Bintuni Minaraya expands<\/p>\n
JAKARTA (JP): PT Bintuni Minaraya, the largest integrated
\nfisheries company in Eastern Indonesia, will become the first
\ncompany to launch an initial public offering (IPO) on the
\ndomestic stock exchanges since last June.<\/p>\n
Benny Sudrata, a director of PT Dinamika Usaha Jaya, which is
\nunderwriting the issue, said on Tuesday that Bintuni, which
\noperates 675 fishing boats in the South China, Arafura and Maluku
\nseas and the Pacific Ocean, will offer 50 million shares at a
\nprice of Rp 1,325 (15 U.S. cents) a share between March 29 and
\nApril 1.<\/p>\n
Sudrata expressed optimism about the offer despite the
\ndepressed market condition.<\/p>\n
He said because Bintuni exports 99 percent of its products to
\nAsia, Europe and the United States, the company is not affected
\nby Indonesia's economic depression.<\/p>\n
He added Bintuni, the parent company of publicly listed PT
\nDaya Guna Samudera, booked an operating profit of Rp 1.36
\ntrillion in the first nine months of 1998. The profit was almost
\nthree times more than the Rp 493.8 billion earned for the whole
\nof 1997 and an astonishing increase from Rp 231.2 billion 1996
\nprofit.<\/p>\n
\"The international market for Bintuni's products such as
\nfrozen fish and shrimp, canned tuna, tuna loin and fish fillets
\nand skipjack is virtually insatiable,\" Sudrata said.<\/p>\n
He added that fresh funds from the IPO would be invested to
\nexpand its fishing operations and tuna and shrimp processing
\nplants in Eastern Indonesia.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bintuni-minaraya-expands-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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