Jakarta, CNBC Indonesia – The Indonesia Stock Exchange (IDX) decided to stop trading shares of PT MD Pictures Tbk (FILM) in the regular market and cash market starting Thursday (23/8/2018) until an undetermined time.
“In connection with the significant cumulative price increase in the shares of PT MD Pictures Tbk [FILM]PT Bursa Efek Indonesia deems it necessary to temporarily suspend trading of FILM shares at the Regular Market and Cash Market from trading on August 23 2018 until further Exchange Announcements,” wrote the announcement of the stock exchange disclosure released Tuesday (21/8/2018).
FILM’s share price has continued to rally since it was first traded on the IDX on August 7 2018. It is recorded that its share price has risen 623.81% to a price level of IDR 1,520/share from IDR 210/share.
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The IDX temporarily suspended (suspensed) shares FILM following the recent significant increase in cumulative prices. The termination was made in order cooling down to allow adequate time for market participants to consider the information on the company controlled by Manoj Punjabi.
During this suspension period, market participants are also expected to be able to sort out every investment decision they make in the company’s shares.
However, less than 24 hours later, on August 16 2018 to be exact, the stock exchange traded again. FILM. Since then, the share price has continued to rise significantly.
Responding to the surge in share prices, President Director FILM Manoj Punjabi said the strengthening was the result of the huge demand from investors for the company’s shares.
Manoj admitted that he did not imagine the share price would increase significantly after the initial public offering (IPO).
“If I see, thank God that demand [permintaan] so tight, so I believe our company has value [nilai]. We also didn’t imagine that the shares would be as fast as this, so the demand was beyond expectations and good,” he said Tuesday.
He said FILM currently has business development targets that have been finalized and finalized after the IPO. He sees FILM’s ongoing corporate actions as a positive value for its share price in the eyes of investors.
The company also has no objection if the IDX again suspends stock trading FILM. According to Manoj, apart from acting as a cooling down, the suspension is considered capable of proving that the company’s shares are truly tested stocks without any pseudo trading in them.
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