Wed, 15 Mar 2000

JSX suspends Texmaco firms

JAKARTA (JP): Stock trading of companies under the Texmaco Group was suspended in the first session on Tuesday due to the transfer of the group's Rp 14.9 trillion (US$2.1 billion) debt to the Indonesian Bank Restructuring Agency (IBRA).

The Jakarta Stock Exchange (JSX) identified the affected companies as PT Texmaco Jaya, PT Texmaco Perkasa Engineering, PT Polysindo Eka Perkasa, PT Wahana Jaya Perkasa, PT Indosteel and PT Super Mitory Utama.

JSX said it requested explanations from the companies about the transfer of their debts to IBRA.

The group's debts were initially on the books of state Bank Negara Indonesia, before being transferred to IBRA as part of the government-sponsored bank restructuring program. (udi)