IDX Checks Prajogo Pangestu's CUAN Shares, This Is The Cause

Illustration (Photo: Doc. Antara)

JAKARTA - The Indonesia Stock Exchange (IDX) is examining PT Petrindo Jaya Kreasi Tbk (CUAN) after its shares were hit several times by suspensions due to abnormal trading activities.

Director of Transaction and Compliance Supervision of the IDX Kristian Manullang explained that this examination is a protection measure for consumers because CUAN shares have been suspended or stopped trading five times in the last five months.

"We did an examination because procedurally there were two of them he suspensiond twice," Kristian explained to the media, Friday, December 29.

Furthermore, Kristian conveyed that there is a possibility that CUAN's shares will be opened after the suspension.

However, he admitted that he could not confirm when the opening of CUAN's shares would be opened. Because, the length of the suspension will depend on the results of the examination later.

Kristian said that the stock exchange will monitor all shares of Prajogo Pangestu and not only in CUAN shares.

However, the IDX is currently examining CUAN's shares first.

Kristian emphasized that the investigated CUAN shares were not yet included in the investigation stage and that his party was examining all the possibilities that occurred in CUAN's shares, including for example the possibility of pseudo transactions.

"We will collect all of these possibilities," he said.

Furthermore, Kristian said, the length of suspension of CUAN shares will depend on the examination later.

Citing RTI data, CUAN's shares over the past month flew 106.54 percent temporarily over the past week, up 22.6 percent.

Meanwhile, since the IPO, CUAN shares have flown 6,000 percent of the offering price of Rp220 per share and are now trading at Rp13,425 per share with a market capitalization of CUAN of Rp150.92 trillion.

In addition, CUAN shares are also the main supporter of this year's JCI rate, due to the insane increase in share prices.

For information, CUAN shares have been suspended in their respective IDX announcements on August 14, August 16, November 6, November 9, and December 19, 2023.