Bayer to quit SSX

JAKARTA (JP): PT Bayer Indonesia, a publicly listed pharmaceutical producer, plans to remove its shares from the Surabaya Stock Exchange (SSX) as part of its cost cutting program.

The company said on Wednesday that the plan to delist the shares was also made due to the lack of investors in the Surabaya stock market.

Like other shares on the Surabaya stock market, Bayer stocks are rarely traded. According to the company, during the period between 1998 and 1999, its shares on the Surabaya exchange only recorded two transactions.

Most of the companies traded on the Jakarta Stock Exchange (JSX) are cross listed on the Surabaya market to give direct access to local investors. But most of the local investors still prefer trading through the Jakarta exchange. (hen)