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View all search resultsIDX halts Toba Pulp Lestari trading after permit suspension
The Indonesia Stock Exchange (IDX) has temporarily suspended trading in the shares of pulp producer PT Toba Pulp Lestari (INRU) following a government-ordered halt to its operations.
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A man holding a child crosses a river on Dec. 16 after floodwaters washed out a road in Batu Busuak, Pauh, Padang, West Sumatra. (Antara/Iggoy el Fitra)
I
ndonesia Stock Exchange (IDX) has temporarily suspended trading in the shares of pulp producer PT Toba Pulp Lestari (INRU) following a government-ordered halt to its operations.
The suspension took effect from the second trading session on Wednesday and will remain in place until further notice.
In an official announcement, the bourse cited significant uncertainty over the company’s business continuity.
“Due to the uncertainty surrounding INRU's business continuity due to the government's suspension of the company's operations, the IDX has decided to temporarily suspend trading of INRU's securities across all markets,” Lidia M. Panjaitan, head of IDX’s corporate valuation division 3, and Pande Made Kusuma Ari A., head of trading regulation and operations, said in the statement.
Toba Pulp Lestari, originally named Inti Indorayon Utama, was listed on the IDX on June 18, 1990.
According to the IPO prospectus, conglomerate Sukanto Tanoto held 27.7 percent of Indorayon's shares, while Polar Yanto Tanoto held 6.5 percent of Indorayon's shares before the IPO.
At the time, Sukanto was listed as the president commissioner and Yanto as a director. The prospectus also states that Indorayon was part of Raja Garuda Mas, now known as Royal Golden Eagle.
