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IDX explains why Waskita Karya may be delisted
The IDX revealed on Friday why the shares of state-owned construction firm Waskita Karya may face delisting if the company’s performance does not see improvements.
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Workers of PT Waskita Sriwijaya, a subsidiary of state-owned construction firm Waskita Karya, pave a section of the Trans-Sumatra toll road in Ogan Komering Ilir regency, South Sumatra, on April 3, 2023. (Antara/Nova Wahyudi)
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epresentatives of the Indonesia Stock Exchange (IDX) explained on Friday why the bourse had warned that state-owned construction firm PT Waskita Karya (WSKT) faced delisting, an announcement it made on Wednesday.
“It was a process and procedure that we had to do for investor protection,” said IDX director of listing I Gede Nyoman Yetna on Friday, commenting on the announcement.
Nyoman explained that the protection procedure began with suspending the company’s stock from the exchange and monitoring its progress for six months. If there were no significant changes after six months, the exchange would give an announcement on a potential delisting.
As WSKT stock has been suspended since May 8, the IDX has implemented this policy by officially including the company on the Watchlist Board.
WSKT shares were suspended following its failure to give the 11th and 12th interest payments on its WSKT04CN1 bonds.
Nyoman added that the next step was to ask WSKT to present its business plan.
The IDX will give the company another six months to improve its performance. If there is still no significant change, the exchange will give a second delisting warning. The IDX will officially delist the company after four warnings are issued.
