The decision will be effective in October, Umi Kulsum, head of corporate valuation division of BEI said on Sunday.
Starting October 1, the name of RINA will be scrapped and it no longer has obligations as a listed company, Umi said.
She said the company is facing financial problem and showed no indication that it could recover from its problem.
If the company wanted to be listed again it has to follow the normal procedure , she said.
Earlier Corporate Valuation Director of BEI Hoesen said the structure of RINA`s shareholders is not clear.
Last year the company was in problem that its management staff all Malaysians allegedly misused funds it raised from initial public offering , inflated assets and manipulated financial report audited in 2009.
He said the management is suspected of embezzling Rp29.6 billion of Rp33.6 billion it raised from the share sales, Hoesen said. (ASG/S012)
Editor: Kunto Wibisono
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