JSX suspends Squibb trading

JAKARTA (JP): The Jakarta Stock Exchange (JSX) on Tuesday temporarily suspended the trading of PT Squibb Indonesia stocks.

The JSX said the suspension order was issued following the failure of Squibb executives to attend a hearing with the exchange's management.

Squibb management was invited on July 30 and Aug. 9 to explain their plans to improve the company's performance, but none of the company's executives showed up at the two scheduled meetings.

Squibb Indonesia is one of 85 companies on the exchange's watch list for possible delisting due to poor financial performance. These companies are required to explain to the JSX their business survival program if they want to stay on the exchange. (udi)