Bumi Modern resumes trading

JAKARTA (JP): The Jakarta Stock Exchange (JSX) lifted the suspension of share trading on property firm PT Bumi Modern after the company clarified controversial issues related to its planned rights issue.

The JSX said the property company had declared it would accept responsibility for any legal implications that may arise from its rights issue.

JSX halted trading in the company's shares on Feb. 21 over legal uncertainty following two postponements of the company's shareholders meeting to approve a rights issue plan.

Such postponement could cause a change in the list of eligible shareholders who have the right to cast votes, JSX said at the time.

The company's stock price ended down by Rp 75 to Rp 275 following the lifting of the suspension on Thursday. (udi)