Corporate shareholders meetings' reports<\/p>\n
JAKARTA (JP): Shareholders of publicly listed PT Van Der Horst
\nIndonesia approved yesterday the company's plan to increase its
\npaid-up capital Rp 120 billion (US$49 million) to Rp 160 billion.<\/p>\n
Van der Horst's president Hadi Sutanto said the company was
\ndiversifying away from plastic packaging to infrastructure.<\/p>\n
It is building a gas-fired power plant in Bawen, Central Java,
\nand a toll road linking Dawuan and Palimanan in West Java.<\/p>\n
But it is not clear how the company will raise the additional
\ncapital it needs for the projects.<\/p>\n
Its main shareholder, Johannes Kotjo, said the company would
\ncontinue to focus its investment on the domestic market, despite
\nthe fact that it had expanded its business to the Philippines,
\nIndia, Australia and Kazakhstan.<\/p>\n
Shareholders also approved a plan to buy new machinery to
\nstrengthen its packaging business.<\/p>\n
Van Der Horst reported a 96.2 percent increase in net profit
\nto Rp 1.79 billion last year from Rp 912.6 million the year
\nbefore.<\/p>\n
Sales increased 8.8 percent to Rp 26.18 billion last year from
\nRp 24.07 billion in 1995.<\/p>\n
Daya Guna<\/p>\n
Shareholders of publicly listed PT Daya Guna Samudera,
\nyesterday approved the management's proposal to distribute Rp
\n39.39 billion (US$16.1 million) or 33 percent of the company's
\ntotal net profit of Rp 116.36 billion last year as dividends.<\/p>\n
\"That means an earning of Rp 93 per share,\" Daya Guna
\nSamudera, Indonesia's largest integrated fishing company,
\nannounced yesterday.<\/p>\n
Daya Guna increased its net profit by 154 percent to Rp 116.36
\nbillion last year on the back of strong exports and a significant
\ncapacity expansion.<\/p>\n
The meeting also approved the management's proposal to
\nallocate Rp 2.37 billion of its profit to the poverty-alleviation
\nprogram.<\/p>\n
The company, a subsidiary of the widely-diversified Djajanti
\nGroup, decided to keep the remaining profit as retained earnings
\nto strengthen its working capital and business operations.<\/p>\n
Daya Guna Samudera earlier projected that its sales revenues
\nwould rise to Rp 530.7 billion this year, generating a net profit
\nof Rp 157.1 billion.<\/p>\n
The sales increase would be generated by the operations of a
\nlarge number of new fishing ships procured from domestic
\nsuppliers and imports.(vin)<\/p>\n
Bhuwanatala<\/p>\n
Shareholders of publicly listed property firm PT Bhuwanatala
\nIndah Permai approved yesterday the company's proposal to
\nincrease its authorized capital to Rp 1 trillion (US$408 million)
\nfrom Rp 280 billion.<\/p>\n
The company said it needed big capital to support its future
\nexpansion plans, including the Darmo Satellite town project in
\nSurabaya, East Java, and the old city development in Central
\nJakarta and Semarang, Central Java.<\/p>\n
It also plans to build office buildings in Jakarta's golden
\ntriangle area (covering the Sudirman, Thamrin and Kuningan
\nareas).<\/p>\n
At the meeting, the company reported a 61 percent increase in
\nnet profit to Rp 1.27 billion last year from Rp 793.1 million in
\n1995.<\/p>\n
Total assets increased to Rp 523.47 billion as of the end of
\nlast year from Rp 152.25 billion in 1995. (rid)<\/p>\n
Sampoerna<\/p>\n
Publicly listed cigarette maker PT HM Sampoerna is considering
\na distribution, printing and retail alliance with the Salim group
\nto support their core businesses, a Sampoerna executive said
\nyesterday.<\/p>\n
The company's president, Putera Sampoerna, said the Salim
\ngroup and HM Sampoerna were seriously negotiating an alliance on
\ndomestic and international markets.<\/p>\n
\"But they are still in the very early stages,\" he said after a
\nshareholders meeting here.<\/p>\n
HM sampoerna is a cigarette making company with subsidiaries
\nin distribution and printing while the Salim group is widely
\ndiversified with big interests in food and cement.<\/p>\n
Putera said the alliance would improve efficiency.<\/p>\n
\"HM Sampoerna, for example, would need not to build a
\ndistribution center where Salim Group has one,\" he said.<\/p>\n
