JSX suspends three listed companies

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.