JSX suspends Indofarma shares

JSX suspends Indofarma shares

The Jakarta Stock Exchange (JSX) suspended on Friday trading
in shares of state-controlled pharmaceutical company PT
Indofarma, over reports that the company's 2003 losses would
widen due to a planned write-off of old medical equipment and
drugs.

The JSX said it suspended trade in the shares over fears of
speculation by investors. Indofarma shares were trading at Rp 160
when the suspension took effect.

Bisnis Indonesia daily reported on Friday that Indofarma
expected to register a 2003 financial loss of Rp 110 billion
(US$12.94 million), compared to Rp 59.2 billion in 2002.

The troubled company said last year that its net loss in the
third quarter increased to Rp 40 billion from Rp 34 billion in
the second quarter, on account of huge borrowing expenses.

It is not known when the JSX will lift the trading suspension.
-- JP