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.