Sekar Bumi delisted from stock exchange<\/p>\n
JAKARTA (JP): The Jakarta Stock Exchange (JSX) removed
\nSurabaya-based PT Sekar Bumi from the trading board on Wednesday
\nfor not meeting the listing requirements.<\/p>\n
\"Sekar Bumi shares are no longer tradable on the JSX since
\nthey were delisted, effective on Sept. 15,\" JSX president Mas
\nAchmad Daniri said.<\/p>\n
Sekar Bumi, which operates a shrimp processing plant and cold
\nstorage facilities in Surabaya, was one of 85 companies included
\non the exchange's watch list for possible delisting.<\/p>\n
Companies included on the list are those which are in danger
\nof no longer qualifying to be listed on the exchange due to a
\ndecline in their business performances.<\/p>\n
Daniri said executives of the 85 companies were asked to come
\nto the exchange and explain their plans for improving the
\nperformances of their companies.<\/p>\n
He said Sekar Bumi was delisted because its business plan was
\nnot capable of stopping the company's slide, adding that the
\nother 84 companies were given between six months and one year to
\nimprove their financial performances.<\/p>\n
Daniri said Sekar Bumi's unresolved financial burdens were
\ncaused mainly by uncollected receivables from its affiliated
\ncompanies.<\/p>\n
\"The uncollected debts put significant pressure on the
\ncompany's operating cash flow. And the debt restructuring talks
\nthe company was involved in did not look positive,\" he said.<\/p>\n
With the delisting of Sekar Bumi, there are now 274 companies
\nlisted on the JSX, compared to 288 in December of last year.<\/p>\n
The JSX has removed 19 companies, including Sekar Bumi, from
\nits trading board since January. The delisted companies were
\nmostly banks closed by the government in November and March of
\nthis year.<\/p>\n
Five companies have been added to the exchange during this
\nperiod. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sekar-bumi-delisted-from-stock-exchange-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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