Nasio plans to sell shares<\/p>\n
JAKARTA (JP): Despite the current financial meltdown, PT Nasio
\nDutamitra Electric (NDE), a manufacturer of electric and
\ntelecommunications cable and energy-saving light bulbs, plans to
\nlaunch an initial public offering (IPO) this year.<\/p>\n
Fifty million shares to be offered in early March will be
\nlisted on the Surabaya Stock Exchange at the end of the month, a
\ncompany statement said yesterday.<\/p>\n
The lead underwriter of the IPO will be PT Asjaya Indosurya
\nSecurities.<\/p>\n
Sixty percent of the proceeds will be used to purchase new
\nmachinery, while the remainder will go toward strengthening the
\ncompany's capital structure.<\/p>\n
NDE's 1998 sales are projected to exceed Rp 104 billion
\n(US$14.44 million) with a net profit of Rp 1.7 billion, compared
\nto Rp 62.9 billion and Rp 2 million, respectively, in 1997.<\/p>\n
The statement said the company would provide a dividend of
\nbetween 21 percent and 25 percent if net profit exceeded Rp 5
\nbillion.<\/p>\n
With an anticipated strong domestic demand in cables and
\nenergy-saving light bulbs, the company is optimistic the target
\nwill be attained.<\/p>\n
It currently manufactures 12 types of cables and three kinds
\nof light bulbs. It has been awarded ISO 9002 international
\ncertification. (08)<\/p>",
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