Bayer plans to delist from SSX<\/p>\n
JAKARTA (JP): PT Bayer Indonesia will pull out from the
\nSurabaya Stock Exchange (SSX) due to what the pharmaceutical
\ncompany called a lack of liquidity in the East Java capital's
\nbourse.<\/p>\n
The company said the plan to delist from the SSX received
\napproval at its annual shareholders meeting on Tuesday.<\/p>\n
The lack of trading liquidity in the Surabaya market and
\nrelatively high administrative costs were cited as reasons for
\nthe delisting.<\/p>\n
The company said it recorded only two share transactions in
\n1998 and 1999.<\/p>\n
Bayer said it would maintain its listing on the Jakarta Stock
\nExchange (JSX).<\/p>\n
Most of the companies listed on the JSX crosslisted their
\nshares on the SSX to provide direct access to local investors.
\nHowever, investors in the province prefers to buy stocks from the
\nmore active JSX either directly or through remote trading
\nfacilities.<\/p>\n
Bayer, which is owned by Bayer AG of Germany (86.32 percent),
\nPT Bayer Kimia Farmasindo (3.95 percent) and the public (9.73
\npercent), produces a wide range of pharmaceuticals as well as
\nhousehold and agricultural products in its two factories in
\nJakarta.<\/p>\n
Bayer also announced that it would pay share dividends of Rp
\n180 and Rp 100 for each preferred share and common share
\nrespectively for the 1999 financial year.<\/p>\n
\"After a year of zero dividends due to substantial losses in
\n1998, the company will pay dividends to its shareholders for
\n1999,\" Bayer said in a statement.<\/p>\n
Bayer has 57.3 million common shares and 4.6 million prefered
\nshares.<\/p>\n
The company said it was optimistic about the country's
\neconomic recovery because it increased gross sales to Rp 715
\nbillion in 1999, from Rp 586.3 billion the previous year.<\/p>\n
The company said it expected to book Rp 750 billion in gross
\nsales this year given stable domestic economic and political
\nconditions.<\/p>\n
With the growth in gross sales, the company booked a historic
\nhigh net profit of Rp 41.1 billion in 1999 after experiencing a
\nnet loss of Rp 13.5 billion the previous year.<\/p>\n
The company attributed its turnaround in 1999 to the lessening
\nof the interest payment burdens which were halved to Rp 26.7
\nbillion in 1999 from Rp 49.8 billion the previous year. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bayer-plans-to-delist-from-ssx-1447893297",
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"sponsor": "Okusi Associates",
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