JSX delists Perdana Inti, warns 24 other companies
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)