Do You Still Remember The Owner Of The Esia Cellphone? Having Lost Billions, Bakrie Telecom Is Threatened With Being Kicked Out Of The IDX

Esia Mobile. (Photo: Doc. Antara)

JAKARTA - Unfortunately, the fate of a company owned by conglomerate Aburizal Bakrie, PT Bakrie Telecom Tbk. The company is in a loss position until September 2020, and is now in danger of being kicked out of the Indonesia Stock Exchange listing board, aka delisting.

Based on VOI's editorial monitoring, the shares of the company coded BTEL have been suspended for almost two consecutive years. In an information disclosure on the IDX website, Tuesday, January 19, the stock exchange authority announced that the shares of the company that once produced Esia cellphones have been frozen from trading for 20 months since 27 May 2019.

The freezing of BTEL shares will reach 24 months or 2 full years on May 27, 2021. The potential for delisting is stated in Exchange Regulation Number II concerning Delisting and Shares Relisting.

In Rule III.3.1.2, IDX may write off the shares of a listed company if the shares of a listed company which due to suspension on the regular market and cash market have only been traded in the negotiated market for at least the last 24 months.

The composition of BTEL shareholders based on financial reports as of 30 June 2020 was 16.8 percent held by PT Huawei Tech Investment, 13.6 percent held by PT Mahindo Agung Sentosa, 5.5 percent held by PT Era Bhakti Persada, 6 percent held by Raiffeisen Bank International s / a Best Quality Global Limited, 0.1 percent is held by PT Bakrie & Brothers Tbk and 58 percent is spread across the community.

Loss of IDR 60.17 billion

Bakrie Telecom recorded a net loss of Rp. 60.17 billion as of September 2020. This achievement is inversely proportional to the period of 31 December 2019, where Bakrie Telecom managed to score a profit of Rp7.17 billion.

The reduced operating income is one of the factors that has made the Bakrie Group's business arm suffer losses. Bakrie Telecom posted net operating income of IDR3.04 billion in September 2020 or 24.38 percent lower than last December 2019 which reached IDR4.02 billion.

From the telecommunication services and information technology business, Bakrie Telecom generated a gross revenue of Rp8.10 billion. However, this achievement must be eroded by the cost of revenue, which reached Rp5.07 billion in the first nine months of 2020.

Basically, Bakrie Telecom managed to significantly reduce operating losses, namely from the initial Rp23.28 billion in December 2019 to Rp7.68 billion in September 2020. However, at the same time the financial burden experienced a great swelling, namely from only Rp15 million in December 2019 to IDR 71.57 billion in September 2020.

This condition was exacerbated by the decline in foreign exchange earnings. Bakrie Telecom posted a foreign exchange gain of IDR 195.83 billion in December 2019 and then decreased to IDR 24.49 billion in September 2020. This then cut the company's profits to the point of experiencing large losses.