8 Property Issuers Facing Possible Delisting from IDX

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Laila Afifa

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  • Coordinating Minister for the Economy Airlangga Hartarto (second left) chats with the Chairman of the OJK Board of Commissioners Wimboh Santoso (second right), Chief Executive of Capital Market Supervisory Hoesen (left), and President Director of the Indonesia Stock Exchange Inarno Djajadi at the opening of JCI trading in 2021 on the Indonesia Stock Exchange, Jakarta , Monday, January 4, 2021. At this opening, 210 stocks advanced in the green zone and 103 stocks advanced in the red zone. Meanwhile, the other 178 stocks were stagnant. TEMPO / Tony Hartawan

    Coordinating Minister for the Economy Airlangga Hartarto (second left) chats with the Chairman of the OJK Board of Commissioners Wimboh Santoso (second right), Chief Executive of Capital Market Supervisory Hoesen (left), and President Director of the Indonesia Stock Exchange Inarno Djajadi at the opening of JCI trading in 2021 on the Indonesia Stock Exchange, Jakarta , Monday, January 4, 2021. At this opening, 210 stocks advanced in the green zone and 103 stocks advanced in the red zone. Meanwhile, the other 178 stocks were stagnant. TEMPO / Tony Hartawan

    TEMPO.CO, Jakarta - The Indonesia Stock Exchange (IDX) has eight property issuers that could potentially be delisted. Some of them have been suspended from trading for more than six months.

    The eight issuers are PT Natura City Developments Tbk. (CITY), PT Sinergi Megah Internusa Tbk (NUSA), PT Plaza Indonesia Realty Tbk (PLIN), PT Rimo International Lestari Tbk. (RIMO), PT Hanson Internasional Tbk (MYRX), PT Hotel Mandarine Regency Tbk (HOME), PT Cowell Development Tbk (COWL), and PT Modernland Realty Tbk (MDLN).

    MYRX and RIMO are facing delisting after being suspended from trading since last year. The Tjokrosaputro brothers, Benny and Teddy, who serve as president directors of the two companies, are currently serving prison sentences due to the Jiwasraya scandal.

    The IDX has also suspended MDLN after JGC Ventures Pte. Ltd. failed to pay coupons for the Guaranteed Senior Notes that have matured, where MDLN acted as the parent guarantor.

    The IDX also decided to suspend the stocks and bonds trading of PT Modernland Realty Tbk. (MDLN, MDLN01BCN1) in all markets since September 30, 2020.

    Meanwhile, PLIN—manager of Plaza Indonesia—is suspended for not complying with the free float rule. Its public shares have declined to around 2.99 percent, less than the minimum requirement of seven percent.

    Read: IDX Suspends Inter Delta Shares from Trading

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