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Stake Holder : Textile Industry Needs Fundamental Changes

PT Sri Rejeki Isman Tbk alias Sritex took a number of steps to improve its financial performance, while saving the existence of its shares on the Indonesia Stock Exchange (IDX). Regarding the potential for delisting of textile issuers codenamed SRIL shares. Sritex's Director of Finance, Welly Salam, revealed that his party had carried out intensive communication with the stock exchange authorities. Welly emphasized that the issue of Suspension of Debt Payment Obligations (PKPU) had been completed.

"The final issue related to a review from one of the creditors has been rejected by the Supreme Court. So there are no more cases at the PKPU level," said Welly in a virtual public expose, Friday (26/5).

It's just that, SRIL still has to complete the process of restructuring its subsidiary which is taking place in Singapore and complete the recognition of PKPU in New York, United States of America (US). Unfortunately, this process cannot be completed instantly.

SRIL estimates this process will be completed no later than the end of 2024. "Legal and other processes are beyond the control of the Company. We will actively provide information to the IDX and investors, so that processes and developments in Singapore and the US can be faster than we expect." estimate the deadline," explained Welly.

Just a reminder, the suspension period for SRIL shares has reached 24 months on May 18 2023, so the IDX warned of the potential for delisting. Currently SRIL is still a sleeping stock with the last price at Rp 146 per share.

Sritex's Independent Director, Regina Lestari Busono, ensured that completing the restructuring was a priority. SRIL has also reserved sufficient cash flow for loan interest payments so they can be on schedule.

"We are focusing on initiatives such as working capital efficiency to make cash flow healthier. We hope this year's EBITDA can return positive," said Regina.