Bimantara Citra to build power plant<\/p>\n
JAKARTA (JP): The widely diversified Bimantara Citra group,
\nthrough its infrastructure division, signed an agreement
\nyesterday to build a power plant in Balikpapan, East Kalimantan.<\/p>\n
An executive from the infrastructure division, Joseph
\nDharmabrata, told The Jakarta Post that Bimantara would team up
\nwith U.S. oil company VICO and Indonesia's PT Industrial
\nMachinery Equipment Company (IMECO) to set up the power plant.<\/p>\n
He said that construction of the plant would begin in 1998.<\/p>\n
Bimantara Citra would hold 60 percent of the shares in the
\nventure and its two partners would hold 20 percent each.<\/p>\n
Bimantara is also preparing an initial public offering (IPO)
\nfor its RCTI television station.<\/p>\n
M.S. Ralie Siregar said the first private television station
\nwould launch its IPO either this year or next year.<\/p>\n
"RCTI plans to go public and is waiting for an approval from
\nthe President," he said. He did not say why the approval should
\ncome from President Soeharto.<\/p>\n
The television station initially planned to float its shares
\ntwo years ago but the plan was canceled because foreign investors
\nwere not allowed to buy stocks of media and publishing companies.<\/p>\n
He said RCTI had an advertising revenue of Rp 300 billion in
\n1996 and expected Rp 360 billion in revenue in 1997. "Our market
\nshare is around 36 percent of the total advertising cake," he
\nsaid.<\/p>\n
He said that most of the advertising revenue came from
\npharmaceuticals, food, automotives, chemical products and
\ndurables. "The main contributor to our advertising revenue is
\npharmaceutical products," he said.<\/p>\n
Jongkie D. Sugiarto, the president of Bimantara Citra Mobil
\nNasional, a Bimantara automotive subsidiary, said his firm sold
\n1,100 Bimantara Cakra cars and 1000 Bimantara Nenggala cars last
\nyear.<\/p>\n
He said his company projected to sell at least 5,000 of each
\nmodel in 1997.<\/p>\n
He told The Post that Bimantara Citra had signed a deal with
\nits Korean counterpart, Hyundai, to set up PT Bimantara Hyundai
\nIndonesia on a 400-hectare site in Purwakarta, West Java, to
\nproduce cars. Around US$400 million is expected to be invested in
\nthe plant. "The plant is expected to operate by the end of 1998,"
\nhe said.<\/p>\n
He said his company was negotiating with 10 component vendors
\nfrom Korea and Taiwan to invest in the Purwakarta plant.
\n"Hopefully we can finalize negotiations later this year," he
\nsaid.<\/p>\n
Meanwhile, Bimantara Citra finance director, A. Kadir Assegaf,
\nsaid his firm had made a net profit of Rp 95.9 billion ($41.34
\nmillion) between January and September 1996, up from 1995's net
\nprofit of Rp 81 billion.<\/p>\n
He said that 34 percent of the profit came from its media and
\nbroadcasting division, 23 percent from its transportation and
\nautomotive division, 14 percent from telecommunications, 8
\npercent from chemical industries and 21 percent from other
\nindustries.<\/p>\n
The company, he said, expected to book a net profit of Rp 155
\nbillion and total revenue of Rp 890 billion for 1996. (09)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bimantara-citra-to-build-power-plant-1447893297",
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