Wednesday, 22 May 2019 | 05:47 WIB

CMPP Leads Monday’s Top Gainers on Back of Indonesia AirAsia’s Backdoor Listing

CMPP Leads Monday’s Top Gainers on Back of Indonesia AirAsia’s Backdoor Listing (illustration: JCI)

JAKARTA, NETRALNEWS.COM - The trading of the stock of Rimau Multi Putra Pratama (CMPP.JK) has been lively until the end of trade closing on Monday (9/4/2017).

Its stock price rose 24.7 percent to IDR474 per share. The price increase is in line with Rimau Multi Pratama announcing a corporate action plan involving low cost carrier Indonesia AirAsia (IAA).

The company will conduct rights offering to fund the purchase of perpetual securities worth IDR2.6 trillion issued by IAA.

The perpetual securities will be converted into new shares in IAA. Acting as standby buyer of the right offering are Fersindo Nusaperkasa (FN) and AirAsia Investment Ltd (AIL).

The perpetual securities acquired by Rimau Multi Putra Pratama will be converted into 241,067 shares in IAA with a conversion rate of IDR10.789 million per share. The result of this conversion confirms the ownership of 57.25 percent shares in IAA by Rimau Multi Putra Pratama.

After the entire transaction plan is completed, business transition will occur and it is possible that the name of Rimau Multi Putra Pratama will be replaced with a name that is identical to Air Asia. Without complicated and costly process, Air Asia shares are free to float on the Indonesia Stock Exchange (IDX). This method is known as backdoor listing.

Until the end of trading hours today, CMPP’s stock is the second highest top gainers for Monday. The stock of Nusantara Infrastructure (META.JK) leads the top gainers with price hike of 31.1 percent.

Meanwhile, Victoria Investama (VICO.JK) recorded the deepest price decline of 54 points or 15.61 percent to IDR292. The stock is at the top of the ranks of stock with the largest price drop (Top Loser).

Here are Top Gainer stocks early in the week:

1. Nusantara Infrastructure (META.JK), price up 31.1 percent to IDR177

2. Rimau Multi Putra Pratama (CMPP.JK), price up 24.7 percent to IDR474

3. Capitol Nusantara (CANI.JK), price up 24.4 percent to IDR448

4. Tunas Alfin (TALF.JK), price up 13.3 percent to IDR374

5. Elang Mahkota Technology (EMTK.JK), price up 12.9 percent to IDR10,500

Meanwhile, Top Loser stocks are:

1. Victoria Investama (VICO.JK), price down 15.6 percent to IDR2,922

2. Multifiling Mitra Indonesia (MFMI.JK), price down 15.1 percent to IDR620

3. Graha Andrasentra Propertindo (JGLE.JK), price down 14.8 percent to IDR196

4. Alfa Energi Investama (FIRE.JK), price down 13.6 percent to IDR1,425

5. Bank Yudha Bhakti (BBYB.JK), price down 11.1 percent to IDR338.