PT DSTP to split its shares<\/p>\n
JAKARTA (JP): PT Satu Dua Tiga Puluh (DSTP), a private company
\nset up to finance Indonesia's first passenger jet project, is to
\nsplit 400,000 of its two million shares, each with a nominal
\nvalue of US$1,000 (Rp 2.36 million), into smaller shares with a
\nRp 5,000 par value.<\/p>\n
\"The share split is deemed necessary to enable the common
\npeople to buy DSTP's shares,\" company president Saadilah Mursjid,
\nsaid yesterday.<\/p>\n
The company had issued two million shares with a nominal value
\nof US$1,000 each but only 391,466 shares had been sold so far, he
\nsaid after meeting President Soeharto.<\/p>\n
\"This way more people especially people in the provinces, can
\nafford DSTP's shares,\" Saadilah said.<\/p>\n
In the meeting Saadilah was accompanied by the company's other
\nexecutives, Rahardi Ramelan and Giri Suseno Hadihardjono.<\/p>\n
President Soeharto, as a private citizen, set up the company
\nin February last year to finance the construction of the 100-
\nseater N-2130 jets by the state-owned aircraft manufacturer PT
\nIndustri Pesawat Terbang Nusantara (IPTN) in Bandung.<\/p>\n
The project is estimated to cost US$2 billion.<\/p>\n
Saadilah, also a minister\/cabinet secretary, said the plan to
\nissue the shares would be reported to the Capital Market
\nSupervisory Agency, Bapepam, Thursday.<\/p>\n
He expressed hopes that sales of the split shares could start
\nsoon after Idul Fitri.<\/p>\n
DSTP is the first company to sell shares to the public, with
\nBapepam's consent, without listing on the Jakarta or Surabaya
\nstock exchanges.<\/p>\n
The split shares, however, have no voting rights.<\/p>\n
People wanting shares with voting rights must buy the original
\nshares with a par value of $1,000. Or they can accumulate the
\nsplit shares to reach the equivalent of $1,000 and then change
\nthem for a common share.<\/p>\n
\"These split shares are like sight drafts, which are tradable.
\nThey are bearer's shares. So be careful in keeping them,\"
\nSaadilah said.<\/p>\n
He said the sale of the split shares would be promoted through
\nsociety's formal and informal leaders not through officials
\nbecause \"this is a private company which has no direct links with
\nthe government.\"<\/p>\n
Nevertheless, Saadilah said he and other company executives
\nwould tour the country to ask governors, regents and city mayors
\nto support the sale.<\/p>\n
In addition DSTP was also mulling over forming branches or
\nusing existing cooperatives or foundations in some areas to
\nmarket the shares.<\/p>\n
DSTP has been targeting rich people and state firms to buy its
\nshares. State firms overseen by the industry and trade, forestry
\nand transportations ministries have committed to buying $45
\nmillion of DSTP shares.<\/p>\n
When the company was founded in February, Soeharto bought
\n44,950 priority shares worth Rp 103.38 billion, while nine
\ntycoons bought a further 45,000 priority shares worth Rp 103.5
\nbillion.<\/p>\n
DSTP has given $6.9 million to IPTN to build the N-2130
\nprototype, which is expected to be ready in 2003. The 100-seater
\nplane is the latest aircraft on IPTN's drawing board.<\/p>\n
In 1995, IPTN celebrated the maiden flight of the twin
\npropeller N-250, the first plane designed and built locally. The
\nplane is undergoing tests before entering the market.<\/p>\n
DSTP shareholders should think about long-term investment
\nbecause it is not clear when they can redeem their shares or get
\ndividends.<\/p>\n
Saadilah assured that in the long run DSTP shareholders would
\nget capital gains, at least from the appreciation of the U.S.
\ndollar against the rupiah.<\/p>\n
In addition, they would get dividends from royalties accrued
\nfrom the sales of N-2130 jets, he said. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pt-dstp-to-split-its-shares-1447893297",
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