Darya-Varia offering new shares<\/p>\n
JAKARTA (JP): The pharmaceutical company PT Darya-Varia
\nLaboratoria is offering 10 million new common shares to the
\npublic to raise funds to finance its expansion programs.<\/p>\n
The selling price of the offered shares, which will represent
\n32 percent of its total common stocks, will be set at about Rp
\n5,800 (US$2.66) to Rp 6,200 each, Darya-Varia's president, Wim
\nKolona, told reporters after a presentation for securities
\nanalysts and brokers at the Grand Hyatt hotel yesterday.<\/p>\n
He said that PT Wardley James Capel Indonesia acts as the
\nmanaging underwriter of the company's share issuance.<\/p>\n
\"We expect that the proceedings generated from the share
\nissuance will reach some Rp 62 billion,\" he said, adding that the
\nprimary offering of the shares will be held on Oct. 17 through
\nOct. 19 at the Jakarta Stock Exchange.<\/p>\n
He said that 20.7 percent of the proceedings will be used to
\npurchase new machinery to support its business expansion.<\/p>\n
\"And 23.1 percent of the funds will be used to acquire land,
\non which a modern centralized warehousing and distribution
\nfacility will be established,\" Kolona said.<\/p>\n
He said 11.8 percent of the generated funds will be used to
\nrepay bridging loans from Bank Central Asia, 17.4 percent to
\nacquire 100 percent of the shares of PT Dupa Pharmaceutical
\nLaboratories, 17 percent to settle existing loan and leasing
\nobligations and the remaining 10 percent to increase the
\ncompany's working capital.<\/p>\n
Darya-Varia, which is controlled by business tycoon
\nSudwidkatmono, produces contact lens, ophthalmic drugs, sugar
\ncoated tablets, hard and soft capsules, medical syrups, medicated
\ngauze, creams and ointments.<\/p>\n
The company is 69.12 percent owned by PT Indocom Mutiara
\nPertiwi, 14.27 percent by PT Jasatama Lestari Mukti, 12.06
\npercent by Djajus Adisaputro, 3.58 percent by Robianto and 0.97
\nby employees. (fhp)<\/p>",
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"sponsor": "Okusi Associates",
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