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Two more companies to be kicked out of IDX this year
The Indonesia Stock Exchange (IDX) will likely kick two companies that failed to show good performance out of the bourse this year amid the stock exchange’s intensive campaign for more companies to go public.
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The trading floor of the Indonesia Stock Exchange. (kompas.com/File)
The Indonesia Stock Exchange (IDX) will likely kick two companies that failed to show good performance out of the bourse this year amid the stock exchange’s intensive campaign for more companies to go public.
Coal miners PT Borneo Lumbung Energi & Metal (BORN) and PT Bara Jaya International (ATPK) may have their stocks delisted for failing to demonstrate a healthy business operation.
“Both companies have also been suspended for almost 24 months so we’re considering delisting them,” IDX assessment director I Gede Nyoman Yetna told the press last week.
Coal miner Borneo Lumbung Energi, known to produce hard coking premium coal, was owned by businessman Samin Tan who was named a suspect early this year by the Corruption Eradication Commission (KPK) for allegedly bribing then-House of Representatives member Eni Maulani Saragih.
The bribe was reportedly aimed to facilitate Borneo Lumbung’s subsidiary, PT Asmin Koalindo Tuhup (AKT), to get a new contract of work (CoW) for its mine in Central Kalimantan.
But it was not the first legal problem the company had faced. In 2017, the Energy and Mineral Resources Ministry revoked AKT’s contract of work after it used the CoW as collateral for a bank loan. As a result, the firm could not produce any coal and, as of the third quarter of 2018, the company’s revenue plummeted by 89.07 percent year-on-year (yoy).
