Sekar Bumi delisted from stock exchange

Sekar Bumi delisted from stock exchange

JAKARTA (JP): The Jakarta Stock Exchange (JSX) removed
Surabaya-based PT Sekar Bumi from the trading board on Wednesday
for not meeting the listing requirements.

"Sekar Bumi shares are no longer tradable on the JSX since
they were delisted, effective on Sept. 15," JSX president Mas
Achmad Daniri said.

Sekar Bumi, which operates a shrimp processing plant and cold
storage facilities in Surabaya, was one of 85 companies included
on the exchange's watch list for possible delisting.

Companies included on the list are those which are in danger
of no longer qualifying to be listed on the exchange due to a
decline in their business performances.

Daniri said executives of the 85 companies were asked to come
to the exchange and explain their plans for improving the
performances of their companies.

He said Sekar Bumi was delisted because its business plan was
not capable of stopping the company's slide, adding that the
other 84 companies were given between six months and one year to
improve their financial performances.

Daniri said Sekar Bumi's unresolved financial burdens were
caused mainly by uncollected receivables from its affiliated
companies.

"The uncollected debts put significant pressure on the
company's operating cash flow. And the debt restructuring talks
the company was involved in did not look positive," he said.

With the delisting of Sekar Bumi, there are now 274 companies
listed on the JSX, compared to 288 in December of last year.

The JSX has removed 19 companies, including Sekar Bumi, from
its trading board since January. The delisted companies were
mostly banks closed by the government in November and March of
this year.

Five companies have been added to the exchange during this
period. (udi)