Property company PSP suspended from JSX

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)