PT ADS liquidated

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)