Texmaco goes to Nasdaq

Texmaco goes to Nasdaq

JAKARTA (JP): The Texmaco Group, the country's largest
textilemaker, said it would float some of its subsidiaries on the
Nasdaq to protect them from funds looking for troubled firms to
buy on the cheap.

"The group now has obtained the consent of some of its other
shareholders to list a few of the group companies on the Nasdaq
through a process of exchange of shares," said Joy Deep, a
spokesman for the group.

Units it will fold in are clothing maker S.R. Gent of the
United Kingdom, Norfel of Ireland, PT Super Mitori and PT Indo
Baja, two small Indonesian subsidiaries, Draper-Texmaco of the
U.S. and Factory Systems and Texmaco-Mecatronics of Singapore,

The plan needs approval from both Indonesian and U.S.
regulators.

Deep said companies currently undergoing capital restructuring
were not included.

Meanwhile, publicly-listed PT Texmaco Perkasa Engineering and
its subsidiary PT Perkasa Heavyndo Engineering said in a
statement that they had appointed Deloitte Teouche Tohmatsu
(Jakarta) and BNI Corporate Finance Advisory as financial
advisors in restructuring their foreign debt.