JSX suspends three listed companies

The Jakarta Post, Jakarta

The Jakarta Stock Exchange (JSX) halted trading on Friday in shares of textile companies PT Panasia Indosyntec (Indosyntec) and PT Panasia Filamnet Inti (Pafi), and furniture manufacturer PT Arona Binasejati.

The textile companies were suspended for unpaid fines of Rp 10 million (US$1,102) each for not holding an annual public expose in 2003, detik.com reported.

Yose Rizal of the JSX said the fines should have been paid within 15 days after the sanctions were officially handed down on Oct. 27.

"They will remain suspended until they pay the fines," said Yose.

The bourse also suspended trading in Arona shares for one day after noting a cumulative increase in its stock price of over 100 percent from Rp 550 on Oct. 13 to Rp 1,150 on Nov. 11.

Yose said the suspension would give market players time to calculate the risks of investing in the company.

Pafi, which produces polyester yarn, fiber and fabrics, reported a Rp 37.7 billion net loss during the first nine months of this year. Bandung-based Indosyntec reported a Rp 46.7 billion net loss during the same period.

At the market closing on Thursday, Pafi and Indosyntec shares stood at Rp 100 and Rp 500, respectively.

Bogor-based Arona reported net income of Rp 3.67 billion from January to September, a 22.3 percent decline from the same period the previous year.