IDX Lifts Suspension on Techno9 Indonesia (NINE), Stock Placed Under Special Monitoring

The Indonesia Stock Exchange (IDX) has officially lifted the trading suspension on PT Techno9 Indonesia Tbk (NINE) starting from the first session on February 25, 2025.

“The suspension on Techno9 Indonesia (NINE) trading in the regular and cash markets will be lifted starting from the first session on February 25, 2025,” stated the IDX announcement.

Despite the resumption of trading, NINE has been placed under special monitoring, effective February 25, 2025. The stock falls under Criteria 10, which applies to securities that have been suspended for more than one trading day due to unusual trading activities.

Frozen for Over a Month Due to Drastic Price Surge

Previously, NINE shares had been suspended by the IDX since January 10, 2025, meaning the stock was frozen for more than a month.

The suspension was imposed due to a significant cumulative price increase. Before being suspended, NINE shares were trading at Rp 204, while earlier they had been priced at just Rp 5. This represents an astonishing surge of 3,980%—almost 4,000% in a short period.

Expanding into the Coal Mining Sector with Two New Acquisitions

Following its official acquisition by Singapore-based investor Poh Group, Techno9 Indonesia (NINE) is set to expand into the coal mining sector. The company plans to acquire two coal mines in Sumatra and Kalimantan.

According to NINE’s management, the targeted Sumatra coal mine spans 922.7 hectares, with 10 million tons of reserves and a valid mining license. The mine is expected to commence production within the next three months.

Meanwhile, the Central Kalimantan coal mine under consideration covers 1.18 thousand hectares, with 18 million tons of reserves and an existing mining license. This mine had previously operated in 2019 and is planned to resume production within three months.

Integration with Coal Mines in Mongolia and Cambodia

The two newly acquired coal mines will be integrated with three other coal mines in Mongolia and Cambodia, which are currently operated under Poh Resources Ltd. Presently, these mines are owned by Poh Kay Ping, the ultimate beneficiary of Poh Group, and will undergo a restructuring process to be transferred to Poh Resources Pte Ltd.

On January 23, 2025, Poh Group signed a Conditional Sale and Purchase Agreement (CSPA) with Techno9’s shareholders to acquire 70% of NINE’s shares at a price of Rp 19 per share. The completion of this acquisition is subject to CSPA requirements, including Techno9 conducting its first rights issue to raise Rp 80 billion.

Following this, Techno9 will initiate a second rights issue with a funding target of USD 200 million. Subsequently, Techno9 will acquire a majority stake in Poh Resources Ltd from Poh Group, marking a significant expansion of the company’s footprint in the coal mining industry.

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