Jakarta, CNBC Indonesia – The Indonesia Stock Exchange (IDX) has decided to suspend or temporarily suspend trading in shares of the listed Chinese food restaurant management company Duck King PT Jaya Bersama Indo Tbk (DUCK) starting the first trading session today, Monday (13/9/2021).
In the disclosure of information, the IDX explained that this was done as DUCK had not submitted a Disclosure of Information at the IDX’s request for explanation and did not attend the invitation to the hearing held by the exchange.
“The Exchange asks stakeholders to pay attention and pay attention to all forms of information disclosure submitted by the Company,” explained IDX, quoted by CNBC Indonesia, Monday (13/9/2021).
According to information on the stock exchange’s website, DUCK shares are included in the stock category with special notations L and Y. Quoting the stock exchange’s explanation, the notation L means the issuer has not submitted financial reports. Then, the Y notation means that the issuer has not held an Annual General Meeting of Shareholders (AGMS) until 6 (six) months after the financial year ends.
DUCK itself last released its financial statements for the third quarter or as of the end of September 2020. Meanwhile, the company held its last Annual General Meeting of Shareholders (AGMS) on August 31, 2020.
In a different letter on the stock exchange website, on June 17, 2021, DUCK explained that the delay in the 2020 annual financial report was caused by resignations and health problems due to the Covid-19 pandemic experienced by employees.
“Currently we are in the process of finalizing with the Independent Auditor. There is no link between reporting [kinerja keuangan] with shareholders’ personal problems,” explained Assistant Corporate Secretary Herni S Agung, quoted by CNBC Indonesia, Monday (13/9).
DUCK’s financial performance was less than encouraging during the third quarter of last year.
The company’s net profit as of September 2020 decreased significantly by 83.53% to Rp 20.58 billion, from the same period the previous year of Rp 125.02 billion.
In line with the decline in net profit, DUCK’s sales also fell sharply by 68.98%, from Rp 579.71 billion in the third quarter of 2019, to Rp 179.78 billion in the same period last year.
Information only, the parent company is PT Asia Kuliner Sejahtera, while the ultimate parent entity in the group is Asia Culinary Inc. Pte. Ltd. (ACI) which was established and domiciled in Singapore.
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