IDX Still Suspended: BEI Investigasi, OJK Speaks Out

PT Petrindo Jaya Kreasi Tbk. (CUAN) shares remain suspended by the Indonesia Stock Exchange (BEI) since December 19, 2023, until today.

This temporary suspension is due to a significant cumulative increase in CUAN's share price. CUAN has skyrocketed by 6,000% since its listing on March 8, 2023. The initial public offering (IPO) price was only Rp200 per share, while the last recorded price was Rp13,425.

According to *CNBC Indonesia*, this is the fifth suspension in the last five months. The BEI frequently places this conglomerate owned by Prajogo Pangestu under surveillance.

Most recently, I Gede Nyoman Yetna, Director of Securities Valuation at BEI, stated that the BEI has requested clarification from CUAN regarding its future business plans.

"As the listing authority, we have an obligation to inquire about their performance and future plans," he said when met by *CNBC Indonesia* at the BEI building in Jakarta on Thursday (January 11, 2024).

The BEI is also investigating the trading transactions. Kristian Manullang, Director of Transaction Supervision and Compliance at BEI, said he could not yet provide a conclusion as the investigation is still ongoing.

However, Kristian emphasized that if there are indications of manipulation, it will be coordinated with the Financial Services Authority (OJK).

"The reports we submit will be further examined by the OJK to verify the indications of manipulation that we have reported on certain stocks," said Kristian.

(See also: [Beginning of 2024, Market Value of Prajogo Pangestu's Listed Companies Decreases Collectively](https://databoks.katadata.co.id/datapublish/2024/01/11/awal-2024-nilai-pasar-emiten-prajogo-pangestu-turun-berjemaah))

Inarno Djajadi, Executive Head of Capital Market, Derivative Finance, and Carbon Exchange Supervision at OJK, admitted that he has not yet received a report from the BEI, as the investigation is still ongoing.

He added that this examination is being conducted because the suspension of the shares has occurred repeatedly until the next announcement.

"According to exchange procedures, it must be examined first. If indications of irregularities are found, it will be reported to the OJK. Currently, the examination is ongoing. So, there has been no report to the OJK," said Inarno in a written statement reported by *CNBC Indonesia*, Thursday (January 11, 2024).

RTI Business data shows that CUAN shares are locked at Rp13,425 per share. The Price to Earnings Ratio (PER) is 645.92. The Price to Book Value (PBVR) is 92.23. The market capitalization is Rp150.92 trillion.

(See also: [Performance of Prajogo Pangestu's Listed Companies Throughout 2023, Which Ones Were the Most Profitable?](https://databoks.katadata.co.id/datapublish/2023/12/22/kinerja-emiten-prajogo-pangestu-sepanjang-2023-mana-yang-tercuan))