JAKARTA – The Indonesia Stock Exchange (BEI) has officially announced the reopening of trading for the securities of PT Koka Indonesia Tbk (KOKA), effectively lifting a temporary suspension that had been in place.
According to BEI Announcement No. Peng-UPT-00007/BEI.PP1/09-2025, the trading suspension on KOKA shares was initially imposed by the BEI on September 18, 2025. Trading for KOKA shares has now been reinstated as of today, Friday, September 26, 2025.
“The basis for lifting the suspension is the clarification that has been provided regarding the acquisition plan,” stated Vera Florida, Head of Corporate Assessment Division 1 at the Indonesia Stock Exchange, in a public disclosure on Friday, September 25, 2025. This resolution marks a pivotal step in KOKA’s recent market activities.
KOKA Clarifies Acquisition Plan Accused by BEI of Violating Share Lock-Up
Following the lifting of the suspension, KOKA’s shares experienced a significant rally during the first trading session today, surging by 34.31% or 47 points to reach Rp184. Prior to the BEI’s trading halt on September 18, the stock was priced at Rp137. This impressive performance contributes to a year-to-date gain of 174.63% for PT Koka Indonesia Tbk’s shares.
During this active first trading session, a substantial 13.27 million shares of KOKA were transacted, amounting to a total value of Rp2.44 billion. Consequently, the market capitalization of PT Koka Indonesia Tbk now stands at Rp526.49 billion.
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The underlying reason for the BEI’s initial suspension of KOKA shares stemmed from a proposed acquisition of a majority stake in the company by the Chinese firm, Ningbo Lixing Enterprise Management Co. Ltd. (NLEM). This planned transaction was flagged by the exchange as potentially violating existing share lock-up regulations.
Previously, in a public disclosure on September 16, 2025, KOKA Director Gao Jing had revealed that Ningbo Lixing intended to acquire 63.5% of the issued and paid-up shares of PT Koka Indonesia Tbk.
KOKA Controller Violates IPO Commitment, BEI Halts Shares
This proposed acquisition was poised to establish Ningbo Lixing as the new controlling shareholder of PT Koka Indonesia Tbk. The BEI had consequently deemed Gao Jing, the beneficial owner and current controller of KOKA, to have breached a crucial commitment outlined in KOKA’s initial public offering (IPO) prospectus, which mandated the maintenance of control for a minimum period of five years from October 2023.
In a bid to clarify the situation, Muhammad Fikri Adzkiya, the Corporate Secretary of Koka Indonesia, stated that the company’s acquisition plan involving Ningbo Lixing remains in the preliminary planning and further discussion stages. He emphasized that the proposal is not yet legally binding and that the previously mentioned 63.5% stake intended for acquisition by Ningbo Lixing is still provisional and not final.
Fikri further stressed that both PT Koka Indonesia Tbk and Ningbo Lixing fully comprehend and acknowledge the applicable regulations concerning the lock-up obligations tied to KOKA’s primary controller, Gao Jing.
“We hereby clarify that NLEM’s presence does not automatically position it as the sole new controller replacing the old controller, but rather it will be present alongside the existing controller,” he elaborated, shedding light on the new control structure.
Fikri added that, moving forward, should the acquisition plan by Ningbo Lixing receive approval from the BEI and/or other relevant regulatory bodies, the beneficial owners and controllers of the company would then be Gao Jing and NLEM jointly.
“NLEM has also expressed its willingness to undertake a lock-up jointly with the company’s current primary controller, Gao Jing,” he concluded, affirming their commitment to regulatory compliance.
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Summary
The Indonesia Stock Exchange (BEI) lifted the trading suspension on PT Koka Indonesia Tbk (KOKA) shares on September 26, 2025, following clarification from the company regarding its acquisition plan. The suspension had been in place since September 18, 2025. After trading resumed, KOKA’s shares experienced a significant rally, surging 34.31% to Rp184.
The initial halt was due to a proposed acquisition of a 63.5% stake by China’s Ningbo Lixing Enterprise Management Co. Ltd. (NLEM), which the BEI flagged as a potential violation of KOKA’s IPO share lock-up regulations. KOKA clarified that this plan is preliminary and not legally binding. They emphasized that NLEM would become a joint controller alongside the existing one, Gao Jing, and both parties committed to regulatory compliance including joint lock-up obligations.