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What is the Fate of Investor Funds in Stocks Threatened by Delisting?

What is the Fate of Investor Funds in Stocks Threatened by Delisting?

Andrianus.my.id , - The Indonesia Stock Exchange has issued warnings to several issuers regarding the forced delisting of these shares. These issuers were suspended several years ago with some of their shares still owned by the public. Furthermore, with the potential delisting of several issuers, the fate of investors is also being questioned. Is the investment money also lost? Quoting information on the official website of the Financial Services Authority ( OJK ), his party claims that if investors' funds can be returned with a process that is not easy, especially for issuers who have been forced to be delisted.

“The method is to sell all of its assets and the proceeds are used to fulfill the company's obligations (pay debts). Furthermore, the shareholders are the last party to receive the liquidation results," wrote OJK, quoted Friday (25/11/2022).

In practice, it is rare for liquidated funds to reach the issuer's shareholders, because generally these funds will be used up to pay off the company's debt first. Prior to the trial process for issuers affected by forced delisting, the Financial Services Authority as a regulator requires issuers to be delisted either voluntarily or by force to buy back their shares circulating in the community (buyback).

This regulation is contained in POJK Number 3/POJK.04/2021 concerning the Implementation of Activities in the Capital Market Sector which aims to protect retail investors in the capital market, discipline issuers and accommodate new issues and developments in the financial services sector industry globally. This is done so that there are facilities for investors to resell their suspended shares. As an example of the case is PT Berau Coal Energy in 2015. BRAU made a tender offer. However, until the delisting deadline, there were still 3.25 billion BRAU shares held by minority shareholders. The shares are deposited in the Indonesian Securities Custodian (KSEI) in a scriptless form.

The failure of the tender offer process has also been experienced by issuers of diabetes medication and immunization, PT Organon Pharma Indonesia Tbk (SCPI). SCPI is currently in the process of voluntary delisting since 9 years ago. SCPI has made a tender offer for the period 3 December 2018 to 3 January 2019. At that time SCPI offered IDR 100 thousand for one share. 

However, this tender offer failed. Out of 46,464 public shares, only 2,800 shares were successfully bought back. Of the 471 parties owning shares, it only decreased to 43,664 shares owned by 440 parties. Capital Market Observer Teguh Hidayat explained that if the tender offer is completed and the public shareholders do not sell their shares, the shares will most likely be forfeited. 

"The tender offer regulations from the Stock Exchange should be updated and amended. If something like this happens (the SCPI case) then what's the solution?" said Teguh to Bisnis some time ago. There should be adjustments to the tender offer mechanism so that the tender offer can still be carried out and the company can be delisted. "So this is the work of the Exchange and OJK. 

How should this regulation be updated, “he added. Regarding the guarantee of investors' funds for issuers that will be delisted, Bisnis has tried to confirm this to the OJK. However, OJK recommends asking the IDX directly . Until this news was written, the Indonesia Stock Exchange had not confirmed Bisnis's inquiries.

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