IDX transaction oversight division head Irvan Susandi said in a press statement in Jakarta on Monday that it suspended BWPT shares after they declined by Rp 495 (4.9 US cents) or 51.83 percent to Rp 460 on Sept. 26 from their closing price of Rp 955 on Sept. 16.

'IDX needed to suspend trading in BWPT shares for a 'cooling down' during the Sept. 29 trading,' he said, as quoted by Antara news agency in Jakarta on Monday.

Irvan said the trading suspension of BWPT shares, which was conducted in the regular market and cash market, was aimed at giving market players sufficient time to thoroughly consider making decisions on investing in the company's shares, based on any information available.

'It is hoped that all related shareholders will continue to pay close attention to the openness of information conveyed by the companies,' said Irvan.

Earlier, the IDX director for corporate listings, Hoesen, called the price and ratio of BWPT's new shares into question as they were below market prices.

'We questioned the reasons in the determining of the share prices and ratios during that corporation's act,' he said.

BWPT planned to carry out a 'right issue' within the price range of between Rp 390 and Rp 411, but the prices were considered to be far below the market prices. During the past year, BWPT shares were selling at around Rp 1,200 each on average. (ebf)

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