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)