Jababeka Stock Plunges on Fears of Debt Default

Dwi Hadya Jayani 08/07/2019 17:14 WIB

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KIJA's stock plummeted because the company risks defaulting on its notes.

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Jababeka Stock Plunges on Fears of Debt Default

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KIJA Stock Price

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PT Kawasan Industri Jababeka (KIJA) shares opened at Rp 316 per share on Monday (July 8th), down 0.62% compared to the previous trading day's closing price of Rp 318 per share. By the end of trading, KIJA's share price had further plummeted to Rp 304 per share, a decrease of 4.4%.

The sharp drop in KIJA's share price is attributed to negative sentiment stemming from news that the company is at risk of defaulting on its notes. This potential default is due to a change in shareholder composition.

KIJA is obligated to offer to repurchase the notes at 101% of their principal value of US$ 300 million. Additional interest obligations are also involved. The Indonesia Stock Exchange (IDX) will request clarification from KIJA's management regarding this matter.

Editor : Hari Widowati

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."