Stock Price Plummets, Exchange Locks Hotel Fitra (FITT) Shares

The Indonesia Stock Exchange (BEI) has decided to temporarily ‘lock’ or suspend shares of PT Hotel Fitra International Tbk (FITT). The suspension begins today, Tuesday (31/3/2026). FITT, an issuer managing Hotel Fitra in Majalengka, has been suspended due to a significant cumulative decline in its share price. The exchange states that this decision is intended as a cooling-down measure to protect investors. Records show that FITT last stood at 262 per share, after plummeting 59.69% in the past month. Year-to-date, the stock has already fallen 52.79%. “The exchange urges interested parties to always pay attention to the disclosures provided by the company,” BEI stated in its announcement, quoted on Tuesday (31/3/2026). For reminder, the company, which operates in hotel and tourism management, began listing on the exchange (initial public offering/IPO) on 11 June 2019 after offering 220 million shares to the public at an offering price of Rp 102 per share. In early 2025, FITT shares fell below 100. However, the stock then surged and soared to break the 1,300 level in October 2025. The euphoria around FITT shares did not last long. After hitting a record high of around 1,300, FITT shares plunged sharply, eventually settling in the 200s range. FITT management claims not to know the cause of the company’s wild share movements. There is no information or material fact that could affect the company’s securities value or investors’ decisions as regulated in Financial Services Authority Regulation No. 31/POJK.04/2015 on Disclosure of Information or Material Facts by Issuers or Public Companies,” management wrote in its disclosure, quoted on Tuesday (31/3/2026). Based on the Monthly Report on Securities Holder Registration ending 28 February 2026, the ultimate beneficial owner of FITT is Gao Jinliang. Through PT Jinlong Resources Investment, he acquired FITT shares at the end of 2025. As of 28 February 2026, Jinlong holds 79.16% or 1,032,397,500 FITT shares.