JAKARTA. The Indonesia Stock Exchange (IDX) will delist the shares of PT Bakrie Telecom Tbk (BTEL) next year, if the company, which is part of the Bakrie group, cannot improve its business and financial performance.
In its official statement, the IDX stated that BTEL's shares had been suspended for the past 12 months on the regular market and the cash market. "The suspension period will reach 24 months on 27 May 2021," said Head of the Company Assessment Division I on the IDX, Adi Pratomo Aryanto and Head of Trade Regulatory and Operation Division, Ivan Susandy.
Meanwhile, in 2019, BTEL has obtained 'disclaimer' opinions twice from the public accounting firm that audited its annual report. 'Disclaimer' opinions are usually given by auditors who experience certain restrictions during auditing the company, according to existing standards.
On the other hand, the value of BTEL's equity has been at a negative level since 2013. Then the company's debt also nearly doubled, from Rp 7.16 trillion in 2010 to Rp 16.3 trillion at the end of September 2019.
For information, BTEL shares are owned by PT Huawei Tech Investment (16.8%), PT Mahindo Agung Sentosa (13.6%), PT Era Bhakti Persada (5.5%), Raffeisen Bank International (6%), and PT Bakrie & Brothers Tbk (BNBR) (0.1%), and the public (58%). (KR/AR)