DIGIVESTASI - PT Sri Rejeki Isman Tbk (SRIL), known as Sritex, has been declared bankrupt by a judge at the Semarang Commercial Court due to the debt situation faced by the company. This bankruptcy decision is recorded in case number 2/Pdt.Sus-Homologasi/2024/PN Niaga Smg.

The company is facing significant debt issues, with the petitioner in this case being PT Indo Bharta Rayon. In addition to Sritex, several other respondents include PT Sinar Pantja Djaja, PT Bitratex Industries, and PT Primayudha Mandirijaya. In the ruling, the respondents were found to have failed to fulfill payment obligations based on a homologation decision issued on January 25, 2022. "It is declared that the respondents, including Sritex, are bankrupt with all legal consequences," the ruling stated, as quoted on Wednesday (October 23, 2024).

According to the interim consolidated financial statements as of June 30, 2024, Sritex's total debt reached $1.597 billion or approximately IDR 25 trillion. The debt breakdown includes short-term debt of $131.41 million and long-term debt of $1.46 billion, with the largest portion coming from bank debt amounting to $809.99 million, followed by bond debt of $375 million.

On the other hand, Sritex's assets have also decreased. As of June 30, 2024, the company reported assets of $617.33 million, down from $648.98 million in the same period last year, making the total assets significantly lower than the liabilities held.

Fate of SRIL Shareholders

The Indonesia Stock Exchange (IDX) has taken protective measures for retail investors of PT Sri Rejeki Isman Tbk (SRIL). The IDX’s Corporate Valuation Director, I Gede Nyoman Yetna, explained that one of the efforts includes the implementation of special notation and placement on a special monitoring board if the company meets certain criteria. "This is expected to raise early awareness among investors regarding the potential issues of the company," he stated in a written statement on Friday (October 25, 2024).

For companies experiencing suspension, protection for retail investors is carried out through several steps, including reminding the company about the potential for delisting if the suspension lasts more than six months, holding hearings, and requesting explanations regarding necessary improvements and future business plans.

Nyoman added that listed companies are required to provide updates on their recovery plans every June and December. The IDX also announces potential delisting every six months, which includes information about the suspension period, management, last shareholders, and contact details.

According to POJK 3/2021 and SE OJK No. 13/SEOJK.04/2023, if delisting occurs due to conditions impacting business continuity, the company must change its status to a closed company and conduct a public buyback of shares according to regulations. Sritex has met the criteria for delisting as it has been suspended for 42 months, with the trading of SRIL securities halted since May 18, 2021, due to the delay in the payment of principal and interest on Sritex’s 2018 Phase III MTN.

In connection with the bankruptcy decision of SRIL, the Exchange has requested an explanation from the company to provide transparency to the public regarding the steps and plans taken, including efforts to maintain business continuity.

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