Jakarta Stock Exchange suspends Goodyear trading

Jakarta Stock Exchange suspends Goodyear trading

The Jakarta Post, Jakarta

The management of the Jakarta Stock Exchange (JSX) announced on
Friday it has suspended trading in the shares of tire maker PT
Goodyear Indonesia following reports that the company stopped
production last week.

The press reports also said that the company had laid off its
workers.

In a press statement, the JSX said that the suspension of the
company's shares had been effective since 9:30 a.m. Friday.

Goodyear is required to inform the exchange about the
company's operations and other necessary information related to
the company's prospects.

Goodyear shares were being traded at Rp 4,000 each before the
JSX announced the suspension.

Meanwhile, Goodyear corporate secretary Maju Tarigan denied
the press reports.

He told The Jakarta Post on Friday that slowing production at
its manufacturing plant in Bogor, West Java, was mainly due to
regular maintenance work at the facility, and some workers had to
undergo a training program.

He explained that the maintenance work was needed because the
plant operated 24 hours every day.

The plant produces around 2 million tires a year, he said,
adding that production remained stable at this level.

Maju said that Goodyear employed some 850 workers, of which
nearly half had to go on a two-week training program.

The earlier press reports quoted a company source as saying
that production had been halted on Friday last week because of
weakening sales.

Elsewhere, the JSX also announced that it had delisted
multifinance firm PT Manly Unitama Finance after its management
failed to provide information to the exchange about the company's
business prospect.

The JSX suspended trading in the company's shares in May
following a sharp drop in the company's performance in 2002.