Dec 20, 2010

IDX suspends Arpeni on interest payment

Indonesia Stock Exchange (IDX) today suspended stocks of Shipping company PT Arpeni Pratama Ocean Line Tbk (APOL) after it failed to pay bond interest. In last friday, Arpeni was closed 2.56% higher to IDR120 per share.
The company last week declared inability to pay 11th interest of  second bonds/2008 worth Rp25.28 billion at the maturity date on December 18 2010.
In an official statement submitted to Indonesia Stock Exchange (IDX) on Friday, Arpeni Ocean Line is unable to pay the interest as it's current cash position and it prefers to use the money to support operational activities.
This is in line with delayed of US$ bonds interest and other creditors of secured debts.
Arpeni Director and Corporate Secretary Ronald Nangoi said Arpeni Ocean Line will make early payment on interest after it fulfills requirements on operational, capital expenditure, and other obligations.

Disclosure: No position at the stock mentioned above.

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