Three companies delisted from JSX

JAKARTA (JP): The Jakarta Stock Exchange (JSX) delisted PT Prodenta Indonesia, PT Unitex and PT Pfizer Indonesia yesterday, because they no longer have the minimum number of shareholders.

Tb. Hasjim, a director of the JSX, said they had been warned about the possible delisting measure but that they took no steps to correct the problem.

The number of shareholders of Prodenta Indonesia, a producer of consumer goods, is only 50, Unitex, a textile company, only 81 and Pfizer Indonesia, a pharmaceutical company, only 83.

Last year, the JSX delisted Singer Indonesia, the local joint- venture of the sewing giant.

According to the JSX rules, a company can also be dropped from the market if its shares fall below the nominal value of Rp 1,000, it suffers a net loss for three consecutive years, it does not pay dividends for three straight years or its shares are not traded for six consecutive months.

The fate of the investors, which own around 20 percent stakes in Prodenta, 27 percent in Unitex and another 20 percent in Pfizer is not yet clear.

Securities analysts called on the Capital Market Supervisory Agency (Bapepam) to issue a special ruling so that those affected by the delisting are protected.

The agency promised to issue such a ruling on the request of the public investors affected by Singer's delisting last year. But the promise has yet to be fulfilled. (hen)