The Indonesian Stock Exchange Authority or BEI said textile issuer PT Sri Rejeki Isman Tbk. or Sritex could potentially be removed from the listing or delisted. This was conveyed by the Head of the IDX's Corporate Valuation Division 3, Goklas Tambunan and the Head of the IDX's Trading Operations and Regulations Division, Irvan Susandy. The reason is, the company with the stock code SRIL has been suspended in all markets since May 18, 2021 and is now entering its sixth month of not trading. "The suspension period will reach 24 months on May 18, 2023," said IDX in its announcement, November 21, 2021.
Exchange Regulation No. I-I concerning Delisting and Relisting states that the IDX may delete the listing of company shares for two reasons.
First, in accordance with the provisions of III..3.1.1, experiencing a condition, or event, which has a significant negative effect on the business continuity of the listed company. The intended negative effect is either financially or legally, or on the continuity of the company's status as a public company, and the listed company cannot show adequate indications of recovery.
Second, provision III.3.1.2, the shares of listed companies which are due to suspension in the regular market and cash market, are only traded in the negotiated market for at least the last 24 months.
Currently, public ownership in SRIL reaches 8.15 billion shares or 39.89 percent of the total shares of SRIL. While the remaining 59.03 percent is owned by PT Huddleston Indonesia, 0.52 is owned by Iwan Kurniawan, 0.00 percent or 740,000 shares are owned by Vonny Imelda Lukminto.
Lenny Imelda Lukminto and Margaret Imelda also own the same number of 740,000 shares. Then 0.03 percent owned by Hajah Susyana, and 0.52 percent owned by Iwan Setiawan. Furthermore, IDX asks the public to pay attention and pay attention to all forms of information submitted by Sritex.
The Semarang Commercial Court had previously extended the status of the suspension of Sritex's debt payment obligations (PKPU) for 77 days or until December 6, 2021.
The decision regarding the extension of the Sritex PKPU took place in a trial at the Semarang District Court on September 20, 2021. "The panel of judges has extended the PKPU process for the next 77 days, until December 6, 2021," reads SRIL's official explanation, September 29, 2021.
The extension of the PKPU status was proposed due to the complexity of the debt restructuring process that the company is currently facing.
Sritex management hopes that this PKPU extension can have a positive impact on the peace process with creditors and other stakeholders. As is known, SRIL has been in PKPU status since it was decided at the Semarang Commercial Court, Thursday, May 6, 2021.