Sritex Declared Bankrupt, IDX Reveals Its Shares Potentially Delisting

JAKARTA - The Indonesia Stock Exchange (IDX) revealed that the shares of PT Sri Rejeki Isman Tbk (SRIL) or Sritex met the delisting criteria. Based on the provisions of III.1 of the I-N Exchange Regulation, it is stated that delisting of a stock can occur for several reasons.

As for the provisions III.1.3.1, the Company was recorded to have experienced a significant condition or event that had a negative effect on the business continuity of the Company being recorded, either financially or legally, and the Company was noted to be unable to show indications of adequate recovery.

Furthermore, based on the provisions III.1.3.3 Company Shares, it was recorded that it had experienced Suspension Securities, both in the Regular Market and Cash Market, and/or in all markets, for at least 24 (twenty-four) last month.

IDX Director of Corporate Assessment, I Gede Nyoman Yetna said, based on our monitoring, the Exchange has temporarily suspended SRIL Effect Trading in All Markets since May 18, 2021, until now due to the delay in MTN Sritex Phase III Main Payments and Interest in 2018. 6th.

"Thus SRIL has met the criteria for Delisting because the support for SRIL's effect has reached 42 months," he said in his statement, Friday, October 25.

In connection with the news regarding the SRIL bankruptcy decision, Nyoman said that the Exchange had asked SRIL for an explanation and a reminder to convey Information Disclosure to the Public regarding the follow-up and the Company's plans for bankruptcy decisions, including SRIL's efforts to maintain its going concern.

In addition, in monitoring the listed Company, Nyoman explained that the Exchange also made several efforts to protect retail investors, one of which was through the imposition of special notifications and placements on the Special Monitoring Board if the Company was recorded to meet certain criteria.

This is as stipulated in the I-X Exchange Regulation concerning Placement of Equity Equity Equity Listing on Special Monitoring Boards.

"This is expected to be an initial awareness for investors for potential problems with listed companies," he explained.

Nyoman said that while the Company noted that suspensions were carried out, both due to sanctions and suspension for other reasons, retail investor protection efforts were carried out through several things, including by submitting a delisting reminder to a listed company that had been suspended for 6 months of effect, conveying invitations for hearings, requests for explanation regarding efforts to improve the causes of suspension and future business plans.

Furthermore, Nyoman said that the company was noted to be obliged to provide an update on the progress of the repair plan every June and December.

"Bursa will also announce potential delisting every 6 months, which includes information regarding the suspension period, the latest management and shareholders, as well as contact contact that can be contacted," he said.

In monitoring SRIL, the Exchange has made announcements of potential delisting every 6 months with details:

1. Peng000050/BEI.PP3/11-2021 Exchange Announcement dated 18 November 2021;2. Peng-00022/BEI.PP3/05-2022 Exchange Announcement dated 18 May 2022; 3. Peng-00060/BEI.PP3/11-2022 Exchange Announcement dated 18 November 2022;4. Peng-Novel Exchange Announcement 000027/BEI.PP3/05-2023 dated 17 May 2023; 5. Peng-00093/BEI.PP3/11-2023 Exchange Announcement dated 20 November 20, 2023; and 6. Peng-00020/BEI.PP3/06-2024 Exchange Announcement dated 28 June 2024.

Meanwhile, based on POJK 3/2021 concerning the Implementation of Activities in the Capital Market and SE OJK Sector No. 13/SEOJK.04/2023 concerning the Purchase of Open Company Shares as a result of the Cancellation of Stock Listing due to Significant Conditions or Events Negative for Business Continuity, it is stated that if delisting is carried out on an open company due to conditions that affect business continuity, then open companies are required to change their status to a Closed Company and are required to buy back on public shares with the provisions and prices as regulated in POJK 3/2021 and SE OJK.