Irvin Avriano A.
16 emitter kicked out from Daftar Efek Syariah
JAKARTA: Numbers of 16 emitters removed from the Sharia Securities List (Daftar Efek Syariah/DES) by the Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) due to the large interest based debt ratio compared with total equity exceeding 82%.
Accounting Standards and Disclosure Bureau Chief of Bapepam-LK Etty Retno Wulandari said assessments that issuers of debt ratios exceed the criteria specified in the regulations of the authority. She is the Bapepam-LK's official that supervise the sharia capital market.
"Mostly because its debt ratio to increase," she told Bisnis tonight.
The assessment of the debt ratio is contained in the Bapepam-LK rule No.II.K.1 on Criteria and Issuance of Sharia Securities List. In addition to interest-based debt ratio to its total equity, the rules also limit the total interest income and other illicit revenue compared to total revenues and other income not more than 10%.
DES that been announced by Bapepam-LK today shows that 16 stock emitters removed from the list. Some issuers that have big market capitalization shares are PT Adaro Indonesia Tbk, PT Bumi Resources Tbk, PT Indika Energy Tbk, PT Bakrie Telecom Tbk, PT Ancora Indonesia Resources, and PT Rimo Catur Lestari Tbk.
Then the small stocks market capitalization are PT Berlina Tbk, PT Panorama Sentrawisata Tbk, PT Perdana Karya Persada Tbk, PT Ratu Prabu Energy Tbk, and PT Grha Satu Enam Lima Tbk. The others are PT Sofyan Hotel Tbk, PT Garda Tujuh Buana Tbk, PT Tunas Alfin Tbk, and PT Fortune Indonesia Tbk.
The same data also show as much as 31 stock issuers enter into the DES. Although the amount more than that removed from the list of those stocks, most of the newly DES occupant were have small market capitalization stocks.
There are only a few share that have large capitalization, namely PT Mitra Adiperkasa Tbk, PT Holcim Indonesia Tbk, PT Matahari Department Store Tbk, and PT Benakat Petroleum Energy Tbk.
Corporate Finance Assessment Service Sector Bureau Chief of Bapepam-LK Noor Rachman said the changing in the DES will make unique investors who only invests in sharia stocks should sell its stake that thrown out from DES in a month.
"There is a possibility of its shares will be released by the investors, especially sharia mutual funds that have investment strategy restrictions more stringent."
DES is also includes sukuk (sharia bond). It is revised in every six month, in May and November, by the Bapepam-LK, and can be applied by the investors in the next 6 month. The revision is based by the emitters financial statements at the last year or their 1st semester's.