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Govt intervenes to extend suspension of Bumi shares
The Jakarta Post | Wed, 11/05/2008 7:14 PM | Business
The Indonesian Stock Exchange (IDX) on Wednesday failed to lift a trading suspension on PT Bumi Resources shares, on instruction from the government."The government asked us to keep the shares in suspension until further notice," IDX trading division head Supandi said without elaborating.
IDX director Erry Firmansyah refused to specify which government ministry had issued the instruction.
"Just read the announcement," Erry told journalists.
Previously, the IDX urged PT Bakrie and Brothers to hold a public expose this week on its recent deal to sell its 35 percent stake in Bumi to U.S.-based Northstar Pacific.
Bumi management failed to hold the expose as scheduled on Tuesday, saying it was still finalizing calculations related to the transaction.
Previously, the IDX had said it would impose penalties should Bumi fail to meet this week's deadline.
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