Texmaco goes to Nasdaq<\/p>\n
JAKARTA (JP): The Texmaco Group, the country's largest
\ntextilemaker, said it would float some of its subsidiaries on the
\nNasdaq to protect them from funds looking for troubled firms to
\nbuy on the cheap.<\/p>\n
\"The group now has obtained the consent of some of its other
\nshareholders to list a few of the group companies on the Nasdaq
\nthrough a process of exchange of shares,\" said Joy Deep, a
\nspokesman for the group.<\/p>\n
Units it will fold in are clothing maker S.R. Gent of the
\nUnited Kingdom, Norfel of Ireland, PT Super Mitori and PT Indo
\nBaja, two small Indonesian subsidiaries, Draper-Texmaco of the
\nU.S. and Factory Systems and Texmaco-Mecatronics of Singapore,<\/p>\n
The plan needs approval from both Indonesian and U.S.
\nregulators.<\/p>\n
Deep said companies currently undergoing capital restructuring
\nwere not included.<\/p>\n
Meanwhile, publicly-listed PT Texmaco Perkasa Engineering and
\nits subsidiary PT Perkasa Heavyndo Engineering said in a
\nstatement that they had appointed Deloitte Teouche Tohmatsu
\n(Jakarta) and BNI Corporate Finance Advisory as financial
\nadvisors in restructuring their foreign debt.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/texmaco-goes-to-nasdaq-1447893297",
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