The trading of shares of Indonesian coal miner Golden Eagle Energy has been suspended for the second time this month by the Indonesia Stock Exchange (IDX) on Wednesday (25/11) after the company's share price plunged nearly 76 percent since 2 November 2015. Irvan Susandy, Chief of Transaction Supervision at the IDX, said share trading had to be suspended as Golden Eagle Energy, a subsidiary of Rajawali Corpora, has not provided any information to the IDX that could explain its recent stock performance.
On 2 November, the Indonesia Stock Exchange had already suspended trading of Golden Eagle Energy after its shares had fallen 56.5 percent between 12 October and 2 November. Trading in the company's shares was allowed to resume on 3 November.
Rajawali Corpora, founded in 1984 by business tycoon Peter Sondhak, is one of Indonesia's largest conglomerates.
Stock Quote Golden Eagle Energy - SMMT:
Earlier this month, the Indonesia Stock Exchange suspended stock trading of Express Transindo Utama, Sekawan Intipratama, Intan Baruprana Finance, and Siwani Makmur. Activities of three brokerages - Danareksa Sekuritas, Reliance Securities, and Millenium Danatama Sekuritas - were also suspended for one day (11 November) related to the ongoing investigation into the alleged fictitious trading of coal mining firm Sekawan Intipratama's shares.