IDX to delist seven companies, including Bukaka

Indonesia Stock Exchange (IDX) will delist seven companies from the exchange, including PT Bukaka Teknik Utama (BUKK) Tbk controlled by the family of former vice president Jusuf Kalla.

The delisting has formally been effective December 1st, 2009. The other six companies delisted from the exchange are PT Jasa Angkasa Semesta Tbk, PT Courts Indonesia Tbk, PT Singleterra Tbk, PT Sara Lee Body Care Indonesia Tbk, PT Sekar Bumi Tbk, and PT Tunas Alfin Tbk.

Bukaka has been struggled for years to restructure its debts. Bukaka has total asset of Rp745 billion, but its short-term liabilities reached Rp1.56 trillion, resulting in capital deficiency of Rp914 billion. Bukaka reported net sales revenue of Rp592 billion in nine months of 2009 with operating profit of Rp25 billion, squeezed substantially from Rp86 billion in the same period last year.

The fact that Bukaka reported net profit of Rp86 billion in Jan-Sep 2009 was mainly due to non-cash gain in foreign exchange translation of Rp92 billion.

But with cash in hands of Rp42 billion and current assets of Rp513 billion, Bukaka is technically bankrupt with short-term liabilities of Rp1.56 trillion.

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