JSX delists Perdana Inti, warns 24 other companies

JAKARTA (JP): The Jakarta Stock Exchange (JSX) has temporarily delisted PT Perdana Inti Investama and has warned 24 other poorly performing companies they would receive similar punishment if they failed to strengthen their ailing businesses.

The JSX said Saturday that Perdana Inti would be delisted from the market from today until the company came up with a concrete program to improve its performance.

As many as 24 other companies traded on the JSX no longer meet the exchange's listing requirements due to weak balance sheets. They, however, are still allowed to be listed as long as they had submitted plans to lift themselves out of their financial debacle.

Perdana Inti had reported to the JSX but had failed to meet the exchange's requirement of submitting additional information about its financial problems.

PT Putra Surya Perkasa, one of the 24 warned companies, risks being delisted next week.

The JSX said Putra Surya had yet to submit a business restructuring plan as required and it was giving the firm until Wednesday to report or face being delisted.

Two other companies, PT Aster Dharma and PT Dharmala Agrofood, have been given until Aug. 27 to submit additional explanations or face being delisted as well.

The two companies had, in fact, reported their business programs but the information had apparently lacked certain details.

Other companies which no longer meet the listing criteria include PT Intinusa Selareksa, PT Aneka Kimia Raya, PT Surya Hidup Satwa, PT CP Prima, PT Miwon, PT Darya Varia, PT Argo Pantes, PT Concord Benefit, PT Tri Polyta, PT Fajar Surya Wisesa, PT Inter Delta, PT Alkasa, PT Anwar Sierad, PT Sierad Produce, PT Putra Surya Multidana, PT Bukaka Teknik Utama, PT Bank Umum Nasional (BUN), PT Bank Modern, PT Ometraco Corporation and PT Steady Safe.

The companies have submitted their restructuring programs and are being given until September of next year to improve their business performance.

"If they fail to improve their situation within the timeframe, the JSX management will have to delist them," Saturday's announcement said.

The government suspended BUN and Bank Modern on Friday last week as part of its effort to clean up the country's ailing banking system.

JSX did not include publicly listed Bank Dagang Nasional Indonesia (BDNI) in its warning, though its operations were suspended last week as well.

According to existing stock market regulations, listed firms booking financial losses amounting to half or more of their paid- up capital at the end of the latest year or which suffered losses in the last three consecutive years will be delisted. (aly)