Meiwa Indonesia's listing

Meiwa Indonesia's listing

OSAKA (Nikkei): Meiwa Gravure Co., a maker of synthetic resin products, has canceled plans to list the shares of an Indonesian subsidiary on the foreign section of the Osaka Securities Exchange, the Nihon Keizai Shimbun reported yesterday.

Meiwa Gravure's business group owns 80 percent of P.T. Meiwa Indonesia, which had sales in 1997 of 160 billion rupiah or Y4.3 billion at the exchange rage of that time. Since then, however, Indonesia's economic slump has eroded demand for autoparts, while the value of the rupiah against the dollar has fallen 75%.

The OSE foreign section, which currently lists only Showpla Asia Ltd., opened in October 1996 to list Japanese-owned and other companies operating elsewhere in Asia. The OSE suspended trading in Showpla Asia on Monday and Tuesday. Showa Plastics Co., parent of the Singapore company, filed bankruptcy procedures Friday.