JSX warns two listed firms over meeting

Rendi A. Witular, The Jakarta Post, Jakarta

The Jakarta Stock Exchange (JSX) announced on Tuesday it had issued warning letters to two listed companies and planned to issue letters to four others for failing to comply with market regulations.

The JSX said in a statement that it had warned tire maker PT Gadjah Tunggal and its chemical unit PT GT Petrochem for failing to hold annual shareholder meetings since 1999.

According to regulations, listed companies are obliged to hold an annual shareholder meeting no later than six months after the end of the fiscal year.

The JSX said it would suspend trade in the shares of the two companies unless they complied with the regulation by Dec. 31.

On Sept. 9, the two firms, which were founded by Sjamsul Nursalim, notified the JSX they were unable to hold the shareholder meetings because they had yet to complete their debt restructuring programs.

If they fail to comply with the JSX's regulations, the two firms could be fined or delisted from the bourse.

The JSX also announced it would issue warning letters to four companies for failing to submit on time their first semester financial reports, either in the form of unaudited reports, limited reviews or audited reports.

Unaudited reports are required to be submitted by the end of July, limited reviews by the end of August and audited reports by the end of September.

The four companies were identified as PT Barito Pacific, PT Abdi Bangsa, PT Jakarta Setiabudi Property and Bank CIC International.

The JSX has issued first and second warnings and an order to pay a fine of Rp 10 million (US$1,200) to forestry company Barito Pacific for failing to submit its limited review. Barito was founded by Prajogo Pangestu.

The bourse has issued a first warning letter to Abdi Bangsa and Jakarta Setiabudi for failing to submit their audited reports by the deadline.

Abdi Bangsa, the publisher of Republika newspaper, submitted its report in early October, while Jakarta Setiabudi, the developer of several hotels and apartments in Jakarta, has yet to submit a report.

As regards Bank CIC, the JSX will issue a first and second warning and a fine order of Rp 10 million because the company has failed to submit its unaudited report by the deadline.

Shortly after the JSX warning, Bank CIC announced that it would submit its report.