Medco downgraded to second-class board
Wednesday, July 5 2000 - 03:15 AM WIB
Publicly listed oil company PT Medco Energi Corporation and several local companies have protested the Jakarta Stock Exchange (JSX) management's decision to downgrade them into the second class development board, according to the JSX official, Bisnis Indonesia reported on Wednesday.
Jose Rizal, a senior official at the exchange's listing division, said that the oil company felt that it had met all the listing requirement to enter the main board. "We are still checking the company's data. We could use the wrong data, especially related to its dividend payment in the last three years," he said.
The JSX has downgraded 145 listed companies including major firms such as Astra International, Medco and Indofood Sukses Makmur into the second class development board after they failed to meet new conditions required to be on the main board.,
The JSX introduced Monday two board trading systems dividing listed companies onto the main board and development board depending on their asset size and business performances. (*)