IDX Suspends Five Issuers, Some Of Them Are Related To Jiwasraya And Asabri

Indonesia Stock Exchange Building. (Photo: IDX)

JAKARTA - The Indonesia Stock Exchange and the Financial Services Authority (OJK) as the capital market regulator, temporarily stopped trading in the securities of five issuers. This termination is to maintain orderly, fair and efficient securities trading.

"The termination is carried out in all markets from the first securities trading session on Thursday, January 23, 2020 until further exchange announcements," said IDX Corporate Secretary Yulianto Aji Sadono in a statement received by VOI, Thursday, January 23.

The five issuers are PT Inti Agri Resources Tbk (IIKP), PT SMR Utama Tbk (SMRU), and PT Trada Alam Minera Tbk (TRAM and TRAM-W). The three securities trades were active before the suspension period.

Two other issuers, namely PT Eureka Prima Jakarta Tbk (LCGP) and PT Hanson International Tbk (MYRX and MRX-P) have been suspended previously. LCGP has been suspended in all markets since May 2019, while MYRX and MRX-P have been suspended from 16 January 2020.

Yulianto said the termination also refers to the letter issued by OJK No. SR-11 / PM.21 / 2020 dated January 22, 2020 regarding Order for Temporary Cessation of Trading in Securities.

The opening of the suspension of the aforementioned securities, said Yulianto, can only be considered if the listed company has fulfilled its obligations to the IDX and the OJK has ordered the opening of the suspension of the said securities.

One of the shareholders in two issuers --SMRU and IIKP - is PT Asabri. From the data held by the IDX, Asabri pocketed 13.19 percent of IIKP shares and 6.6 percent of SMRU shares.

Apart from Asabri, another shareholder of SMRU is PT Trada Alam Minera Tbk, which is also on suspension. TRAM controls up to 52.3 percent of SMRU's shares.

TRAM itself is involved in the Jiwasraya case. The Attorney General's Office has named the President Commissioner of PT Trada Alam Minera Heru Hidayat as one of the suspects.

The other four suspects in the Jiwasraya case are the President Commissioner of PT Hanson Internasional Tbk, Benny Tjokrosaputro and the former President Director of PT Jiwasraya, Hendrisman Rahim. Then, the Finance Director of PT Jiwasraya (Persero), Hary Prasetyo and former Head of the Jiwasraya Investment Division Syahmirwan.

Still from IDX data, 28.35 percent of TRAM shares are controlled by Graha Resources and the rest by the public is 51.65 percent. MYRX also has links to the Jiwasraya case. Benny Tjokrosaputro owns a portion of MYRX's stake, to be precise 8.08 percent.

Meanwhile, the LCGP shares are held by the Bank Mandiri Health Foundation as much as 7.07 percent and the Bukit Asam Pension Fund by 5.55 percent. The remaining 87.38 percent is owned by the public.