Krakatau Steel Threatened With Imbas IDX Dispension Has Not Submitted 2022 Financial Reports

JAKARTA - Shares of PT Krakatau Steel Tbk (KRAS) are in danger of being suspended by PT Bursa Efek Indonesia. This is done if they do not submit the financial statements for the 2022 financial year until the end of June 2023.

"If you haven't submitted or haven't paid the fine, KRAS can be suspended," said IDX Director of Corporate Assessment I Gede Nyoman Yetna quoting Antara.

Nyoman said that his party had given KRAS a First Warning Letter (SP1), as well as a Second Warning Letter (SP2) accompanied by the provision of a fine of Rp. 50 million, due to delays in submitting financial reports for the 2022 financial year.

"For companies that have not submitted financial reports. Already SP1, already SP2, SP2 already has a fine, then continue to SP3," said Nyoman.

Until now, PT Krakatau Steel Tbk has not provided an explanation regarding the delay in submitting financial reports for the 2022 financial year.

However, Krakatau Steel submitted a financial report for the first quarter of 2023 on April 30, 2023, which recorded a net loss of USD 18.263 million, or worsened than posting a net profit of USD 26.459 million in the same period in 2022.

The company posted revenues that increased 2.05 percent (yoy) to USD 689.8 million in the first quarter of 2023, compared to the same period the previous year which was recorded at USD 675.9.

Based on Provisions II.6.2 of Exchange Regulation Number IH concerning Sanctions, the IDX provides a Written Warning II and a fine of IDR 50 also to companies that do not fulfill the obligation to submit the Audited Financial Report which ends December 31, 2022 in accordance with the predetermined time limit.