IDX Rejects ARTI, MD Pictures Reverse Stock on the Stock Exchange


Jakarta, CNBC Indonesia – The Composite Stock Price Index (IHSG) closed down 9 points (-0.16%) to a level of 6,091 in yesterday’s trading Tuesday (7/8/18). The transaction value was recorded at IDR 7.87 trillion with a volume of 9.11 billion units of shares. The trading frequency is 399,556 times.

Meanwhile, various corporate actions, especially from companies that had just taken the floor on the Indonesia Stock Exchange (IDX) to the exchange’s rejection of a reverse stock plan by one of the issuers, were announced during this period.

Here are some actions that need attention, which are summarized by CNBC Indonesia.

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1. The Exchange Rejects the Reverse Stock Plan MEANING

The Indonesia Stock Exchange (IDX) flatly rejected PT Ratu Prabu Energi Tbk’s plan to combine the value of shares (reverse stock split).MEANING) because the company’s fundamentals are considered not to allow the company to carry out these corporate actions. IDX Director of Corporate Valuation IGN Yetna Setia said the company’s current fundamental condition was not sufficient to support the company to carry out a reverse stock split. Coupled with the condition of the company’s share price which is currently still ‘sleeping’ at a price of Rp. 50, aka gocap shares.

2. Initial Listing, Manoj Punjabi Company Shares Increase 49.52%

Shares of PT MD Pictures Tbk (FILM) experienced an auto reject with an increase of 49.52% to IDR 314/share from the opening price of IDR 210/share. Meanwhile, the Jakarta Composite Index opened down 0.02% to 6,100 points.

The company’s 31st shares in 2018 were traded with a frequency of 1 time and a volume of 101 lots of shares, resulting in a value of IDR 3.17 million.

4. Ethanol Producer Madusari Releases 20% of Shares, Price Rp. 500-Rp. 600

PT Madusari Murni Indah will release its shares to the public through an initial public offering (IPO) mechanism by releasing 495.94 million units of shares. These shares will be released with a price range of IDR 500-IDR 600/share.

Main Director of Madusari Arief Goeadibrata said the IPO was aimed at expanding the company and its subsidiaries.

5. The TCPI Forced Exchange Explains the Reasons for Its Share Price Up 3.037%

The Indonesia Stock Exchange (IDX) again temporarily suspended trading in shares of PT Transcoal Pacific Tbk (TCPI) in all markets since today’s trading. The reason is due to the significant cumulative price strengthening. Since the TCPI share price was first traded on July 6 2018, the company’s share price has risen 3,037.68% from Rp. 138/share to Rp. 4,330/share.

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