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