JSX agrees to lift Erdhika's suspension
JSX agrees to lift Erdhika's suspension
JAKARTA (JP): The Jakarta Stock Exchange (JSX) will allow PT
Erdhika Mulyatma securities company which has been suspended
since Feb. 7 to trade again on the exchange next week.
"We have decided to revoke the suspension because Erdhika has
just agreed to comply with the JSX's requirements," a director of
the JSX, Stanislaus Say, told The Jakarta Post yesterday.
Erdhika was suspended for thirty trading days for its failure
to comply with JSX's trading rules.
On Nov.2, 1995, Erdhika ordered 100,000 shares of PT Sucaco
Cable at Rp 5,500 (US$2,3) per share. The order was taken by Goh
Ometraco, which offered to sell the 100,000 shares at Rp 5,700
each. Both sides then made a deal.
But Erdhika failed to execute the transaction.
Stanislaus said that Erdhika and Goh Ometraco yesterday signed
an agreement at the Indonesian Capital Market Supervisory Agency
(Bapepam).
Under the agreement, which was signed by Linda Alui from
Erdhika and Michael Chamber from GK Ometraco, Erdhika promised to
execute the transaction on March 11, 1996.
"It's a very positive deal," Goh Ometraco's corporate finance
director, Rofinus Pardede, told the Post.
Pardede said that his client had instructed his company
several times to sell the stocks but "we couldn't find any other
way but to wait until Erdhika execute its order."
Yesterday's agreement also meant that Erdhika had canceled its
plan to contest its suspension at the Jakarta Administrative
Court, said Zainal Abiddin from Indra Savitri Law Office who
acted as Erdhika's law consultants.
"In this case, both sides agreed to resolve the case amicably
outside the court and Bapepam acted as the witness. So, this is
not Bapepam's response to our move to file a lawsuit regarding
the suspension," Zainal told the Post.
As a result of the agreement, JSX will also cancel its plan to
revoke Erdhika's exchange membership as stated in the
suspension's notice.
The warning to Erdhika said "if Erdhika remains disobedient
and fails to execute the transaction within the given period, JSX
will revoke its exchange membership." (08)