JSX suspends three Texmaco subsidiaries
JSX suspends three Texmaco subsidiaries
JAKARTA (JP): The Jakarta Stock Exchange (JSX) temporally
suspended on Monday the trading of PT Polysindo Eka Perkasa, PT
Texmaco Perkasa Engineering and Texmaco Jaya, three of four
publicly listed subsidiaries of the giant Texmaco Group.
The suspension followed the three companies' failure to submit
their first quarterly monthly financial reports to the exchange
on schedule, a JSX media statement said.
The JSX said it had suspended the trading of the three
companies starting from the first trading session on Monday.
Trading would remain suspended until further notice, it said.
"If within 15 days since their suspension, the companies
cannot meet their obligation, The Jakarta Stock Exchange will
consider delisting them from the market," the statement said.
Engineering company Texmaco Perkasa and textile companies
Polysindo and Texmaco Jaya are three of the four publicly listed
companies under the Texmaco Group.
Along with Texmaco's automotive manufacturer, PT Wahana Jaya
Perkasa, the four subsidiaries have unpaid debts amounting to
US$2.291 billion. About $868 million of the total is owed to the
Indonesian Bank Restructuring Agency (IBRA) while the rest is in
the form of bank loans and local and foreign currency denominated
bonds from other creditors.
Texmaco owner Sinivasan Marimutu said that the four companies
were currently undergoing a debt restructuring process, which he
expected to be completed by September.
The JSX further said it had delayed, for an indefinite period,
plans to delist PT Daya Guna Samudra, PT Bintuni Minaraya, PT
Super Mitory Utama and PT Dharmala Sakti Sejahtera, which are now
under the trade suspension.
It said that trade suspension imposed on the four companies
would not be lifted until further notice.
The JSX said that the delay was made in response to a letter
from the Capital Market Supervisory Agency (Bapepam), which
required that the JSX maintain the suspension of the four
companies.
In its letter to the JSX, Bapepam said it was conducting an
investigation on the four companies due to suspicion that they
had violated the principles of transparency in the stock market.
"You are requested to take the steps deemed as necessary in
order to support our current investigation," according to the
letter, which was signed by Bapepam chairman Herwidayatmo.
The JSX said earlier that it would lift the trade suspension
imposed on the four companies 20 days before it would formally
delist them from the market.
During the 20 days of trading, the investing public would be
given a chance to withdraw their investments from these companies
before the delisting measures were taken.
The JSX initially intended to delist the four companies last
week but delayed the plan to provide adequate information to
investors on its plans to delist them. (bkm)