IDX Opens Voice Regarding Waskita Karya's 2 Years Of Suspended Shares
JAKARTA PT Bursa Efek Indonesia (IDX) has opened its voice regarding the share status of one of the construction issuers of the State-Owned Enterprises (BUMN) Karya, namely PT Waskita Karya (Persero) Tbk (WSKT), which has been suspended or dismissed from trading since May 8, 2023.
Based on IDX Regulation No. III.1.3.3, issuers suspended for 24 consecutive months have the potential to be subject to delisting or deleting the listing of shares from the stock exchange.
IDX Director of Corporate Assessment I Gede Nyoman Yetna said that if a company has been suspended for two years, it will not be immediately delisted.
"Delisting, even though it's not immediately 2 years old, of course we'll see how the board of directors responds, what are the plans for the future. Because our goal is not to delist them, but the goal is how to make sure," he explained to reporters at the IDX Building, Thursday, May 8.
He emphasized that the delisting rules were made to maintain the business continuity of issuers, not to remove companies from the stock exchange but to ensure any strategic plans in the future, in order to deal with existing problems, both in terms of legal and operational.
"What is more important is how we ensure the response from the board of director, what their plans will be in the future. Remember, the direction of next movement, the purpose of the daily listing regulations is not to issue companies, but to target them so that they can improve their going concern," he said.
"Yes, of course, we make sure that, we do information, what they will do, strategic planning in the future to ensure that existing problems, both legal and operational," he added.
Therefore, Nyoman said that his party had sent a letter to WSKT since before 2 years to confirm the company's condition.
"Oh yes, definitely (incurring WSKT) before 2 years (suspension) too. So friends remember, before 2 years, we periodically ask that. Including yes, of course, if you ask, how to communicate with controlling holders, what to support." he said.
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For information, the IDX temporarily suspended trading of WSKT shares because the company postponed bond interest payments.
This suspension is carried out as a step to maintain regular, reasonable, and efficient securities trading.
"Based on the letter of PT Kustodian Sentral Efek Indonesia (KSEI) No. KSEI-1184/DIR/0523 dated May 5, 2023, regarding the Postponement of 11th Interest Payment of Shelf-Registered Bonds IV Waskita Karya Phase I Year 2020 (WSKT04CN1) and in order to maintain a regular, reasonable and efficient securities trading, the Indonesia Stock Exchange (Bursa) decided to temporarily suspend Trading of PT Waskita Karya (Persero) Tbk Shares in All Markets as calculated from Session I of Stock Trading dated May 8, 2023, to further Exchange announcements," wrote the IDX announcement.