Property Developer PT Modernland Realty Tbk is in danger of having its shares removed from the Indonesia Stock Exchange if the Exchange does not lift the suspension until next year.

Based on the IDX announcement, the company with the issuer code MDLN will enter a suspension period in all markets on September 30, 2022.

"We can say that the shares and bonds of PT Modernland Realty Tbk have been suspended in all markets for 6 months," said IDX, Wednesday (31/3).

Based on the provisions of III.3.1.2, shares of a listed company resulting from suspension for a maximum of 24 months may be delisted or forcibly delisted.

Meanwhile, MDLN shares were suspended by the stock exchange in September 2020 because the company was unable to pay bond coupons worth US$150 million. The coupon belongs to the company's subsidiary, JGC Ventures Pte. Ltd. and MDLN acts as the parent guarantor.

In the latest development, Modernland Realty received the moratorium's extension on the payment of bond obligations due in 2021 and 2024.