PT Siloam expects $59M from IPO<\/p>\n
JAKARTA (JP): PT Siloam Gleneagles Health Care (SGHC) will
\nsell 47 million shares in its initial public offering (IPO) this
\nyear at between Rp 2,950 and Rp 3,300 (US$1.4) per share to raise
\nUS$59 million, said Chief Commissioner James T. Riady.<\/p>\n
Riady said Tuesday that the fund would be used to finance a
\nfive-year project which would be completed by the year 2000.<\/p>\n
Kelvin Lee, the corporate finance director of PT Lippo
\nSecurities, the underwriter of the share issuance, said the
\noffered shares would account for 32.02 percent of SGHC's enlarged
\ncapital.<\/p>\n
He said Siloam aims to gain an operational profit of Rp 27.1
\nbillion and an after-tax profit of Rp 9.2 billion in 1996\/1997.<\/p>\n
The net profit is projected to increase to Rp 24.7 billion in
\n1997\/1998, to Rp 38.2 billion in 1998\/1999 and to Rp 108 billion
\nin 1999\/2000.<\/p>\n
Siloam Gleneagles is the first hospital in the country to
\ninvolve foreign investment. Siloam is a joint venture between
\nLippo Land Development of Indonesia and Gleneagles International
\nof Singapore.<\/p>\n
Riady said the project would include the construction of seven
\nnew Siloam Gleneagles hospitals -- Siloam Gleneagles Tangerang,
\nSiloam Gleneagles Trisakti, Siloam Gleneagles Jakarta Timur,
\nSiloam Gleneagles Jakarta Selatan, Siloam Gleneagles Bandung,
\nSiloam Gleneagles Bali and Siloam Gleneagles Ujungpandang.<\/p>\n
In addition, Siloam would also increase its ownership in Budi
\nMulia Hospital in Surabaya, East Java, and build three health
\ncenters in Jakarta, he said.<\/p>\n
SGHC, which started operating in June 1996, is 35 percent
\nowned by PT Sentra Kharisma Indah, 30 percent by PT Sentra
\nGoldhill Businesspark, 30 percent by Gleneagles Development Pte.
\nLtd and 5 percent by Global Private Equity.<\/p>\n
The company's president, Johanes Oentoro, said the hospital
\nservice industry in Indonesia would keep expanding at the current
\nratio of one physician for 6,786 persons. (10)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pt-siloam-expects-59m-from-ipo-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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