The Indonesia Stock Exchange (IDX) began implementing the Special Monitoring Board in its decision letter announced on June 9 2023. With the revitalization of the Listing Board, one new Listing Board has been added, namely the Special Monitoring Board. Following are the Special Monitoring Criteria according to the Decree of the Board of Directors of the Indonesia Stock Exchange Number Kep-00081/BEI/05-2023 issued June 5, 2023:
- The average price of shares for the last 6 (six) months on the Regular Market and/or Periodic Call Auction Regular Market is less than IDR 51.00 (fifty one rupiah);
- The last Audited Financial Report received a disclaimer of opinion;
- Did not record income or there was no change in income in the latest Audited Financial Statements and/or Interim Financial Statements compared to the financial statements previously submitted;
- For Listed Companies that.
- engages in the mineral and coal mining business which has carried out the production operation stage but has not yet reached the sales stage or which has not yet started the production operation stage; or
- is a holding company that has a Controlled Company engaged in the mineral and coal sector that has carried out the production operation stage but has not yet reached the sales stage or has not yet started the production operation stage, at the end of the 4th (fourth) financial year since being listed on the Exchange, has not received income from main business activities (core business);
- Has negative equity in the last financial statements;
- Does not meet the requirements to remain listed on the Exchange as regulated in:
- Rule Number I-A concerning the Listing of Shares and Equity-Type Securities other than Shares Issued by a Listed Company, for a Listed Company whose shares are listed on the Main Board or on the Development Board; or
- Rule Number I-V concerning Special Provisions for Listing of Shares and Equity-Type Securities other than Shares on the Acceleration Board Issued by Listed Companies, for Listed Companies whose shares are listed on the Acceleration Board;
- Has low liquidity with the criteria of an average daily transaction value of shares of less than IDR 5,000,000.00 (five million rupiahs) and an average daily transaction volume of less than 10,000 (ten thousand) shares during the last 6 (six) months in Regular Market and/or Periodic Call Auction Regular Market;
- In the condition requested:
- postponement of debt payment obligations;
- bankrupt; or
- cancellation of reconciliation, which has a material impact on the condition of the Listed Company based on the Exchange’s assessment and/or based on the disclosure of the Listed Company’s information;
- Has a subsidiary company whose revenue contribution is material for the Listed Company and the subsidiary company is in the condition of being applied for:
- postponement of debt payment obligations;
- bankrupt; or
- cancellation of reconciliation, which has a material impact on the condition of the Listed Company based on the Exchange’s assessment and/or based on the disclosure of the Listed Company’s information;
- Subject to temporary suspension of Securities trading for more than 1 (one) Exchange Day caused by trading activity; and/or
- Other conditions determined by the Exchange after obtaining approval or orders from the Financial Services Authority.
Those are the criteria for shares to be placed on the Special Listing Board based on the Exchange rules. We hope that after this you will understand more about the Listing Board on the Exchange, especially the Special Monitoring Listing Board.
Abstracted by: Lavy El Harisy