JSX suspends PSP trading

JAKARTA (JP): The Jakarta Stock Exchange (JSX) suspended trading of food franchisee PT Putra Sejahtera Pioneerindo (PSP) on Monday due to its insolvency status.

"The trading suspension is effective until there is a final decision regarding the status of Putra Sejahtera Pioneerindo," JSX said in a statement.

PT Nikko Securities Indonesia filed a bankruptcy claim against PSP at the Jakarta Commercial Court in mid-April for failing to pay Rp 7.5 billion in a matured promissory note.

The commercial court rejected the bankruptcy claim but the Supreme Court overruled the decision and declared PSP bankrupt.

PSP has appealed for the Supreme Court's civil review decision to lift its insolvency status. (udi)