JSX agrees to lift Erdhika's suspension<\/p>\n
JAKARTA (JP): The Jakarta Stock Exchange (JSX) will allow PT
\nErdhika Mulyatma securities company which has been suspended
\nsince Feb. 7 to trade again on the exchange next week.<\/p>\n
"We have decided to revoke the suspension because Erdhika has
\njust agreed to comply with the JSX's requirements," a director of
\nthe JSX, Stanislaus Say, told The Jakarta Post yesterday.<\/p>\n
Erdhika was suspended for thirty trading days for its failure
\nto comply with JSX's trading rules.<\/p>\n
On Nov.2, 1995, Erdhika ordered 100,000 shares of PT Sucaco
\nCable at Rp 5,500 (US$2,3) per share. The order was taken by Goh
\nOmetraco, which offered to sell the 100,000 shares at Rp 5,700
\neach. Both sides then made a deal.<\/p>\n
But Erdhika failed to execute the transaction.<\/p>\n
Stanislaus said that Erdhika and Goh Ometraco yesterday signed
\nan agreement at the Indonesian Capital Market Supervisory Agency
\n(Bapepam).<\/p>\n
Under the agreement, which was signed by Linda Alui from
\nErdhika and Michael Chamber from GK Ometraco, Erdhika promised to
\nexecute the transaction on March 11, 1996.<\/p>\n
"It's a very positive deal," Goh Ometraco's corporate finance
\ndirector, Rofinus Pardede, told the Post.<\/p>\n
Pardede said that his client had instructed his company
\nseveral times to sell the stocks but "we couldn't find any other
\nway but to wait until Erdhika execute its order."<\/p>\n
Yesterday's agreement also meant that Erdhika had canceled its
\nplan to contest its suspension at the Jakarta Administrative
\nCourt, said Zainal Abiddin from Indra Savitri Law Office who
\nacted as Erdhika's law consultants.<\/p>\n
"In this case, both sides agreed to resolve the case amicably
\noutside the court and Bapepam acted as the witness. So, this is
\nnot Bapepam's response to our move to file a lawsuit regarding
\nthe suspension," Zainal told the Post.<\/p>\n
As a result of the agreement, JSX will also cancel its plan to
\nrevoke Erdhika's exchange membership as stated in the
\nsuspension's notice.<\/p>\n
The warning to Erdhika said "if Erdhika remains disobedient
\nand fails to execute the transaction within the given period, JSX
\nwill revoke its exchange membership." (08)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jsx-agrees-to-lift-erdhikas-suspension-1447893297",
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"sponsor": "Okusi Associates",
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