T

he Indonesia Stock Exchange (IDX) has decided to extend the suspension of shares trading for six companies that failed to submit their first quarter financial reports on time.

The six companies are PT Buana Listya Tama (BULL), PT Dayaindo Resources International (KARK), PT Katarina Utama (RINA), PT Mitra International Resources (MIRA), PT Panca Wiratama Sakti (PWSI), and PT Truba Alam Manunggal Engineering (TRUB).

“Based on our supervision, as of July 30, 2012, there were six listed companies that had either not submitted their unaudited financial reports, which were due on March 31, 2012, or [companies that had submitted their financial reports but] not paid the fines for their late submission,” the bourse said in a statement released on its website on Thursday.

All of the companies had their shares trading suspended by the bourse on July 2, except coal miner PT Dayaindo Resources International, whose shares trading was suspended on July 31. The IDX also obliges each of the six aforementioned companies to pay Rp 150 million (US$15,900) in fines.

The announcement adds another blow to telecommunication equipment service provider PT Katarina Utama, after the IDX announced last month that it might delist the company, after deeming it as having failed to demonstrate healthy business operations.

No stock transactions have been seen on RINA since August 2010, one year after its initial public offering (IPO), according to stock exchange trading records. The IDX suspended RINA’s stocks, 26 percent of which are owned by the public, in Sept. 2011.

Reza Priyambada, an analyst with Indosurya Asset Management, said that prolonging the suspension reflected the companies’ unhealthy business operations. He urged the IDX to take firmer action against unhealthy listed companies, including delisting their shares if necessary.

“Prolonging the suspension of these companies will only add uncertainty for investors holding shares in them. The investors cannot do anything and this suspension will only worsen their investment portfolios” he said.

According to Reza, companies whose shares are suspended have a “small likelihood” of regaining their pre-suspension share value once a suspension is lifted, as investors holding their shares will rush to sell them when trading resumes.

The Jakarta Composite Index slipped 1 percent to 4,093.1 at Thursday’s close. (sat)