JSX suspends three Texmaco subsidiaries<\/p>\n
JAKARTA (JP): The Jakarta Stock Exchange (JSX) temporally
\nsuspended on Monday the trading of PT Polysindo Eka Perkasa, PT
\nTexmaco Perkasa Engineering and Texmaco Jaya, three of four
\npublicly listed subsidiaries of the giant Texmaco Group.<\/p>\n
The suspension followed the three companies' failure to submit
\ntheir first quarterly monthly financial reports to the exchange
\non schedule, a JSX media statement said.<\/p>\n
The JSX said it had suspended the trading of the three
\ncompanies starting from the first trading session on Monday.
\nTrading would remain suspended until further notice, it said.<\/p>\n
\"If within 15 days since their suspension, the companies
\ncannot meet their obligation, The Jakarta Stock Exchange will
\nconsider delisting them from the market,\" the statement said.<\/p>\n
Engineering company Texmaco Perkasa and textile companies
\nPolysindo and Texmaco Jaya are three of the four publicly listed
\ncompanies under the Texmaco Group.<\/p>\n
Along with Texmaco's automotive manufacturer, PT Wahana Jaya
\nPerkasa, the four subsidiaries have unpaid debts amounting to
\nUS$2.291 billion. About $868 million of the total is owed to the
\nIndonesian Bank Restructuring Agency (IBRA) while the rest is in
\nthe form of bank loans and local and foreign currency denominated
\nbonds from other creditors.<\/p>\n
Texmaco owner Sinivasan Marimutu said that the four companies
\nwere currently undergoing a debt restructuring process, which he
\nexpected to be completed by September.<\/p>\n
The JSX further said it had delayed, for an indefinite period,
\nplans to delist PT Daya Guna Samudra, PT Bintuni Minaraya, PT
\nSuper Mitory Utama and PT Dharmala Sakti Sejahtera, which are now
\nunder the trade suspension.<\/p>\n
It said that trade suspension imposed on the four companies
\nwould not be lifted until further notice.<\/p>\n
The JSX said that the delay was made in response to a letter
\nfrom the Capital Market Supervisory Agency (Bapepam), which
\nrequired that the JSX maintain the suspension of the four
\ncompanies.<\/p>\n
In its letter to the JSX, Bapepam said it was conducting an
\ninvestigation on the four companies due to suspicion that they
\nhad violated the principles of transparency in the stock market.<\/p>\n
\"You are requested to take the steps deemed as necessary in
\norder to support our current investigation,\" according to the
\nletter, which was signed by Bapepam chairman Herwidayatmo.<\/p>\n
The JSX said earlier that it would lift the trade suspension
\nimposed on the four companies 20 days before it would formally
\ndelist them from the market.<\/p>\n
During the 20 days of trading, the investing public would be
\ngiven a chance to withdraw their investments from these companies
\nbefore the delisting measures were taken.<\/p>\n
The JSX initially intended to delist the four companies last
\nweek but delayed the plan to provide adequate information to
\ninvestors on its plans to delist them. (bkm)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jsx-suspends-three-texmaco-subsidiaries-1447893297",
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