JAKARTA. The Indonesia Stock Exchange (IDX) stopped the trading of PT Bank Artos Indonesia Tbk (ARTO) shares, following a significant price increase on the company's share price.
"In connection with a significant cumulative price increase on Bank Artos Indonesia shares, in the context of cooling down, IDX considers it necessary to temporarily stop the trading of ARTO shares on 20 August 2019," said Lidia M. Panjaitan, Head of the Transaction Monitoring Division of IDX and Irvan Susandy, Head of Trading Operations of IDX in the announcement made yesterday.
The suspension applies in the regular market and cash market today (20/8). Cooling down aims to provide adequate time for market players to consider their investment in ARTO thoroughly.
On Monday (19/8), ARTO's share price touched its highest level since its IPO in January 2016, of Rp 665 per share. The sudden increase in ARTO share price occurred in the last two weeks.
Within a week, the price of ARTO shares increased by 199.55%, almost three times the price on Monday (12/8) at Rp 222 per share. The average price of ARTO shares so far this year is only Rp 177 per share.
In an explanation to IDX on 15 August 2019, Bank Artos revealed that there was a plan to acquire Bank Artos shares, which would be decided in the company's Extraordinary General Meeting of Shareholders on 30 September 2019. At the same meeting, ARTO would also request approval for a rights issue. (AM/AR)