PGN's Shares Drop Almost 7 Percent, Kaesang: I Hold

Children President Joko Widodo (Jokowi), Kaesang Hope. (Photo: Instagram @kaesangp)

JAKARTA - Amid the rapid pace of the Composite Stock Price Index (IHSG) in the first trade of 2021, the shares of PT Perusahaan Gas Negara Tbk actually collapsed quite deeply.

Quoting RTI data, the shares of the issuer coded PGAS fell 115 points or fell 6.95 percent to the level of 1,540. Since it was opened this morning, the shares of this state-owned energy company have immediately slumped.

The decline in PGAS share price is approaching the lower auto reject threshold (ARB). Total PGAS shares transacted reached 791.38 million shares, valued at IDR 1.2 trillion.

Photo: RTI

The youngest son of President Joko Widodo (Jokowi), Kaesang Pangarep, who often recommends PGAS shares, also commented on his personal Twitter account. On the @kaesangp account, he answered netizen questions about whether to sell PGAS shares or not.

"No, I won't," said Kaesang, quoted by VOI, Monday, January 4.

Quoting Bisnis.com, PGAS shares were allegedly falling due to massive selling action along with the resurgent tax dispute. This state-owned company announced on December 30, 2020 that the company has the potential to pay principal liabilities of IDR 3.06 trillion.

This obligation arose after the Supreme Court (MA) granted a request for reconsideration (PK) from the Directorate General of Taxes. The dispute began in 2012 when there were different interpretations in understanding the tax provisions, namely PMK-252 / PMK.011 / 2012 regarding the implementation of the obligation to collect VAT on the delivery of natural gas.

In 2017, PGAS filed an objection legal action. However, the DGT refused. A year later, PGAS filed an appeal through the Tax Court and a year later the company's request was granted.

The court canceled the DGT's decision on 49 SKPKB aka Underpayment Tax Assessment Letters. On the decision of the Tax Court, DGT submitted a PK to the Supreme Court.

PGAS stated that they are still trying to take legal measures that are still possible to mitigate the Supreme Court's decision. PGAS is also currently evaluating and preparing legal measures that will be taken after receiving an official copy of the PK Decision in accordance with the procedures stipulated by the Law on the Supreme Court.

On the other hand, PGAS will also submit an application to the DGT regarding tax collection to be carried out after the last legal remedy in accordance with the laws and regulations. PGAS requests that payments be made in installments or other mechanisms so that the company can overcome financial problems so that it can continue to carry out business in the future, including carrying out government assignments.

Director of Finance at Perusahaan Gas Negara Arie Nobelta Kaban previously explained that the company's financial condition is currently in quite good condition. The position of cash and cash equivalents was US $ 1.19 billion as of September 30, 2020. According to her, this position was better than the position of US $ 1.04 billion as of December 31, 2019.

Meanwhile, the achievement of financial performance in the third quarter of 2020 is strongly influenced by economic conditions, which are currently not recovering due to the impact of the pandemic. As of September 2020, posted revenues of 2.15 billion US dollars as of 30 September 2020, down 23.49 percent. Net profit also fell 58 percent to US $ 53.35 million.