Putera Sampoerna denied yesterday a market speculation that he
\nwould increase his personal stake in noodle maker PT Indofood
\nSukses Makmur, controlled by the Salim group.<\/p>\n
Putera Sampoerna bought about 5.09 percent or 77.725 million
\nIndofood shares in March and is now one of the company's
\ncommissioners.<\/p>\n
\"But that's my own personal investment. It has nothing to do
\nwith PT HM Sampoerna,\" he said.<\/p>\n
Meanwhile HM Sampoerna's finance director, Ekadharmajanto
\nKasih, said yesterday that HM Sampoerna had decided to pay
\na total dividend of Rp 135 billion (US$56.25 million) to
\nshareholders.<\/p>\n
\"It equals Rp 135 a share,\" he said.<\/p>\n
Last year the company posted a total net profit of Rp 396.53
\nbillion and net sales of Rp 2.36 trillion.(09)<\/p>\n
Hotel Prapatan<\/p>\n
Publicly listed PT Hotel Prapatan which owns the five-star
\nAryaduta hotel in Jakarta, reported here yesterday a total loss
\nof Rp 4.94 billion (US$2.01 million) last year despite a 5.44
\npercent increase in revenue.<\/p>\n
Prapatan's president, Herman Widjaja, said the loss was not
\nincurred by operations but because of the provision for losses
\nfrom investment, the write-off of some investments and other
\nreceivables and additional tax payments due to tax reassessment
\nand penalty.<\/p>\n
Among the investment write-offs were two Shima restaurants
\nwhich closed in 1996, he said after the company's annual
\nshareholders' meeting.<\/p>\n
The company reported yesterday a total revenue of Rp 56.09
\nbillion in 1996, up from Rp 53.17 billion in 1995, resulting in
\nan operational profit of Rp 2.07 billion.<\/p>\n
The company decided to distribute dividends of Rp 30 (1.22 US
\ncents) per share, as compared to Rp 50 in 1995.<\/p>\n
He said Aryaduta was able to achieve a 70.3 percent occupancy
\nrate in 1996, up by 0.4 percent year on year, while its average
\nroom-rate increased last year by 1.3 percent to $136 per night.<\/p>\n
Widjaja said that Prapatan, managed by Hyatt International,
\nhad spent $11.3 million to refurbish Aryaduta Jakarta and $16
\nmillion to construct a five-star hotel in Pekanbaru, Riau.<\/p>\n
\"The Aryaduta Jakarta will be relaunched with its new lobby in
\nAugust. The 166-room hotel in Pekanbaru, called Aryaduta
\nPekanbaru, will also begin its soft operation in August,\" he
\nsaid.<\/p>\n
Aryaduta Jakarta will compete with Borobudur Inter-Continental
\nwhich is scheduled to reopen in August after an extensive
\nrenovation.<\/p>\n
The Aryaduta Pekanbaru is managed by Aryaduta Hotel Management
\nLtd., a company which also manages Hotel Lido in Bogor, West
\nJava, Widjaja said. (icn)<\/p>\n
Mayora<\/p>\n
Publicly listed food producer PT Mayora Indah will distribute
\na dividend of Rp 28 (1.2 US cents) per share out of its last
\nyear's profits.<\/p>\n
Mayora president Halim Atmadja said after a shareholders
\nmeeting that the dividend payout, totaling Rp 21.46 billion,
\nrepresented 40 percent of last year's net profit.<\/p>\n
Its net profit increased slightly to Rp 53.14 billion last
\nyear from Rp 50.25 billion in 1995.<\/p>\n
Total assets increased 22 percent to Rp 809.4 billion at the
\nend of last year from Rp 662.3 billion in 1995. (rid)<\/p>\n
Steady Safe<\/p>\n
Publicly listed transportation company PT Steady Safe said
\nyesterday it would buy 11.01 percent or about 110 million shares
\nof toll operator PT Citra Marga Nusaphala Persada to form a
\nstrategic alliance.<\/p>\n
Steady Safe said it would buy Citra Marga shares from one of
\nCitra Marga's founding shareholders, Yayasan Purna Bhakti Pertiwi
\n(YPBP).<\/p>\n
YPBP is represented by Tito Sulistio and Bambang Soeroso, both
\nare Citra Marga directors.<\/p>\n
According to Citra Marga's 1996 annual report it is owned by,
\nYPBP 22.01 percent; PT Jasa Marga 17.7 percent; PT Krakatau Steel
\n8.89 percent; PT Indocement Tunggal Prakarsa 8.80 percent; PT
\nCitra Lamtoro Gung Persada 4.40 percent; PT Bhaskara Duniajaya
\n2.01 percent; cooperatives 0.50 percent and the public 35.60
\npercent.<\/p>\n
\"The transaction will be realized after an approval from the
\nCapital Market Supervisory Agency and the extraordinary
