JAKARTA - PT Cowell Development Tbk (COWL) is in the verge of delisting off of Indonesia Stock Exchange (IDX) after the stock exchange has suspended its trading session for 42 months since July 13, 2020.

Based on IDX data compiled today (16/1), suspension of COWL’s stock will enter its fourth year on July 13, 2024. The suspension was decided following a significant event that affected COWL’s business sustainability.

In December 2022, COWL’s shares were reportedly 4.87 billion. The shareholders are PT Gama Nusapala (GN) of 71.12%, Feral Investment Inc of 14.35%, Earvin Limited of 8.12%, and the public of 6.41%. For the record, 71.12% of its shares are owned by controlling shareholders, while another 28.88% goes to non-controllers.

Prior to this, IDX had applied special note to COWL more than once for a year on October 10, 2023. In addition, Supreme Court has declared two of its subsidiaries, PT Plaza Adika Lestari (PAL) and PT Nusantara Prospekindo Sukses (NPS), bankrupt. This court decision then affects the decline of performance and COWL’s business performance. (LK/ZH)