isman Tbk (SRIL), and construction company PT Waskita Karya Tbk (WSKT) PT. Waskita Beton Precast Tbk (WSBP).

As was the case with Pan Brothers, previously, the three shares listed above were included in point 8 in the securities criteria under special monitoring alias entangled in PKPU.

For example, SRIL is currently in the PKPU process in three countries, including Indonesia, Singapore, and the United States (US). The PKPU process in Indonesia, for example, the Panel of Judges of the Commercial Court at the Semarang District Court has decided to grant the company’s request to extend the PKPU process for the next 90 days.

Meanwhile, the company recently experienced a reduction in its Long-Term Issuer Default Rating (IDR) to RD (Restricted Default) from C previously carried out by global rating agency Fitch Ratings.

This happened as Sritex failed to meet the interest payments due of around US$ 850,000 or equivalent to Rp. 11.9 billion (exchange rate of US$ 1 = Rp. 14,000) on a syndicated loan of US$ 350 million or Rp. 4.9 trillion, which was due in 23 years. April 2021.

CNBC INDONESIA RESEARCH TEAM

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