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)