SSX suspends PTBA shares from trade
Friday, June 18 2004 - 02:57 AM WIB
The Surabaya Stock Exchange (SSX) on Friday suspended the shares of state-owned PT Tambang Batubara Bukit Asam (PTBA) following the government's planned to sale its stake in the company through a secondary offering.
The suspension is made to avoid price fluctuation, SSX said in the statement.
According to the statement, the secondary offering of 12.4 percent stake of PTBA is scheduled between June 21 and June 23.
The bourse, however, didn't say when trading in the shares will resume.
The government is currently owned an 83.74 percent stake in the coal mining company.
PTBA operates a huge coal mine in Tanjung Enim, South Sumatra. The company earlier said it planned to increase 2004 production to 11 million tons. (robert)