DIGIVESTASI - Shares owned by the Prajogo Pangestu group, PT Chandra Asri Petrochemical Tbk (TPIA) and PT Petrindo Jaya Kreasi Tbk (CUAN), have been suspended by the Indonesia Stock Exchange (IDX). In fact, the two stocks were among the movers or main drivers of the JCI throughout 2023.

On Friday (December 22, 2023), the JCI was at 7,237.51, the highest close of 2023. Throughout the year, the JCI grew by 5.65% to become the second best performing bourse in ASEAN. TPIA shares surged 128.6% over 2023 and helped push the JCI up 105.11 points. TPIA shares ranked as the third leading player, behind AMMN and Prajogo Pangestu's other listed company BREN. Meanwhile, CUAN shares have gained 6,002.3% since listing and helped push the JCI up 55.51 points.

The IDX announced that as part of the cumulative increase in shares of PT Chandra Asri Petrochemical Tbk. (TPIA) and as a form of investor protection, the IDX deems it necessary to temporarily suspend trading in its shares.

The IDX announcement explained: "Trading of PT Chandra Asri Petrochemical Tbk (TPIA) shares in the regular market and spot market will be temporarily suspended from the first trading session on December 22, 2023 until further notice in the stock market." The Stock Exchange appealed to related parties to always pay attention to the information disclosure provided by the Company. TPIA shares gained 3.52% or 200 points to Rp 5,875 during the trading session on Thursday (December 21, 2023). TPIA shares rose 19.17% in a week, while in the last six months it rose 183.82%.

Previously, the IDX suspended the shares of PT Petrindo Jaya Kreasi Tbk, an issuer of Prajogo Pangestu. (CUAN) starting Tuesday (December 19, 2023). The IDX announced that in connection with the significant increase in the cumulative price of PT Petrindo Jaya Kreasi Tbk (CUAN) shares and as a form of investor protection, the IDX considers it necessary to temporarily suspend trading in its shares. Shares of coal issuer PT Petrindo Jaya Kreasi Tbk (CUAN) were priced at Rp 13,425 on Monday (December 18, 2023), as well as being Prajogo Pangestu's highest priced shares.

CUAN shares soared 6,002.3% in 2023. CUAN was officially listed on the IDX on March 8, 2023 at a price of 220 per share. With Prajogo's ownership of 9.56 billion shares, the unrealized profit amounts to more than Rp 126.23 trillion. This is not the first time CUAN shares have been suspended. Previously, the movement of CUAN shares was blocked by the Indonesia Stock Exchange (IDX) twice in a week, namely on November 7, 2023 and November 10, 2023. The IDX stated that it temporarily suspended Prajogo Pangestu's shares to give investors time to determine their strategy.

Indeed, CUAN shares rose 150% in a month or 600% in the last 6 months. The increase in CUAN's share price was actually not without reason when the company announced that it would buy back 34% of PT Petrosea Tbk's (PTRO) shares through its subsidiary PT Kreasi Jasa Persada (KJP). This in turn stimulated investors' appetite to compete for the mining shares.

The IDX also suspended CUAN shares, which will culminate on November 7, 2023. The suspension was carried out in the regular market and spot market. The IDX then reopened the suspension of PT Petrindo Jaya Kreasi Tbk. (CUAN) shares starting Wednesday (November 15, 2023) after conducting an internal review. The IDX stated: "We hereby announce that the temporary suspension of PT Petrindo Jaya Kreasi Tbk (CUAN) shares in the regular market and spot market will be reopened starting from the first trading session on November 15, 2023".