Mulia Group to sell shares<\/p>\n
JAKARTA (JP): Institutional investors of the United States and
\nEurope will purchase approximately 23.75 million shares, or 10.55
\npercent, of the total equity stocks of the publicly listed Mulia
\nIndustrindo.<\/p>\n
The company announced on Saturday that the shares will be
\nbought from PT Eka Gunatama Mandiri, a firm owned by one of the
\ncompany's founders.<\/p>\n
The deal, which will be handled by Jardine Fleming Nusantara,
\nwill be formally sealed today and will increase the investing
\npublic's stock holding to 35.95 percent.<\/p>\n
The company, a major producer of ceramic tiles and glass
\nsheets, did not give the price of the stocks, or the names of the
\nbuyers.<\/p>\n
But it said that approximately US$50 million of the funds, to
\nbe raised from the private placement, will be lent to the company
\nto partly finance the expansion of its glass and tile production
\ncapacities.<\/p>\n
According to the company's 1994 financial report, PT Eka
\nGunatama Mandiri, an affiliate of the Mulia Group, owned 54
\npercent of the company's 125 million shares. PT Mulia Graha
\nPermai, another affiliate, owned 26 percent, while the investing
\npublic held another 20 percent.<\/p>\n
Tony Suryanto, a director of Mulia Industrindo, said that the
\nplanned expansion will raise the production capacity of its glass
\nplants by 180,000 tons, to 500,000 tons per year, and its tile
\nplant by 20 million square meters, to 40 million square meters
\nper annum.<\/p>\n
He said that Mulia Industrindo will soon sign an agreement on
\na loan of $115 million from a syndication of local and foreign
\nbanks, which will also be used for the expansion program. (hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/mulia-group-to-sell-shares-1447893297",
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"sponsor": "Okusi Associates",
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