In an unprecedented move, the Indonesian Stock Exchange had suspended trading of PT Surabaya Agung Industri Pulp dan Kertas Tbk upon the request of the paper producer's curator due to its ongoing bankruptcy process. This was confirmed by a statement from the stock exchange authorities.
The issue stems from Surabaya Agung being sued by Asiabase Resources Pte Ltd of Singapore for a payment due that amounted to US$415,036 according to documents filed last March 5.
The pulp maker share values hit their bottom low since May 2011 at 160 rupiah per share last Monday before closing at 200 rupiah. Since last year, the share values have lost have their opening amounts.
The firm was established back in 1973 by Tirtomulyadi Sulistyo who occupied 45 hectares of landholdings at Driyorejo. The initial production commenced in 1976 with an additional production of 5,000 per year.
The share value decline is but symptomatic of the overall progress of Jakarta's Composite Index, as it declined 0.19%.
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