41 IDX Members Face Forced Delisting under New Regulation
Jakarta. At least 41 public companies may be removed from the Indonesia Stock Exchange (IDX) following recent adjustments to the delisting rules.
One of the key changes includes a criterion for forced delisting based on a two-year suspension, said Teuku Fahmi Ariandar, head of the regulation and corporate services division at the IDX.
Teuku noted that these 41 companies have been suspended from trading for a significant period and could be delisted soon.
"To remain listed, companies suspended for more than six months must provide updates on their current status," he said on Monday.
IDX Corporate Assessment Director I Gede Nyoman Yetna added that the adjustment eliminates the previous requirement for the IDX to facilitate the share price formulation for a buyback program in the case of voluntary delisting.
Furthermore, the fee for voluntary delisting has increased to five times the annual membership fee, up from the previous two times.
The IDX now has the authority to identify directors and commissioners responsible for mandatory delisting when they reappear in the application of a new prospective member, Nyoman said.
To be relisted on the IDX, a company must repay its annual listing fees in full and reuse its old share code.
Here is the list of IDX members facing mandatory delisting:
1. Polaris Investama
2. Eureka Prima Jakarta
3. Triwira Insanlestari
4. Jakarta Kyoei Steel Works
5. Sugih Energy
6. Panasia Indo Resources
7. Nipress
8. Armidian Karyatama
9. Trada Alam Minera
10. Hanson International
11. SMR Utama
12. IHotel Mandarine Regency
13. Inti Agri Resources
14. Rimo International Lestari
15. Siwani Makmur
16. Northcliff Citranusa Indonesia
17. Pool Advista Indonesia
18. Sinergi Megah Internusa
19. Cowell Development
20. Mitra Pemuda
21. Grand Kartech
22. Trikomsel Oke
23. Onix Capital
24. Bliss Properti Indonesia
25. Nusantara Inti Corpora
26. Envy Technologies Indonesia
27. Tridomain Performance Materials
28. Mas Murni Indonesia
29. Steadfast Marine
30. Sri Rejeki Isman
31. Forza Land Indonesia
32. Jaya Bersama Indo
33. Multi Agro Gemilang Plantation
34. Danasupra Erapacific
35. Trinitan Metals and Minerals
36. Sky Energy Indonesia
37. Limas Indonesia Makmur
38. Saraswati Griya Lestari
39. Waskita Karya
40. Capitalinc Investment
41. HK Metals Utama
as a preferred
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