{
    "success": true,
    "data": {
        "id": 1055938,
        "msgid": "london-sumatra-to-offer-388m-shares-1447893297",
        "date": "1996-05-10 00:00:00",
        "title": "London Sumatra to offer 38.8m shares",
        "author": null,
        "source": "HEN",
        "tags": null,
        "topic": null,
        "summary": "London Sumatra to offer 38.8m shares JAKARTA (JP): PT PP London Sumatra Indonesia (Lonsum) will sell 38.8 million new shares to the public next month to raise funds for its expansion projects. Lonsum's president, Geoffrey Brown, said yesterday that the shares to be offered will represent 19.2 percent of its total shares.",
        "content": "<p>London Sumatra to offer 38.8m shares<\/p>\n<p>JAKARTA (JP): PT PP London Sumatra Indonesia (Lonsum) will<br>\nsell 38.8 million new shares to the public next month to raise<br>\nfunds for its expansion projects.<\/p>\n<p>Lonsum's president, Geoffrey Brown, said yesterday that the<br>\nshares to be offered will represent 19.2 percent of its total<br>\nshares.<\/p>\n<p>Brown declined to quantify the total proceeds expected from<br>\nthe share offering but he said that the company will allocate<br>\nUS$26 million of the funds for debt repayment, $24 million for an<br>\nexpansion project in South Sumatra, and the rest to strengthen<br>\nits working capital.<\/p>\n<p>\"The shares will be priced at 11 to 13 times the estimated<br>\n1996 earning per share,\" Lonsum's finance director, David Adams,<br>\nsaid.<\/p>\n<p>Lonsum, which operates 19 plantations totaling 55,000 hectares<br>\nin North Sumatra, Java and Sulawesi, has formally applied to list<br>\nits shares on the Jakarta and Surabaya stock exchanges.<\/p>\n<p>The expansion projects to be financed by proceeds from the<br>\npublic offering are expected to double the amount of land for<br>\ncultivation and the output of crude palm oil, he said in a<br>\nstatement.<\/p>\n<p>The company's activities include the cultivation, harvesting<br>\nand processing of oil palm, rubber and, to a lesser extent,<br>\ncocoa, tea and coffee.<\/p>\n<p>Brown said that in 1995, sales revenues amounted to Rp 188.6<br>\nbillion (US$81.7 million), with net profits of Rp 61.4 billion<br>\n($26.6 million).<\/p>\n<p>He said that the company has in recent years averaged more<br>\nthan five tons of crude palm oil per hectare, which is at least<br>\n10 percent higher than yields gained by other large Southeast<br>\nAsian plantations companies.<\/p>\n<p>London Sumatra's operations were established in 1906 in North<br>\nSumatra. It was part of Harrisons and Crosfield, a pioneer in the<br>\nplantation industry on Indonesia, and was purchased by the Napan<br>\nGroup in 1994.<\/p>\n<p>At present, 75 percent of London Sumatra's shares are held by<br>\nPT Pan London Sumatra Plantation (PPLS) and 25 percent by Happy<br>\nCheer Limited (HCL). Both PPLS and HCL are now owned by<br>\nbusinessmen Andry Pribadi, Ibrahim Risjad and Henry Liem.<\/p>\n<p>The public offering will reduce PPLS ownership to 60.6 percent<br>\nand that of HCL to 20.2 percent, with the investing public<br>\nholding another 19.2 percent.(hen)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/london-sumatra-to-offer-388m-shares-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}