Listed companies face stock trading suspension

Listed companies face stock trading suspension

JAKARTA (JP): The Jakarta Stock Exchange (JSX) management has
warned 13 listed companies to file 1998 financial reports to the
Jakarta Stock Exchange (JSX) on Friday, otherwise their stocks
would be suspended from trading as of Monday.

The 13 listed companies are PT Anwar Sierad, PT Bumi Modern,
PT Bakrieland Development, PT Indosteel, PT Lippo Life, PT Lippo
Securities, PT Polysindo Eka Perkasa, PT Putra Surya Perkasa, PT
Sierad Produce, PT Semen Cibinong, PT Texmaco Jaya, PT Texmaco
Perkasa Engineering and PT Unibank.

JSX also announced on Thursday the result of the hearing on 12
of the 49 companies put on the watch list last month for possible
delisting.

JSX decided to give six to 12 months to the 12 companies to
take serious steps in improving business performance according to
the corporate plan submitted during the hearing.

Any deviation from the corporate plan during the alloted
period of time would cause the company to be delisted
immediately, JSX warned.

The 48 companies on the watch list are those who had a poor
financial performance and/or their financial reports were given a
qualified opinion by their public accountants.

The remaining 36 companies on the watch list are scheduled to
hold hearings with the JSX management between now and mid-August.

The 48 companies on the watch list include, among others,
state Bank Negara Indonesia, Bank Bali, Bank Tiara Asia, Bank
Danamon, Bank PDFCI, Lippo Pacific, Bakrie & Brothers, Astra
International, Indomobil Sukses Internasional and United
Tractors.(udi)