Duta Anggada Realty to split its shares<\/p>\n
JAKARTA (JP): Shareholders of the publicly listed PT Duta
\nAnggada Realty have approved the company's proposal to split the
\ncompany's shares by reducing the stock's nominal value to Rp 500
\nfrom Rp 1,000.<\/p>\n
Duta Anggada's President Hartadi Angkosubroto said Thursday
\nthat the split would double the number of shares to two billion.<\/p>\n
\"The split would improve the shares' liquidity,\" Hartadi said
\nfollowing the company's shareholders meeting.<\/p>\n
The company's stock price closed at Rp 2,100 on the Jakarta
\nStock Exchange (JSX) yesterday. The split will dilute the price
\nby 50 percent.<\/p>\n
The shareholders also approved the company's proposal to raise
\nits authorized capital to Rp 1 trillion from Rp 500 billion.<\/p>\n
He said the share split and the change in the authorized
\ncapital should be approved by the Capital Market Supervisory
\nBoard and the Ministry of Justice.<\/p>\n
\"We hope it will be approved before next month's general
\nelection,\" he said.<\/p>\n
Duta Anggada, a listed property arm of the Gunung Sewu Group,
\nowns several office buildings, apartments and shopping centers.<\/p>\n
Hartadi said more than 50 percent of the company's revenues
\ncame from the operation of offices, 25 percent from shopping
\ncenters, 20 percent from apartments, and the rest from retail and
\nhotels.<\/p>\n
In 1995, the company booked a net profit of Rp 27.14 billion,
\ndown from Rp 30.46 billion in 1994. The net profit for 1996 is
\nestimated to reach Rp 43 billion.<\/p>\n
Under construction<\/p>\n
The company is developing two shopping centers in Surakarta,
\nCentral Java, and Lampung, Sumatra, which are due for completion
\nin about three years, he said.<\/p>\n
The Mal Solo project, occupying 50,000 square meters of land,
\nwould cost around US$60 million in investment, while the 60,000
\nsquare-meter Mal Way Halim project in Lampung would cost about
\n$75 million, he said.<\/p>\n
Hartadi said both Surakarta and Lampung were potential areas
\nfor development because both cities are yet to have large plazas.<\/p>\n
He said the company would gain loans to finance the two
\nprojects.<\/p>\n
Several institutions have already shown interest in financing
\nthe projects, he said, but declined to name them.<\/p>\n
He said his company also planned to issue floating rate notes
\nto fund the projects.<\/p>\n
The company is also currently constructing a complex
\ncomprising a hotel, shopping center, service apartments, and
\noffice space on more than 100,000 square meters in Jakarta.<\/p>\n
The project, called Plaza Galeria, would cost Rp 250 billion
\nin investment, he said.<\/p>\n
Hartadi said Duta Anggada owned a 15 hectare plot in the
\ncity's most commercial district, the Golden Triangle area. About
\nsix hectares of the land has not been built. (das)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/duta-anggada-realty-to-split-its-shares-1447893297",
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