Shares Of Wet Wipes Producer, Falmaco Nonwovens Potentially Ejected By The Stock Exchange

Illustration of stock movement (Photo: Doc. Antara)

JAKARTA - PT Falmaco Nonwoven Industries Tbk (FLMC) shares are threatened with delisting by the Indonesia Stock Exchange (IDX).

Quoting information disclosure, Thursday, February 2, the wet wipes manufacturer's shares have been suspended for 6 months. Meanwhile, the suspension period will reach 24 months on August 1, 2024.

This is in accordance with Exchange Regulation Number I-I concerning delisting and re-listing of shares on the stock exchange. So, the exchange can write off listed company shares if:

- Experiencing conditions or events that significantly negatively affect the business continuity of the listed company, either financially or legally, or to the continuity of the listed company's status as a public company and the listed company cannot show an indication of adequate recovery.

- Listed company shares which are suspended in the regular market and cash market, are only traded in the negotiating market for at least the last 24 months.

If you look at the last movement of the shares, FLMC shares stopped on July 28 2022, at IDR 79 per share.

If you look at its IPO journey, the Company conducted an IPO on July 8 2021 of IDR 156.2 million shares with an offering price of IDR 200 per share. In fact, it was at IDR 510 at the end of 2021.

However, the share price has continued to decline significantly since early 2022 and last touched below the IDR 100 level.

PT. Falmaco Nonwoven Industry was founded in 1996. The company is engaged in the industry related to non-woven products, wet wipes, and various other cleaning supplies.

The composition of shareholders as of 31 December 2022 with a total number of 781.25 million shares valued at IDR 62.5 billion is:

1. Theresia Indra Wirawan with a portion of 39.49 percent

2. Falmaco Pte. Ltd with a portion of 25.23 percent

3. Rosalina Indra Wirawati with a portion of 5.1 percent

4. Irvan Hanafi with a portion of 5.1 percent

5. Daniel Muljadi Hanafi with a portion of 5.1 percent

6. PT Delta Wibawa Bersama with a portion of 11.56 percent

7. Society with a portion of 8.44 percent.

The Exchange asks the public to pay attention and scrutinize all forms of information submitted by the Company.