JSX suspends SMART share trading

JAKARTA: The Jakarta Stock Exchange (JSX) suspended on Wednesday trade in PT Sinar Mas Agro Resources and Technology (SMART) shares after it received a report that one of the company's cooking oil factories was gutted by fire earlier in the morning.

JSX suspended trade in the shares at 9:30 a.m. when the stock was trading at Rp 1,225.

JSX said the gutted factory, located in Surabaya, East Java, produced Filma cooking oil.

SMART is one of the lucrative subsidiaries of the troubled Sinar Mas Group, a business empire founded by Eka Tjipta Widjaja.

SMART also produces Kunci Mas cooking oil, which accounts for 30 percent of the local cooking oil market. -- JP