In order to support the fund raising through the capital market, PT Indonesia Stock Exchange (IDX) eased the requirements of debt securities listing - Photo: Special

JAKARTA (TheInsiderStories) – The Indonesia Stock Exchange (IDX) suspended trading for six listed companies due to being late in submitting the financial statement in the third quarter of 2019. As of 30 January 2020, the six companies have not submitted their financial statements nor paid their fines.

“Based on this, the Exchange has extended the suspension on the shares of those six companies,” Adi Pratomo Aryanto, the director at IDX, said in a disclosure today (01/31).

Aryanto added the suspension was related to the issuers’ obligation to submit their financial statements and referred to regulation II.6.3. The regulator has given third written warnings and imposed Rp150 million (US$10,714) additional fine to issuers which is late in submitting their financial statements and/or has not yet paid the previous fines.

The six issuers suspended including PT Tiga Pilar Sejahtera Food Tbk (IDX: AISA) which has been suspended in all markets since 5 July 2018. Then, PT Golden Plantation Tbk (IDX: GOLL) which has been suspended in the regular and cash market since 30 January 2019 and PT Sugih Energy Tbk (IDX: SUGI), which has been suspended in the regular and cash market since 19 August 2016.

Furthermore, PT Evergreen Invesco Tbk (IDX: GREN), which has been suspended in the regular and cash market since 19 June 2017. Then PT Nipress Tbk (IDX: NIPS), which has been suspended in the regular market and cash market since 1 July 2019, and PT Cakra Mineral Tbk (IDX: CKRA), which has been suspended in all Markets since 5 June 2018.

Week ago, the regulator also suspended trading of PT Hanson International Tbk (IDX: MYRX) with the other four issuers. The bourse said they pause Benny Tjokrosaputro’s company’ shares trading related to the failure of debt payments.

Besides Hanson, the bourse halts 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 from Jan. 23 until further announcement.

As reported, Hanson defaulted on debt amounting to Rp2.66 trillion 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 the asset. Based on official data, the issuer is required to repay debts with a total amount of Rp1.07 trillion in 2019. Between January and October of 2020, the company must refinance the debt 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 have 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 issuers, 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).

US$1=Rp14,000

Written by Lexy Nantu, Email: lexy@theinsiderstories.com