Suspension remains on APP Indonesian units
JAKARTA, July 31 (Reuters) - Two Indonesian units of troubled Asia Pulp & Paper (APP) will remain suspended for failure to submit 2000 financial reports, but they will not be delisted from the Jakarta stock market, an exchange director said on Tuesday.
Trade in PT Indah Kiat Pulp & Paper and paper maker PT Pabrik Kertas Tjiwi Kimia along with four other counters was suspended on July 13 after they failed to deliver year 2000 audited financial reports on time.
According to capital market rules, the bourse could seek to delist the shares after they have been suspended for 15 days.
``Based on input we received from many market players, we have decided not to delist (all six) because it will bring more damage to public investors,'' exchange trade director Harry Wiguna told Reuters.
``But we have written a formal letter to Bapepam asking it to investigate the companies,'' he said, referring to the stock market watchdog.
``In the meantime, trading in those shares will remain suspended.''
Wiguna said there was no fixed timeframe for the companies to submit their reports, adding the bourse would leave it to Bapepam to make the decision.
Indah Kiat and Tjiwi Kimia are units of the New York-listed APP, which is undergoing a massive restructuring of more than $12.2 billion in debts.
In letters sent to the stock exchange on Monday, Indah Kiat and Tjiwi Kimia said they hoped to submit the results in August, saying they still need more time to reconfirm some of their accounts.
Indah Kiat last traded at 315 rupiah on July 12 and Tjiwi Kimia at 185 rupiah.