JAKARTA: Amstelco Indonesia's net loss surged more than 11 times to IDR3.29 billion in a first quarter this year as it posted no revenue.Amstelco Indonesia operates in trading, contracting, services, and metal mining businesses. Previously, the company was in the financing sector under the name of Indocitra Finance. In October 2010, Amstelco Plc, a British investment firm, bought 48.83% stake in Indocitra through Inkapita Partners. The takeover and changes in Amstelco Indonesias core business is seen as Amstelco Plc's attempt to perform a backdoor listing.Finance ministry has revoked the companys license last December. On January 20, 2011, the Indonesia Stock Exchange temporarily suspended Amstelco Indonesia's share trading because it increased by 530% in just four months.As early reported, the company increased the number of new shares by conducting preemptive rights issue from 1.44 billion shares to 1.69 billion shares. The company set the price for the new shares at IDR3,000, leading to potential funds to be received by Amstelco Indonesia to be IDR5.09 trillion. (NOM)
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