Indonesian property and real estate developer Lamicitra Nusantara announced its plan to delist from the Indonesia Stock Exchange (IDX). Another listed company will also voluntarily delist from the IDX. However, Samsul Hidayat, Director of Corporate Listing at the IDX, refrained from naming this company. He did confirm that two companies - including Lamicitra Nusantara - have visited the IDX to discuss the delisting.
Lamicitra Nusantara is eager to become a private company again and is ready to buy back the public shares at a price of IDR 531 a piece, about 44 percent above its share price when trading was suspended by the IDX on 29 September 2016. For shareholders this is a good offer as it is far above the market price.
In the first half of 2016 Lamicitra Nusantara recorded IDR 11 billion (approx. USD $84,600) in net profit, down from IDR 25 billion in the same period one year earlier.
On 30 November 2016 Lamicitra Nusantara will hold an extraordinary general meeting (EGM) to get approval to go private.
Samsul Hidayat did not inform the name of the second company that plans to delist from the IDX. However, he did inform that trading of this company's shares has already been suspended. Earlier, he told reporters that there is a company, with good corporate earnings but with a very low amount of publicly traded shares, that is eager to delist.
Lamicitra Nusantara - LAMI: