Sritex, Owned By Conglomerate Iwan Lukminto Is Threatened To Be Kicked Out From The IDX, President Director: We Are Focusing On Finishing The PKPU Process

Illustration. (Photo: Doc. Sritex)

JAKARTA - PT Sri Rejeki Isman Tbk (SRIL) alias Sritex, has opened its voice regarding the status of a company that has the potential to be delisted or whose shares are issued from the Indonesia Stock Exchange (IDX). The potential for delisting is because the shares of the company owned by conglomerate Iwan Lukminto have been suspended or suspended since May 18, 2021.

Sritex's Finance Director, Allan Moran Severino, explained that the suspension experienced by SRIL's shares was because it could not pay its medium-term notes (MTN). This happened because the company was being sued by PKPU (Postponement of Debt Payment Obligation) since May 2021.

"Currently the company is undergoing the PKPU process since May 20121. This means that the company cannot pay its debts separately and must follow procedures while PKPU is running," said Allan in his written statement, quoted on Tuesday, November 23.

Therefore, said Allan, Sritex did not pay MTN of USD 25 million or approximately IDR 356 billion. This triggered the suspension or suspension of SRIL shares since May 18, 2021, due to the non-payment of MTN of USD 25 million.

"Sritex is currently focusing on completing the PKPU process, which has a time limit of 270 days or about 9 months. This time limit is much shorter than the maximum delisting time limit of 24 months (2 years)," explained Allan.

When the PKPU is finished, continued Allan, the potential for delisting can be abolished and SRIL shares can be traded again.

"The company focuses on completing the PKPU process as quickly and well as possible so that it is hoped that SRIL shares can be traded again as usual," said Allan.