TEMPO.CO, Jakarta - The Indonesia Stock Exchange (IDX) has temporarily suspended trading in the shares of PT Toba Pulp Lestari Tbk (INRU), citing uncertainty over the company’s business sustainability.
The suspension took effect from the second trading session on Wednesday, December 17, 2025, and will remain in place until further notice.
The IDX said the decision followed the government’s temporary halt of the company’s operations. The move was conveyed in a letter dated December 16, 2025, issued in response to a request for clarification regarding the suspension of the company’s access to forest product management by the Ministry of Environment and Forestry.
“The Indonesia Stock Exchange has decided to temporarily suspend trading in the securities of PT Toba Pulp Lestari Tbk (INRU) on all markets from the second trading session on Wednesday, December 17, 2025, until further notice,” the exchange said in an official statement on Thursday, December 18, 2025.
Earlier, INRU announced that it had temporarily halted production, harvesting, and the transportation of wood since Thursday, December 11, 2025. The decision followed a letter dated December 8, 2025, from the Directorate General of Sustainable Forest Management at the Ministry of Environment and Forestry.
The letter ordered a temporary suspension of access to forest product management within the company’s Business Permit for Forest Product Utilization (PBPH) areas in Aceh, North Sumatra, and West Sumatra.
In addition, the company received a letter dated December 10, 2025, from the Head of the North Sumatra Environment and Forestry Office.
That letter instructed the company to cease all activities related to the felling and transportation of eucalyptus wood from community forest plantations. INRU’s management said the policy was implemented as a precautionary measure to mitigate the impacts of flooding and extreme weather.
The company stated that the operational suspension was carried out in compliance with directives from both the central and regional governments. From a financial perspective, management acknowledged the potential for delayed revenue during the suspension period.
INRU also said the halt in operations has affected suppliers, contractors, small and medium enterprises, transportation service providers, and local communities whose livelihoods depend on the company’s activities.
The company said it is preparing social and economic mitigation measures in coordination with local governments and other stakeholders.
Despite the suspension of production, INRU said it continues to maintain factory assets, conduct plant maintenance, and carry out other essential activities to ensure operational readiness once government policies are restored.
Separately, Minister of Environment and Forestry Raja Juli Antoni said President Prabowo Subianto had ordered a comprehensive audit and evaluation of PT Toba Pulp Lestari.
The government, he said, will publicly announce the audit results, including the possibility of revoking or restructuring the company’s PBPH permits.
On the same occasion, Raja Juli also announced the revocation of 22 PBPH permits covering a total area of 1,012,016 hectares nationwide, including approximately 116,198 hectares in Sumatra. The government is expected to issue an official decision letter regarding the revocations in the near future.
Adil Al Hasan contributed to the writing of this article.
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