JSX warns two listed firms over meeting

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.