Indofarma shares still suspended

JAKARTA: The Jakarta Stock Exchange (JSX) will continue to suspend trading of the shares of pharmaceutical company PT Indofarma until Friday, pending a public explanation by the management to clarify the alleged irregularities in its 2002 financial report.

JSX said that Indofarma should also explain why it missed the April 30 deadline to submit its audited financial report.

Indofarma is scheduled to make a public announcement on Friday at the JSX office.

Reports of the alleged irregularities prompted JSX to suspend Indofarma's shares early on Tuesday.

Indofarma reported to a JSX a net loss of Rp 20 billion (US2.3 million) for the year 2002. The disclosure stunned analysts and investors as the company had previously reported a net profit of Rp 88.6 billion through the third quarter of 2002. -- JP