Jakarta. The Indonesia Stock Exchange (IDX) temporarily suspended the trading of Dian Swastatika Sentosa (DSSA) shares on Monday due to a significant increase in its shares over the past week.

"To cool down and protect investors, the Indonesia Stock Exchange sees the need to temporarily suspend the trading of Dian Swastatika Sentosa (DSSA) shares on Jan. 22, 2024," the IDX announced on Monday.

The energy and infrastructure company's shares surged on Jan. 19, 2024, closing at Rp 142,000 ($9.08), marking a 5.97 percent increase. Over the past week, the stock has risen by 27.38 percent, while in the last month, it increased by 82.05 percent, and in the last three months, it skyrocketed by 178.43 percent.

DSSA's shares hit a record high at Rp 144,750 last week, having previously reached a five-year low of Rp 9,100 on July 5, 2021. From that low point until Jan. 19, 2024, the stock soared by 1,460 percent.

With a price of Rp 142,000 per share, DSSA, a unit of Sinar Mas Group, solidifies its position as the 'most expensive' stock on the IDX.

As of Dec. 31, 2023, Sinar Mas Tunggal is the main shareholder of DSSA with 461.55 million shares, making up 59.9 percent of the total. With DSSA's share price at Rp 142,000, the value of Sinar Mas Tunggal's ownership stands at Rp 65.54 trillion. This marks a significant increase from a few years ago when DSSA was priced at around Rp 9,100, and Sinar Mas Tunggal's ownership was valued at only Rp 4.2 trillion.

According to DSSA's annual report, the major shareholders of Sinar Mas Tunggal are Sinar Mas (97.2 percent), Franky Oesman Widjaja (0.7 percent), Indra Widjaja (0.7 percent), Muktar Widjaja (0.7 percent), and Lindasuryasari Wijaya Limantara (0.7 percent).

Sinar Mas is owned by the Widjaja family, with Franky Oesman Widjaja, Indra Widjaja, and Muktar Widjaja as the controlling shareholders.

Other DSSA shareholders include the public with 4.79 percent of shares, non-public with 15.31 percent, and treasury shares with 20 percent. 

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