PT ADS liquidated

JAKARTA (JP): Shareholders of PT Asian Development Securities (ADS) agreed late last month to liquidate the company beginning Oct. 9, 1998.

Publicly listed state-controlled Bank Negara Indonesia, a 10 percent owner of PT ADS, said in a letter to the management of the Jakarta Stock Exchange, which released the letter Monday, that the closure of PT ADS followed the liquidation of its majority shareholder, Yamaichi Securities of Japan.

As Yamaichi was undergoing liquidation, its 49 percent share in PT ADS must be sold, the bank said.

"As the economic situation has not improved, nobody wants to buy Yamaichi shares in PT ADS. Finally, it was decided that PT ADS would be closed down and liquidated," the bank said.

The decision was taken at the company's shareholders meeting on Sept. 28, it said. (rid)