More firms threatened with delisting

JAKARTA (JP): The Jakarta Stock Exchange (JSX) over the weekend put another 36 listed companies on the watch list for possible delisting, the second batch after that consisting of 49 companies announced in late June.

Companies on the watch list are those with unsound equity or doubtful business prospects as declared by their respective public accountants, JSX said in a statement referring to its existing listing regulation.

Listed companies that have been operating at a loss for the last three years, that have a net equity of less than Rp 3 billion, a net equity in deficit of over 50 percent of paid-up capital or have received a "qualified comment" from a public accountant are put on the watch list as a warning, according to the JSX listing regulation.

The 36 companies, within 10 days of receiving the warnings, are required to propose a schedule to hold a company hearing with JSX officials to present plans to improve their financial performance, according to JSX.

The company hearings of the previous 49 companies are continuing until mid August, with 12 of them to date being given between six months and one year by JSX to improve their performance.

The 49 companies in the first batch include 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)

Companies on the watch list: Alter Abadi, Asia Intiselera, Bakrie Finance Corp., BII, Bank Lippo, Bank Niaga, Bank Palapa, Bank Rama, Bank Tamara, Bank Unibank, Bank Universal, Bayu Buana, BDNI Capital Corp., Bhuwanatala Indah P., Citra Marga Nushapala, Dankos Laboratories, Dharmala Sakti S., Duta Anggada Realty, Enseval Putra M., GT Kabel Indonesia, Hanson Industri U., Indonesia Prima P., Indosteel, Kalbe Farma, Keramika Indonesia, Lippo Karawaci, Lippo Land Development, Lippo Life, Lippo Securities Mas Murni Indonesia, Pakuwon Jati, Polysindo Eka Perkasa, PP London Sumatera, Putra Sejahtera P. (CFC), Semen Cibinong, Sinar Mas Multiartha