Tri Putra, CNBC Indonesia
Market
Thursday, 31/08/2023 18:10 WIB
Photo: MNC Tower (CNBC Indonesia/Andrean Kristianto)
Jakarta, CNBC Indonesia – Shares of issuers of the MNC Group have compactly plunged in trading on Thursday (31/8/2023), led by shares of PT Bank MNC Internasional Tbk (BABP).
According to data from the Indonesia Stock Exchange (IDX), BABP’s shares sank 9.68% to Rp 84/share. The share transaction value was Rp 16.87 billion and the trading volume was 192.59 million shares.
Before falling sharply, BABP’s shares shot up, namely 7.69% on Monday (28/8) and 10.71% on Tuesday (29/8).
The increase in Bank MNC shares previously occurred in line with news of a merger with PT Bank Nationalnobu Tbk or James Riady’s NOBU.
As is known, Chief Executive of the Banking Supervision of the Financial Services Authority (OJK) Dian Ediana Rae had said that the two banks would carry out a merger in August 2023.
Related to this, MNC Bank provided information to the Indonesia Stock Exchange. The bank stated that it would not take any corporate action that would affect the listing of the company’s shares in the foam, at least in the next three months.
“Currently, the Company does not have any plans to take corporate actions which will result in the listing of the Company’s shares on the Exchange,” said Corporate Secretary of MNC Bank Heru Sulistiadhi in an information disclosure, Thursday (31/8/2023).
Heru, in the written statement also wrote that the company was not aware of any material information or facts that could affect the value of the company’s securities or investors’ investment decisions as stipulated in the Financial Services Authority Regulation Number 31/POJK.04/2015.
This was explained in a request for an explanation from the Indonesia Stock Exchange (IDX) regarding the volatility of securities transactions.
The tug-of-war of the merger process between the two has been going on for a long time. There are rumors that the merger between the two has the potential to be canceled because the two owners are said to have reached an impasse when discussing who will control the post-merger bank.
However, the Financial Services Authority (OJK) was ‘insistent’ that the merger process between the two would continue and said that there had been no statement from the authorities to cancel the merger of the two conglomerate banks.
“If there is a technical delay in the process, I think it could happen,” said Chief Executive of OJK Banking Supervision Dian Ediana Rae to CNBC Indonesia, Tuesday (11/7/2023).
Apart from BABP, PT MNC Sky Vision Tbk (MSKY) shares fell to minus 6.72% to Rp 222/share, continuing a 4.03% correction on Wednesday (30/8).
Previously, the shares of the issuer of the Pay TV service provider soared to the upper auto reject limit (ARA) of 34.75% and 34.74% on 15 August 2023 and 16 August 2023.
The shares of PT MNC Kapital Indonesia Tbk (BCAP) and PT MNC Vision Networks Tbk (IPTV) also fell 6.67% and 3.51% respectively.
Furthermore, the shares of PT MNC Asia Holding Tbk (BHIT) and PT Media Nusantara Citra Tbk (MNCN) respectively fell 1.92% and 1.87%.
The shares of PT MNC Energy Investments Tbk (IATA), PT Global Mediacom Tbk (BMTR), and PT MNC Digital Entertainment Tbk (MSIN) also corrected 1.64%, 0.65% and 0.27%.
CNBC INDONESIA RESEARCH
research@cnbcindonesia.com
Disclaimer: This article is a journalistic product in the form of views from CNBC Indonesia Research. This analysis does not aim to persuade readers to buy, hold, or sell related investment products or sectors. The decision is entirely up to the reader, so we are not responsible for any losses or profits that arise from that decision.
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