JAKARTA. The textile company, PT Sri Rejeki Isman Tbk (SRIL), known as Sritex, focuses on dealing with its Suspension of Debt Payment Obligation case instead and does not confirm any delisting issue in the near future from Indonesia Stock Exchange (IDX).
“Currently, Sritex has been undergoing its process of Suspension of Debt Payment Obligation since May 6, 2021,” Allan Moran Severino, Financial Director of Sritex, told the media in response to the rumors of possible delisting. In this process, the company may not pay back the debts separately and must follow the procedure as long as the case is active. Severino added this information earlier today (22/11).
This PKPU case and its entailed process drove IDX to suspend the trading rights for SRIL’s shares on May 18, 2021. The maximum time limit of a PKPU case is 270 days (9 months), while the maximum time limit for delisting is 24 months.
Based on Severino’s words, the company is focusing on setting the PKPU case quickly and in the best way possible so that SRIL’s shares may be officially traded in the stock exchange like they used to.
The Head of Company Appraisal Division 3 of IDX, Goklas Tambunan, and the Head of Trading Regulation and Operational Division of IDX, Irvan Susandy, confirmed that SRIL’s shares had been suspended in all markets for the past six months. “The suspension period would reach 24 months by May 18, 2023,” IDX announced further, quoted Sunday (21/11). (AM/ZH)