\nshareholders meeting,\" Steady Safe said.(09)<\/p>\n
Cipendawa<\/p>\n
Publicly listed PT Cipendawa Farm Enterprise announced
\nyesterday its plan to issue rights shares to strengthen its
\ncapital structure, pay its short-term loans and expand its
\nchicken-breeding farms.<\/p>\n
Cipendawa President Soekaryo said yesterday after the
\ncompany's annual and extraordinary shareholders meetings that the
\nrights shares issue, scheduled for November, was expected to
\nraise Rp 80 billion (US$32.79 million).<\/p>\n
Holders of four old shares will be entitled to buy one new
\nshare, to increase the company's authorized capital to Rp 400
\nbillion.<\/p>\n
Soekaryo said Cipendawa was planning to expand its chicken-
\nbreeding farms in Bencoy and Cipanas, West Java, this year.<\/p>\n
Soekaryo said Cipendawa's net profit last year dropped sharply
\nto Rp 620 million from Rp 2.67 billion.<\/p>\n
He said the drop was due to low prices of day-old chicks,
\ncaused by large imports.<\/p>\n
Soekaryo said the situation last year caused Cipendawa to
\nchange its core business to selling parent stock rather than
\nfinal stock day-old chicks.<\/p>\n
Soekaryo said Cipendawa targeted a net profit of Rp 5.1
\nbillion this year.<\/p>\n
During yesterday's meeting, shareholders agreed on a dividend
\nof Rp 50 per share, or a total of Rp 1 billion. (pwn)<\/p>\n
Proteinaprima<\/p>\n
Publicly listed poultry feed company PT Central Proteinaprima
\n(CPP) predicts the poultry business will remain weak this year
\ndue to a decrease in day-old chick (DOC) prices and an increase
\nin corn and soybean prices.<\/p>\n
Company director Sudirto said yesterday DOC prices decreased
\nfrom an average Rp 798 (33 US cents) a chick in 1995 to Rp 667 a
\nchick in 1996 and would remain weak throughout the year due to an
\noversupply.<\/p>\n
\"We hope DOC prices will climb starting from 1998,\" he said
\nafter the company's shareholders meeting.<\/p>\n
Sudirto said corn, which makes up 50 percent of poultry feed,
\ncost Rp 500 a kilogram in 1996, 30 percent more than 1995; while
\nsoybean prices increased 30 percent to Rp 785 a kilogram in 1996.<\/p>\n
Corn and soybean prices had increased over the past several
\nmonths but would not reach the 1995 level, he said.<\/p>\n
Sudirto said the increase in corn and soybean prices and the
\ndecrease in DOC prices had cut CPP's net profit by 54.2 percent
\nto Rp 17.4 billion last year.<\/p>\n
CPP's subsidiary PT Charoen Pokphand Indonesia (CPI), a
\npublicly listed poultry feed company, increased its net sales
\n28.3 percent to Rp 1.25 trillion in 1996. But its net profit
\ndecreased 3 percent to Rp 52.6 billion.<\/p>\n
CPP's shareholders meeting agreed not distribute any dividend
\nthis year, while CPI distributed Rp 5.63 million, or Rp 20 per
\nshare, as dividends. (jsk)<\/p>\n
Budi Acid<\/p>\n
PT Budi Acid Jaya is gearing up to become one of the biggest
\ntapioca flour and food suppliers in a bid to cope with growing
\ncompetition in the industry, its president said yesterday.<\/p>\n
Santoso Winata said after the company's shareholders meeting
\nthat it was building a tapioca plant in Lampung in cooperation
\nwith Sumitomo Corp and Sanwa Corn Starch of Japan and Raisio
\nChemical from Finland.<\/p>\n
Santoso said the plant was expected to start operating in the
\nfirst quarter of 1998. It will initially be able to make 30,000
\ntons a year.<\/p>\n
He said the company made a net profit of Rp 56.5 billion in
\n1996, up from Rp 30.2 billion in 1995.<\/p>\n
Santoso attributed the company's strong 1996 performance to
\nits purchase of six tapioca plants and three plastic bag plants
\nin 1995.<\/p>\n
\"The acquisition had a positive impact on the company's
\nperformance in 1996,\" he said.<\/p>\n
PT Budi Acid Jaya, established in 1979, is 25.30 percent owned
\nby PT Budi Sulfat Jaya, 24 percent by PT Sungai Budi Perkasa,
\n17.30 percent by Budi Alam Kencana, 2.20 percent by Sungai Budi,
\n1.20 percent by others and 30 percent by the public.<\/p>\n
Santoso said the company distributed a total dividend of Rp
\n150 a share out of the 1996 profit. (09)<\/p>",
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