{
    "success": true,
    "data": {
        "id": 1199024,
        "msgid": "panin-overseas-to-float-125m-shares-1447893297",
        "date": "1995-03-23 00:00:00",
        "title": "Panin Overseas to float 12.5m shares",
        "author": null,
        "source": "",
        "tags": null,
        "topic": null,
        "summary": "Panin Overseas to float 12.5m shares JAKARTA (JP): PT Panin Overseas Finance, a multi-financing division of the Panin Group, will offer new shares to the public next month as a means of strengthening its capital base. Panin Overseas' chief commissioner, Chandra Gunawan, said in a public presentation yesterday that 12.5 million shares would be offered, representing 22.94 percent of the company's enlarged number of shares.",
        "content": "<p>Panin Overseas to float 12.5m shares<\/p>\n<p>JAKARTA (JP): PT Panin Overseas Finance, a multi-financing<br>\ndivision of the Panin Group, will offer new shares to the public<br>\nnext month as a means of strengthening its capital base.<\/p>\n<p>Panin Overseas' chief commissioner, Chandra Gunawan, said in a<br>\npublic presentation yesterday that 12.5 million shares would be<br>\noffered, representing 22.94 percent of the company's enlarged<br>\nnumber of shares.<\/p>\n<p>The new shares, each with a par value of Rp 1,000 (US$0.45),<br>\nwill be listed on the Jakarta Stock Exchange.<\/p>\n<p>PT Nomura Indonesia is acting as underwriter of the share<br>\nissue.<\/p>\n<p>Hendra H. Kustarjo of Nomura said the new shares were likely<br>\nto be offered at Rp 1,400 a piece, representing a price-earnings<br>\nratio of eight times.<\/p>\n<p>\"However, this price is subject to change because we are still<br>\nnegotiating with Panin Overseas over the share pricing,\" Hendra<br>\nsaid.<\/p>\n<p>The president of Panin Overseas, Firman Djunid, said that<br>\nafter the planned public offering, the company will be 34.59<br>\npercent owned by PT Panincorp, 27.75 percent by PT Panin<br>\nInvestment Enterprises Ltd., 10.60 percent by PT Usasli, 4.12<br>\npercent by DPK Panin Bank and 22.94 percent by the public.<\/p>\n<p>Firman said that about 40 percent of the funds expected from<br>\nthe share float would be used to support Panin Overseas' consumer<br>\nfinancing, while 30 percent would go towards its factoring<br>\nservices and another 30 percent to its leasing services.<\/p>\n<p>He said his company's unaudited after-tax profits last year<br>\nfell by almost 73 percent from their 1993 level to Rp 5.6 billion<br>\n($2.54 million).<\/p>\n<p>\"We booked a high after-tax profit of Rp 20.66 billion in 1993<br>\nbecause in that year we received dividends from our investments<br>\nat PT Panin Bank, PT Panin Insurance and PT Panin Life,\" Firman<br>\nsaid, adding that his company had not received dividends from the<br>\nthree companies -- all publicly-listed companies -- during 1994.<\/p>\n<p>Panin Overseas, with total assets of Rp 131.1 billion as of<br>\nlast October, expects a net income of Rp 8.8 billion this year,<br>\nhe said. (rid)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/panin-overseas-to-float-125m-shares-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}