JSX to delist Procter & Gamble shares

JSX to delist Procter & Gamble shares

Sari P. Setiogi, The Jakarta Post, Jakarta

The Jakarta Stock Exchange (JSX) has decided to delist PT
Procter & Gamble Indonesia Tbk (P&GI) as the company's contract
with Singapore-based Procter & Gamble International Operation
Pte. on product distribution and "toll manufacturing" has been
terminated.

The bourse said it had a strong reason to delist the firm as
the contract with the Singaporean firm was the main contributor
to its revenue.

The termination of the contract between P&GI and the
Singaporean firm will come into effect on June 1, 2004.

P&GI's president director Raul T. Falcon earlier stated in his
letter in The Jakarta Post that the firm will close its health
care production plant in Bekasi, West Java, which produces Vicks
products, by around July 2004.

The bourse ordered either the company or its majority
shareholders to buy back shares held by minority shareholders at
the highest price level over the past 90 days. The company was
also told to appoint a member of the stock market as a standby
buyer of the minority shares.

"Shares will be suspended from the market until Oct. 28. After
that, interested players can sell or buy their shares through the
negotiation market for 20 days until Dec. 2," said JSX's head of
trade division, Supandi.

On Dec. 3, the P&GI shares will no longer be traded at the
JSX.

According to Falcon, after P&GI closes its Bekasi plant next
year, PT Darya Varia Laboratoria will take over its Vicks license
and production.

In 2000, the company shut down its haircare products plant and
relocated it to Thailand, which has become the group's hub for
the Southeast Asian region. The haircare plant produced among
others Rejoice shampoo and Pantene haircare.