{
    "success": true,
    "data": {
        "id": 1028116,
        "msgid": "pt-alter-abadi-palns-to-go-public-next-month-1447893297",
        "date": "1996-11-23 00:00:00",
        "title": "PT Alter Abadi palns to go public next month",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "PT Alter Abadi palns to go public next month JAKARTA (JP): Kaolin mining company PT Alter Abadi plans to offer 88.9 million shares to the public in December to raise Rp 666 billion (US$282 million). Alter Abadi president Rachman Hakim said yesterday the shares, with a Rp 500 nominal value, would cost between Rp 750 and Rp 1,000 a share. \"The price will be around seven to ten times its 1997 projected earnings a share,\" he said. Makindo will act as the lead underwriter for the public offering.",
        "content": "<p>PT Alter Abadi palns to go public next month<\/p>\n<p>JAKARTA (JP): Kaolin mining company PT Alter Abadi plans to<br>\noffer 88.9 million shares to the public in December to raise Rp<br>\n666 billion (US$282 million).<\/p>\n<p>Alter Abadi president Rachman Hakim said yesterday the shares,<br>\nwith a Rp 500 nominal value, would cost between Rp 750 and Rp<br>\n1,000 a share.<\/p>\n<p>\"The price will be around seven to ten times its 1997<br>\nprojected earnings a share,\" he said.<\/p>\n<p>Makindo will act as the lead underwriter for the public<br>\noffering.<\/p>\n<p>Makindo managing director Gunawan Jusuf said that, of the 88.9<br>\nmillion shares to be sold to the public, 26.3 million would be<br>\nnew shares and 62.5 million would be old shares.<\/p>\n<p>In August the company issued convertible bonds worth $35<br>\nmillion and mandatory exchangeable bonds worth $10 million, he<br>\nsaid.<\/p>\n<p>The convertible bonds can be exchanged for new shares and the<br>\nother bonds can be converted into founders' shares (old shares),<br>\nhe said.<\/p>\n<p>Alter Abadi director Budianto Gunawan said 3 percent of the<br>\nproceeds from the public offering would be used to support the<br>\ncompany's expansion plan.<\/p>\n<p>\"Alter Abadi plans to increase its installed capacity to over<br>\n889,000 tons of processed kaolin per annum in 1998,\" he said.<\/p>\n<p>The company has an installed capacity of 548,520 tons a year.<\/p>\n<p>Budianto said 97 percent of the offering's proceeds would<br>\nrepay the company's short-term loans.<\/p>\n<p>Alter Abadi, founded 1979, has four subsidiaries: PT Kaolin<br>\nBelitung Utama, PT Nipsea Martapura, PT Kaolindo Sakti Perkasa<br>\nand PT Nippindo Kaolin Abadi which were all acquired in 1993.<\/p>\n<p>Gunawan said Alter Abadi's net profit had increased 304.1<br>\npercent between 1983 and 1994 to reach Rp 24.7 billion ($11.2<br>\nmillion). Its net profit rose to Rp 27.6 billion in 1995.<\/p>\n<p>The company made a Rp 13.7 billion net profit in the first six<br>\nmonths of this year. Its total assets were worth Rp 271.2 billion<br>\nin June.<\/p>\n<p>Alter Abadi is 98.4 percent owned by PT Hakimperkasa<br>\nInterniaga and 1.6 percent by Rachman Hakim. After the offering,<br>\nit will be 66.3 percent owned by PT Hakimperkasa Interniaga and<br>\n1.4 percent by Rachman Hakim. (04)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/pt-alter-abadi-palns-to-go-public-next-month-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}