JAKARTA (Yosefardi) – The Indonesia Stock Exchange (IDX) has this morning halted trading in shares of PT Sekawan Intipratama Tbk (SIAP) due to the concern on the company’s business development after acquiring RITS Ventures Limited.
SIAP had explained to IDX regarding an indication of wrong report about profit and loss for the first nine months to September of 2014, mainly related to divestment of PT Zensei Indonesia.
SIAP had in December 12, 2014 signed sale and purchase agreement (SPA) to acquire 80% stake in PT Mahaputra Adi Nusa (MAN) for Rp21.04 billion. MAN booked net profit of Rp5.9 billion in first ten months to October 2014 on sales of Rp158.4 billion.
In first nine months to September of 2014, SIAP booked non operating income of Rp1.38 trillion. While net sales dropped 85% to Rp27.23 billion from Rp147.18 billion in first nine months to September of 2013.
SIAP became the second largest gaining stock during 2014, soaring 444% to Rp465 in December 2014 from Rp85 in December 2013, behind Pelayaran Tempuran Emas Tbk (TMAS), the largest gain (+954.7%).
SIAP was also among most actively traded stocks by volume during 2014, placed at 11th. The first most active was Sentul City, followed by Sugih Energy, Bumi Resources, Energi Mega, and Telekomunikasi Indonesia.
SIAP has dominated stocks trading for long, but the authorities yet to suspend its trading, as the stock might be the cooking-up stock at IDX as its fundmentals were not convincing.