Nipress suspension ended

Nipress suspension ended

JAKARTA (JP): The Jakarta Stock Exchange (JSX) suspended the trading of PT Nipress shares on the exchange during the morning session yesterday though trading was allowed to resume in the afternoon.

The morning session suspension was triggered by a rumor that domestic car maker PT Timor Putra Nasional would take over the company.

"However, after Nipress, which produces car batteries, explained to the JSX that the rumor was not true, we allowed Nipress to be traded again in the afternoon," said a director of the JSX, Stanislaus Say.

Nipress is now looking for cooperation possibilities with a domestic car maker and a large battery producer from Europe, Stanislaus said.

However, the rumor had already pushed up the share price of the small company. Nipress's share price closed 86 percent higher on Wednesday at Rp 1,075 (46 U.S. cents) with a total volume of 7.2 million shares. (08)