Bimantara not to issue rights shares immediately<\/p>\n
JAKARTA (JP): Publicly-listed conglomerate PT Bimantara Citra
\nsaid yesterday it will not issue rights shares this year or next
\nto finance the expansion of its subsidiaries.<\/p>\n
\"We will not conduct rights issues until after next year
\nbecause we have our own five-year plans, called Relitara, for the
\n1992-1997 period,\" the company's vice president, Rosano Barack,
\nsaid after the annual shareholders meeting here.<\/p>\n
Rosano said the company's automotive and broadcasting
\ndivisions plan expansions this year. He stressed that Bimantara
\nwill use the proceeds from its initial public offering of shares
\nfor the expansion programs.<\/p>\n
The automotive division, Bimantara Cakra Nusa, teaming up with
\nthe Hyundai Motor Company of South Korea, will expand its
\nmanufacturing facilities in Cikampek, West Java, to produce
\n100,000 automotive units by 1999, with a total investment of
\nUS$700 million.<\/p>\n
The broadcasting division, RCTI, will construct nine new relay
\nstations this year to increase its total number across the
\ncountry to 39, besides building two more studios for dubbing
\nfacilities. These total investments will amount to Rp 85 billion.<\/p>\n
Bimantara announced yesterday that it had posted a net profit
\nof Rp 31 billion (US$13.75 million) for the first quarter of
\n1996, 9 percent higher than the company's target.<\/p>\n
The company, however, did not disclose its net profit in the
\nfirst quarter of 1995.<\/p>\n
Rosano noted that the company expected to see its 1996 net
\nprofit increase by 31 percent over its 1995 net profit of Rp
\n117.8 billion.<\/p>\n
He added that the company's shareholders had approved the
\npayment of final dividends of Rp 15 per share for 1995. They also
\napproved the company's donation of Rp 317.8 million to the Dana
\nSejahtera Mandiri Foundation, which will use the money for the
\ngovernment-sanctioned poverty alleviation program.<\/p>\n
Bimantara, controlled by President Soeharto's son Bambang
\nTrihatmodjo, has seven core divisions with varying business,
\ninterests ranging from media and broadcasting,
\ntelecommunications, transportation and cars to hotels and
\nproperty.<\/p>\n
Bimantara also has an indirect nine percent stake in PT
\nSatelindo, one of the only two international gateway providers in
\nthe country. Satelindo is also the sole operator of the
\nIndonesian Palapa satellites.<\/p>\n
The company said the holding firm, Bimantara Citra,
\ncontributed 20.33 percent to last year's net profits, while its
\nmedia and broadcasting division's share was 33.5 percent, the
\ntransportation and automotive division's was 17.68 percent, the
\nchemical industry division's was 11.01 percent and the
\ntelecommunications division's contribution was 9.73 percent.
\n(rid)<\/p>",
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