CMNP and Cibinong trading halted

JAKARTA (JP): The Jakarta Stock Exchange (JSX) suspended on Friday trading on shares of PT Citra Marga Nusaphala Persada (CMNP) and PT Semen Cibinong.

The trading on Citra Marga Nusaphala Persada was suspended until the company disclosed the status of its US$70 million debt to Brunei Investment Agency, JSX management said in a statement.

Earlier reports said the Brunei company had asked the toll road operator, partly owned by former president Soeharto's daughter Siti Hardiyanti Rukmana, to repay the debt, which matured in June.

Citra Marga was given until Aug. 31 to improve its financial performance, the JSX said, adding that it had the authority to delist the company if it failed to improve its performance, according to its business plan, during the probation period.

The JSX has put a number of companies in its monitoring list for possible delisting due to their worsening financial conditions.

The JSX also said that the trading on Semen Cibinong shares was suspended until the company gave a clear explanation on reports about its missing funds.

The JSX said it also awaits the company's explanation about its debt restructuring plan.

Earlier reports said negotiations to restructure the cement producer's $1.3 billion debt to foreign creditors have broken down after the company said about $250 million is missing from its books. (hen)