JSX may delist Texmaco and Bukaka
JSX may delist Texmaco and Bukaka
Rendi A. Witular, Jakarta
The Jakarta Stock Exchange (JSX) plans to delist four high-
profile companies this year for failing to comply with the
capital market regulations or because of difficulties with their
business operations.
JSX listing director Harry Wiguna said the four companies
comprised automotive and machinery producer PT Texmaco Perkasa
Engineering, construction company PT Bukaka Teknik Utama, plastic
producer PT Wahana Jaya Perkasa and textile and infrastructure
company PT Siswani Makmur.
"Shares of the four firms are currently under suspension, but
we are still giving them a grace period until the end of this
month or this year to settle their problems," Harry said after a
seminar held by the Indonesian Listed Companies Association (AEI)
on Friday.
The JSX suspended trading in shares of the companies last
year, Harry said.
He explained that the JSX planned to delist the companies
because of chronic problems with their financial accounts or
because of their gloomy business operations, which were unlikely
to be maintained.
However, Harry refused to elaborate on the problems faced by
each of the companies, saying that the bourse would officially
disclose that to the public next week.
The four companies on the verge of being delisted all are
closely linked with high-profile tycoons.
Texmaco Perkasa, for instance, is a unit of the Texmaco Group
which was founded by businessman Marimuttu Sinivasan, while
Bukaka is linked to vice presidential candidate Jusuf Kalla, who
is the running mate of the country's leading presidential
candidate Susilo Bambang Yudhoyono. (According to JSX website,
members of the Kalla family sit on the board of directors and
commissioners).
Siswani Makmur was founded by tycoon William Soeryadjaja, the
founder of automotive giant PT Astra International, while Wahana
Jaya still links Texmaco.
Elsewhere, JSX president Erry Firmansyah said that there was
not much of a chance that the bourse would delist Texmaco because
the company was still undergoing some restructuring, and that a
delisting would not benefit the company and would cause losses to
investors.
"We need to examine all the problems thoroughly. If we delist
Texmaco Perkasa, who will benefit from it? The investors for sure
will be sacrificed, forcing us to provide protection for them. We
don't want to be too hasty about kicking people out," said Erry.
It is also unclear whether the JSX would delist other Texmaco
units such as textile producer PT Texmaco Jaya, whose shares had
been suspended by the JSX for more than one year.
The Texmaco Group, which has fixed assets totaling more than
US$2 billion, owes more than $3 billion to the government and
about $1.4 billion to overseas creditors. The government has
several times failed in an attempt to sell its interest in the
company to investors.
The company's assets are currently being managed by
government-sanctioned PT Perusahaan Pengelolaan Aset (PPA), which
was recently set up to deal with the unsold assets previously
managed by the Indonesian Bank Restructuring Agency (IBRA).
IBRA's operating mandated ended in February this year.