PT Nusantara Infrastructure Tbk. Temporarily Suspends Trading for Voluntary Delisting Plan

Romys Binekasri, CNBC Indonesia

Market

Wednesday, 08/11/2023 16:05 WIB

Jakarta, CNBC Indonesia – PT Nusantara Infrastructure Tbk. (META) has temporarily suspended trading in its shares by the Indonesia Stock Exchange (BEI) because the issuer plans to go private and voluntarily delist.

IDX Assessment Director I Gede Nyoman Yetna said the suspension was carried out at the request of the issuer of the Salim group itself. Later, BEI will invite management to provide an explanation of this corporate action.

“Of course, after this, we will proceed with a hearing first, hear opinions on what was the background to the voluntary delisting,” he said when met at the IDX building in Jakarta, Wednesday (8/11).

Nyoman emphasized that companies that will be delisted will be processed in accordance with applicable regulations. “We will of course do it in accordance with the existing procedures, in the case of 24 months of voluntary delisting, we will process it,” he said.

Nyoman explained that one of the regulations that must be followed for delisting companies is to fulfill the obligation to buy back shares. This was done to protect capital market investors who hold these shares.

“Because when carrying out voluntary delisting out of the public arena, we ensure that the shares circulating in the community are bought back in a buyback at a price which is of course a fair price,” he explained.

In the delisting process, said Nyoman, the stock exchange will ensure that the parties appointed by the regulations can carry out their obligations. “In the context of investor protection, we ensure that every share circulating in public is bought back,” he said.

“In the event that there is a problem with not being able to be contacted and so on, they are obliged to ensure that the process has been carried out optimally. How do you do this? Make sure in terms of the address and so on, including if, for example, the manager and others, the person is no longer there, to whose party the rights are later his rights will be delegated,” he concluded.

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