Sritex, Owned By Conglomerate Iwan Lukminto, Is Threatened With Being 'kicked' From The IDX, Why?

JAKARTA - The textile issuer belonging to the Iwan Lukminto conglomerate, PT Sri Rejeki Isman Tbk (SRIL) or Sritex has been suspended by the Indonesia Stock Exchange (IDX) for one year so it has the potential to be delisted.

IDX Head of Corporate Valuation Division 3, Goklas Tambunan, and IDX Head of Trading Operational and Regulatory Division, Irvan Susandy, said SRIL shares had been suspended from all markets for 12 months, starting on 18 May 2022.

"The suspension period will reach 24 months on May 18, 2023", said Goklas and Irvan in the IDX announcement, quoted Thursday, May 19.

As is known, based on Exchange Regulation No. II concerning Delisting and Relisting, IDX may delete the listing of company shares for two reasons.

First, by provision III..3.1.1, experiencing a condition, or event, which significantly negatively affects the business continuity of the listed company, either financially or legally, or on the continuity of the status of the listed company as a public company, and the listed company cannot show indications of adequate recovery.

Second, provision III.3.1.2, the shares of listed companies that 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.

The Exchange also asks the public to pay attention and pay attention to all forms of information submitted by the company. As is known, the IDX has suspended SRIL shares since May 18, 2021.

The temporary suspension of trading in SRIL shares was caused by the delay in payment of principal and interest of the 6th Sritex Medium Term Notes (MTN) phase III in 2018, which matures on May 18, 2022.