Jakarta, CNBC Indonesia – PT . property issuer shares Pollux Properties Indonesia Tbk (POLL) started 2022 with an unfavorable performance. The reason is, POLL shares have collapsed to the bottom auto rejection limit (ARB) of 7% for 12 consecutive days.
According to data from the Indonesia Stock Exchange (IDX), POLL’s share price fell 6.96% to Rp 535/share at the close of Thursday (20/1/2022). Since the start of the year, the stock has fallen 13 times, with 12 of them breaking the ARB limit.
Practically, POLL shares have only strengthened once this January. As a result, year to date (ytd), POLL shares fell 56.68%.
In connection with the significant price decline, on Wednesday (19/1), the stock exchange has included POLL shares in the category of stocks with an unusual decline (Unusual Market Activity/UMA).
Previously, in its response to the IDX, on Tuesday (17/1), the management of POLL explained that the company was not aware of any material information or facts that could affect the value of the company’s shares or the investment decisions of investors.
In addition, POLL explained that, to date, there is no information or other material facts that have not been disclosed to the public that can affect the company’s share price.
Management added that the company was not aware of the activities of certain shareholders as regulated in the regulations of the financial authorities.
Regarding future plans, POLL does not yet have a corporate action plan for at least the next 3 months.
Quoted from the company’s website, POLL is a property management and developer group that specializes in developing commercial properties, residential apartments, and retail properties in Indonesia.
A number of projects belong to POLL, including Pollux Amarsvati, Chadstone, Habibie Meisterstadt, and Technopolis.
According to the latest financial statements, the parent entity and the last parent company of the company on September 30, 2021, PT Borneo Melawai Perkasa which controls 78.98% of POLL’s shares.
Just so you know, Borneo Melawai Perkasa is owned by Nico Purnomo, son of property entrepreneur Po Sun Kok.
Apart from Borneo Melawai, Nico also controls POLL through PT Pollux Multi Artha, a company that he controls with his mother Luciana.
Meanwhile, Po Sun Kok controls PT Pollux Hotel Group Tbk/POLI (formerly PT Pollux Investasi Internasional Tbk). In POLI, Po Sun Kok owns 56.95%, while Luciana owns 1 share in POLI.
The Po Sun Kok family is a property entrepreneur from West Kalimantan and started the property business through Pollux Properti with the first project in Singapore.
Some of Pollux’s property projects are Park Residences Kovan, Metro Loft, Pavilion Square, and Golden Park Residences. After years of playing in Singapore, the Po family has finally built a property in Indonesia.
At that time, the first city chosen was not Jakarta or Bali, but Semarang, the city that grew the Golden Flower Group’s business.
Po Sun Kok’s first property was Paragon City, which consisted of a Mall and Hotel. Pollux’s second project in Indonesia is also located in Semarang, namely the Simpang Lima W/R apartment. After that, Pollux built many properties in other cities in Jakarta.
CNBC INDONESIA RESEARCH TEAM
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