The Indonesia Stock Exchange (IDX) has suspended the Bumi Citra Permai (BCIP) from trading because of significant, cumulative stock price declines.
BCIP opened at Rp478 per share before plunging 46 bps (9.62%) to Rp432.
“With regards to BCIP’s significant, cumulative price drops, the IDX deems it necessary to suspend the stock from being traded,” IDX head for transaction supervision Irvan Susandy said in an exposure on Friday, October 7.
BCIP is not only suspended from trading in the regular market but also in the secondary market, starting today, October 7. The suspension is aimed at giving investors enough time to make thoughtful considerations in deciding what to do with their BCIP stocks.
BCIP is an issuer engaged in the field of real estate, construction, trading, mining, services, transportation, publishing, and agriculture. The company’s main businesses are real-estate and water management, operated by subsidiary Milwater Pratama Mandiri.
BCIP also has two real estate subsidiaries Millenium Power and Citra Permai Pesona.