JSX delists Tri Polyta, gives Kopitime 3-month grace<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Shares in petrochemical company PT Tri Polyta were delisted
\nfrom the Jakarta Stock Exchange (JSX) on Monday because the firm
\nfailed to comply with listing regulations and standards, the
\nbourse said in a press statement.<\/p>\n
The JSX said that trading in the shares of Tri Polyta had not
\nbeen active, and that the company had also booked losses and had
\nnot paid dividends over the past five consecutive years.<\/p>\n
Tri Polyta shares were suspended from trade on Feb. 3 because
\nthe company had not reported its financial statement for the
\nfirst nine months of 2002.<\/p>\n
Tri Polyta, which is controlled by businessman Prajogo
\nPangestu, is the first company to be delisted from the JSX this
\nyear.<\/p>\n
The JSX management said that the bourse had warned the company
\nin June of the possibility that its shares would be removed from
\nthe exchange for the abovementioned reasons.<\/p>\n
Tri Polyta is also facing problems with its foreign creditors.<\/p>\n
As reported by Dow Jones Newswires, Tri Polyta creditors had
\njust filed a bankruptcy suit on Monday with the Jakarta
\nCommercial Court, seeking foreclosure on the petrochemical
\ncompany's assets.<\/p>\n
U.S. bondholders, led by OCM Fund Opportunities LLP, claimed
\nthat Tri Polyta had stopped paying interest on its US$185
\nmillion-worth of bonds four years ago.<\/p>\n
The creditors said that the bond indenture allowed a
\nforeclosure on the company's assets in lieu of repayment.<\/p>\n
A U.S. federal court order issued in April declares that Tri
\nPolyta must repay the principal and default interest, but the
\ncompany countered, persuading an Indonesian district court the
\nsame month to block any foreclosure action.<\/p>\n
The seven-year bonds sold in November 1996 were aimed at
\nfunding the expansion of a polypropylene factory in Serang, near
\nJakarta.<\/p>\n
Tri Polyta and information technology company PT Kopitime Dot
\nCom had been warned by the JSX in June to comply with its
\nrequirements to avoid delisting.<\/p>\n
Only Kopitime responded, to whom JSX decided to give a three-
\nmonth extension period for the company to fix its performance.<\/p>\n
The bourse requested that Kopitime submit its 2002 audited
\nfinancial report and its first quarter performance within the
\nthree-month extension period.<\/p>\n
JSX also urged Kopitime to announce its operational conditions
\nand its business prospects publicly.<\/p>\n
If Kopitime fails to fulfill all the requirements, the JSX
\nwill delist its shares, effective Sept. 30.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jsx-delists-tri-polyta-gives-kopitime-3-month-grace-1447893297",
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"sponsor": "Okusi Associates",
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