Antam Stock Price Plummets After Losing Gold Compensation Case (1.1 Tons)

PT Aneka Tambang Tbk (Antam) share prices have plummeted after the Supreme Court (MA) rejected Antam's appeal against Surabaya's "crazy rich" Budi Said. The ruling, issued on September 12, 2023, mandates Antam to pay 1.1 tons of gold.

According to Yahoo Finance data, ANTM's share price closed at Rp1,840 on Tuesday (September 19, 2023), down 5 points or 0.27%. The decline also occurred the previous day.

The downward trend in Antam's share price has been ongoing since last week, and even since the beginning of last year, as shown in the graph above.

Reza Priyambada, Secretary General of the Indonesian Association of Capital Market Analysts, stated that this decline is likely temporary. "ANTM's share price has fallen, but this could be an opportunity to re-enter, potentially halting the decline and leading to a price increase," Reza said, as quoted by Tempo.co on Tuesday, September 19, 2023.

The share price drop is believed to be influenced by news of Antam's loss in the 1.1-ton gold bar lawsuit against Budi Said. Reza explained that negative news, especially legal issues, typically negatively impacts a company's share price.

Nafan Aji, Senior Investment Information at Mirae Asset Sekuritas, echoed this sentiment. He noted that the current weakening of Antam's share price is not significantly different from previous days when the market reacted to the rejection of Antam's appeal.

"Investors tend to focus more on a company's financial performance reports," Nafan said. He added that Antam's performance remains relatively good.

According to CNN Indonesia, the case between PT Antam (Persero) Tbk and Budi Said has been ongoing since 2020. Budi Said claims that as an Antam customer at the LM Gold Boutique in Surabaya, he did not receive what he was entitled to.

Budi claims to have paid for 7.07 tons of 24-karat Antam gold bars in 2018 but only received 5.9 tons, leaving a discrepancy of 1.1 tons.

In his lawsuit, Budi requested the Surabaya District Court to order Antam to pay Rp817.46 billion in compensation, based on the price of 1,136 kilograms of Antam gold bars from the LM Gold Boutique-Surabaya Pemuda location. This compensation amount is equivalent to 1.1 tons of Antam gold.