JAKARTA (TheInsiderStories) — Indonesia Stock Exchange (IDX) suspended trading of PT Hanson International Tbk (IDX: MYRX) with other four issuers. The bourse said they pause Benny Tjokrosaputro’ company’ shares trading related to the failure of debt payments.
Beside Hanson, the regulator also halt the transaction of PT Inti Agri Resources Tbk (IDX: IIKP), PT Eureka Prima Jakarta Tbk (IDX: LCGP), PT SMR Utama Tbk (IDX: SMRU), and PT Trada Alam Mineral Tbk. The bourse suspended all shares will stop the five issuers trading since Jan. 23 until further announcement.
I Gede Nyoman Yetna, the director at IDX, stated in an official statement, the bourse will open the suspend if the issuer has deliver their obligation to the regulator.
“We are concerned with the controlling shareholders, directors, commissioners and the financial condition of the company (Hanson),” he said on Wednesday (01/22).
As reported, Hanson defaulted on debt amounting to Rp2.66 trillion (US$190 million) to 1,845 parties. The company’ director, Rony Agung, admitted that the company failed to make the debt payments.
Currently, he said, the developer and its creditors are in the negotiation stage on the debt settlement with asset. Based on an official data, the issuer is required to repay debts with total amount Rp1.07 trillion in 2019. Between January and October of 2020, the company must refinance the debt with worth of Rp1.58 trillion.
Agung asserted that Hanson plans to pay off debt through asset settlement, restructuring, and selling some assets or shares at the subsidiary level.
Since 2013, around 27 companies has been delisted from the local bourse after suspended for months. Based on IDX data, mining companies and infrastructure development, PT Bara Jaya International Tbk (IDX: APTK) shares has deleted on Sept. 30, 2019 because the company does not yet have a business plan.
Then, PT Borneo Lumbung Energi & Metal Tbk (IDX: BORN), after suspended since June 2016. Other issuer, PT Grahamas Citrawisata Tbk (IDX: GMCW) had already excused itself from the bourse after trading its shares suspended by the bourse for more than 24 months.
Similarly, PT Sekawan Intiparatama Tbk (IDX: SIAP) has been removed from the stock exchange since June 17, 2019 after the coal mining business has been revoked by the government. There were also shares that were delisted this year due to a merger program, such as PT Bank Mitraniaga Tbk (IDX: NAGA) which merged with PT Bank Agris Tbk (IDX: AGRS).
In addition, shares of PT Bank Nusantara Parahyangan Tbk (IDX: BBNP) were deleted after merged with PT Bank Danamon Indonesia Tbk (IDX: BDMN).
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