Fri, 22 Aug 2003

JSX to delist Manly

JAKARTA: The Jakarta Stock Exchange (JSX) announced on Thursday that it would delist shares of troubled financial service company PT Manly Unitama Finance on Sept. 26.

JSX said that the decision was taken due to the firm's inability to sustain future operations as signaled by the disclaimer in its 2002 audited financial report.

The bourse also said that Manly had no longer been able to comply with regulations and standards, such as holding an annual shareholders meeting, publishing the composition of its shareholders and holding a public forum on its poor performance.

JSX will allow Manly to resume the trading of its shares on Aug. 28, after being suspended since May 21, to give the opportunity to investors to settle their affairs with the company. -- JP