Property company PSP suspended from JSX

JAKARTA (JP): The Jakarta Stock Exchange (JSX) suspended trading activities yesterday in property company PT Putra Surya Perkasa (PSP) for failing to submit its 1997 financial reports and to pay a Rp 10 million (US$680) fine.

The JSX, however, is still allowing the trading of 18 other listed companies even though they have yet to submit their year- end financial reports.

JSX president Cyrill D Noerhadi said the 18 companies had yet to be suspended because they had paid the Rp 10 million fine.

He said they too would be suspended if they did not submit their year-end reports by the end of the month.

"If they do not submit their financial reports by June 30, we will have to suspend their trading activities on July 1," he told The Jakarta Post yesterday.

The 18 firms at risk of suspension are PT Argo Pantes, PT Alumindo Perkasa, PT Anwar Sierad, PT Aster Dharma Industry, PT Bank PDFCI, Bank Tiara Asia, Bank Umum Nasional (BUN), Bayu Buana, Bank Dagang Nasional Indonesia (BDNI), BDNI Capital Corp, PT Kawasan Industri Jababeka, PT Miwon Indonesia, Modern Bank, PT Pancawiratama Sakti, PT Putra Sejahtera Pioneerindo, PT Putra Surya Multidana, PT Sierad Produce and PT Steady Safe.

Publicly listed companies are required to submit year-end financial reports within four months of the end of their financial year.

At least 40 companies missed the deadline and were fined Rp 10 million each.

The JSX management had extended the deadline until June 12 to submit the financial reports and to pay the fine. (aly)