Textile issuer from Sukoharjo, Central Java, PT Sri Rejeki Isman Tbk. (SRIL) or Sritex conveyed that they had received a copy of the decision of the Supreme Court (MA) of the Republic of Indonesia. The Decision Letter regarding the revocation of the cassation request by PT Citibank N.A. Indonesia and the rejection of the appeal by PT Bank QNB Indonesia Tbk. In the information disclosure of the Indonesia Stock Exchange (IDX), SRIL Management said, as of the receipt of this official notification, the peace reached by Sritex Group and its creditors in the PKPU process now has binding legal force.
With the receipt of this Supreme Court decision, it is only a matter of time before SRIL shares are traded again.
Previously, SRIL Corporate Secretary Welly Salam said, SRIL had completed the necessary administration from the IDX, for the revocation of the suspension of SRIL shares.
SRIL requires a copy of the decision to withdraw the cassation from QNB and Citibank from the MA to become the basis for SRIL to disclose information, and submit administrative matters to the IDX and the Financial Services Authority, as well as creditors and other shareholders.
For information, the IDX noted that SRIL's shares have been suspended for one year as of May 18, 2022, so they have the potential to be delisted. The suspension period for SRIL shares will reach 24 months on 18 May 2023.