JAKARTA. PT Magna Investama Tbk (MGNA) was sanctioned by the Indonesia Stock Exchange (IDX) in the form of a suspension in all markets since the first trading session of Wednesday (8/1).
The sanction was imposed after MGNA issued a statement that it is stopping all of its business operations. The decision was made by the company because its operating and financial performance needs to be restructured. The management has also released most of the assets in its subsidiaries.
MGNA plans to hold an Extraordinary General Meeting of Shareholders (EGMS) on 24 January 2020. The company will ask for shareholder permission to sell the assets of PT Padi Unggul Indonesia. The value of the assets is estimated to reach Rp 120.48 billion, or 539.35% of MGNA's total equity.
For information, MGNA's share price was recorded at the level of Rp 50 per share before being suspended. The share price has stagnated over the past year. (KR/AR)