JSX does u-turn on Texmaco delisting

JSX does u-turn on Texmaco delisting

The Jakarta Post, Jakarta

The Jakarta Stock Exchange (JSX) announced on Friday that
textile producer PT Texmaco Jaya, a unit of the once-mighty
Texmaco Group, would not be delisted from the bourse after all.

JSX president director Erry Firmansyah said the companies
currently in the process for delisting were engineering firm PT
Texmaco Perkasa Engineering and plastic producer PT Wahana Jaya
Perkasa.

"Texmaco Jaya will remain on the bourse, along with the
group's other listed unit PT Polysindo Eka Perkasa. It is Texmaco
Perkasa and Wahana Jaya that are likely to be delisted," said
Erry.

As previously reported in this paper, JSX listing director
Harry Wiguna said Texmaco Jaya was among the companies scheduled
for delisting by the bourse next month as it was determined that
the company was unable to sustain its operation.

Meanwhile, in its report to the JSX on Friday, Texmaco Jaya
also clarified that it was still in operation and was not
included for delisting, as confirmed by a meeting between the
company and the JSX management on Sept. 22.

The group, which was founded by an Indonesian businessman of
Indian origin, Marimutu Sinivasan, became mired in debt following
the Asian financial crisis of 1997, which prompted the government
to bail it out, leaving some of its companies near bankruptcy. --
JP