Strange! Only Buying 1 Lot, This ‘Bandar’ Makes BEBS Not ARB

Jakarta, CNBC Indonesia – An unusual incident occurred in the shares of PT Berkah Beton Sadaya Tbk (BEBS) on Friday (19/5/2023). This is because there is a sell line in the offer column of up to 26.22 million lots with an empty bid column, but these shares are not subject to a 7% lower auto reject (ARB).

Based on data from the Indonesia Stock Exchange (IDX), BEBS shares closed minus 2.02% to a position of IDR 388/share.

The decline in shares of issuers affiliated with Asep Sulaeman Sabanda alias Sultan Subang was trimmed at the end of trading on Friday (19/5) after previously having sunk 7% for most of the day.

As mentioned above, on Friday, even though there was no ARB, there was a queue in the offer column at a price of IDR 388/share up to 26.22 million lots or equivalent to IDR 1.02 trillion.

Typically, if in a trading session the bid column is empty (there is no buy queue at any price) and at the same time the offer column is full of sell queues, a stock is affected by ARB.

For this reason, the price of a stock will usually be released from the ARB limit only when there are buyers who finish the offer queue at the ARB price.

However, something odd happened on Friday.

If you look at the transaction data, just before pre-closing, at 15:49:02 and 15:49:26, it was recorded that investors with brokers JP Morgan Sekuritas Indonesia (code: BK) bought 1 lot each (total 2 lots) of shares BEBS from the seller via the Lotus Andalan Sekuritas (YJ) broker at a price of IDR 370/share.

However, even though investors using BK only bought 2 lots in those two times, the BEBS price immediately increased to IDR 388/share. This can be seen from the pre-closing data, at 16:00:00, where BK again bought 1 lot from YJ at a transaction price that had changed to IDR 388/share.

After the 3 transactions by the BK were ahead and during the pre-closing (1 lot each), there were 3 other purchase transactions during the pre-closing and post-closing periods.

The three transactions referred to are 1 lot at a price of IDR 388/share by buyers via broker Mirae Asset Sekuritas Indonesia (YP) from YJ sellers at 16:00:00, buyers via broker Semesta Indovest Sekuritas (MG) from YJ as much as 1 lot at price of IDR 388/share at 16:03:21, and Panin Sekuritas Tbk (GR) buyers of 200 lots from YJ at a price of IDR 388/share at 16:06:55.

Contacted by CNBC Indonesia, the Director of Trade and Exchange Member Regulations, Irvan Susandy, said that this could happen.

“Indeed, the trading mechanism allows this to happen in Indonesia pre-closing. It can be studied again in the trade guide which is part of trade regulation number II A,” said Irvan to CNBC Indonesia.

Just Remove Suspension

The shares of the construction issuer have just been released from suspension (temporary trading stoppage) by the stock exchange on Tuesday (9/5).

Post-suspension opened, the constituency closed in the red zone for 8 trading days, with 5 of them affected by ARB.

Previously, on January 18 2023, IDX locked BEBS shares on the regular market and cash market in order to maintain an orderly, fair and efficient securities trading.

On May 3, 2023, BEBS has conducted an incidental public expose.

The agenda in the public expose includes, a review of the latest financial and operating performance that can be disclosed; the constraints faced, including conditions of uncertainty (if any); efforts to improve the performance of the Listed Company; current year company performance targets; to clarification of issues circulating in the public.

Responding to questions about the company’s expansion plans in 2023 from participants in the public expose, BEBS management explained that the company will continue to carry out expansion plans, namely through the development and utilization of factories and the utilization of its subsidiaries.

For capital expenditure, of course, we will prepare it from the net profit in 2022 and its use will be determined at the GMS, currently it is for capital expenditure from internal companies.

Then, management also clarified questions regarding the lego action by Asep Sulaeman which was accompanied by a sharp decline and suspension of BEBS shares from early January until before the suspension.

BEBS shares themselves have fallen 25.00% during this period.

“As far as we know, IDX is carrying out its procedures in order to maintain share transactions, one of which is to suspend shares. The reason for the suspension is because of this. Until now, Mr. Asep Sabanda is still a shareholder of the company,” BEBS management explained in a public expose published on the website. BEI (4/5).

CNBC INDONESIA RESEARCH

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