JSX suspends PSP trading

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)