JSX suspends trading of PTBA shares
Saturday, June 19 2004 - 01:29 AM WIB
The Jakarta Stock Exchange (JSX) has suspended the trading of shares of state-owned PT Tambang Batubara Bukit Asam (PTBA) on Friday, pending an explanation from the company on the government's planned stake sale, the Investor Daily Indonesia and The Jakarta Post reported on Saturday.
"We decided to suspend PTBA shares from trading this morning (Friday morning) to avoid price fluctuation," the Jakarta bourse said in a statement on Friday.
It didn't say when trading in the shares will resume. The Indonesian government has set an indicative price of between Rp650 and Rp750 a share for its planned secondary offering of a 12.4 percent stake in PTBA.
The government has an 83.74 percent stake in the coal mining company.
The book building and offering periods for the shares are scheduled between June 21 and June 23, the government said. The shares are tentatively due for listing June 27 or June 28.
PT Danareksa Sekuritas is the underwriter for the Bukit Asam stake sale. (*)