Jakarta. The Indonesia Stock Exchange (IDX) on Friday warned of “unusual market activity” related to a rapid price hike in shares issued by Adhi Kartiko Pratama (NICE), a nickel mining company that recently was acquired by a South Korean firm.

Adhi Kartiko was listed on the IDX on January 9 following an initial public offering at a price of Rp 438 per share. As of March 21, Adhi Kartiko’s stock has jumped by 185.38 percent from the IPO price to reach Rp 1,250.

“As part of the investor protection measures, we inform a price hike in shares issued by Adhi Kartiko Pratama beyond the usual market activity,” the IDX statement reads.

However, the bourse added that unusual market activity doesn’t necessarily reflect a violation of market regulations.

A week after Adhi Kartiko was officially listed on the IDX, its majority stake was acquired by South Korea’s LX International Corp, previously known as LG International, to strengthen business in nickel processing and electric vehicle batteries.

Energy Battery Indonesia, the Indonesian arm of LX International, acquired over 3.6 billion Adhi Kartiko shares from corporate and individual investors including Sungai Mas Minerals, Inti Mega Ventura, Michael Adhidaya Susantyo, and Victor Agung Susantyo at the IPO price.

Following the acquisition, Energy Battery Indonesia now owns a 60 percent stake in Adhi Kartiko.

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