IDX Pays Attention To The Shares Of Kiki Barki Conglomerate Company, Why?

Conglomerate Kiki Barki. (Photo: Doc. Forbes)

JAKARTA - The capital market authority, in this case, the Indonesia Stock Exchange (IDX), reports that there are five shares under special supervision due to unusual market activity (UMA). One of the stocks that the IDX is looking at is PT Harum Energy Tbk (HRUM), which is considered to have experienced unusual stock movements on February 11, 2021.

"We hereby inform you that there has been an increase in the price of HRUM shares which is unusual (Unusual Market Activity). The UMA announcement does not necessarily indicate a violation of laws and regulations in the Capital Market sector", wrote the IDX letter signed by the Head of the IDX Transaction Supervision Division Lidia. M Panjaitan, and the Head of Trade Regulation & Operations Division Irvan Susandy, quoted by VOI, Tuesday, February 16.

"Therefore, investors are expected to pay attention to the issuer's answer to the Exchange's request for confirmation, observe the issuer's performance and disclosure of information, and review the corporate action plan if the plan has not been approved by the General Meeting of Shareholders (GMS), and consider various possibilities that may arise at a later date before making the decision investment decisions", added the IDX.

HRUM shares, recorded an unusual increase in price on Thursday, February trading, namely by 10.65 percent to IDR 7,275 per share. For a month, this coal company owned by conglomerate Kiki Barki has soared by 55.83 percent.

The increase in share price was allegedly in line with Harum Energy's expansion which strengthened its expansion into nickel mining by buying 51 percent of PT Position's shares owned by Aquila Nickel Pte Ltd or the equivalent of 24,287 company shares. Aquila is a company based in Singapore.

The sale and purchase price made by its subsidiary, PT Tanito Harum Nickel, was signed at US $ 80.32 million, equivalent to IDR 1.12 trillion (exchange rate of IDR 14,000 per US dollar).

Harum Energy President Director Ray A Gunara said PT Position is a limited company established under Indonesian law and has a Mining Business License (IUP) for nickel commodities.

"The purpose of the transaction carried out by the company is to develop and expand business activities in the mining sector", said Ray, in information disclosure on the Indonesia Stock Exchange (IDX), Monday, February 1.

In June 2020, Harum Energy also made a purchase transaction for the shares of an Australian nickel mining company, Nickel Mines Limited, for 34.26 million Australian dollars or the equivalent of IDR 369 billion at an exchange rate of IDR 10,781 per Australian dollar.

HRUM shares on Tuesday, February 16 morning at 09.00 WIB were recorded at the level of IDR 7,050 per share, or up 0.36 percent compared to yesterday's market close.