PT Tigaraksa sells subsidiary at $13m<\/p>\n
JAKARTA (JP): PT Tigaraksa Satria, a conglomerate of four
\ncompanies engaged in the production and distribution of consumer
\ngoods, has sold its wholly-owned subsidiary, PT Sugizindo, to PT
\nSari Husada for Rp 28.35 billion (US$13.13 million), an executive
\nof the company said yesterday.<\/p>\n
Elvie Mulia, director of the company, said during the annual
\nshareholders meeting here yesterday that the merger of PT
\nSugizindo with PT Sari Husada, both infant formula manufacturers,
\nwas aimed at improving production efficiency.<\/p>\n
Mulia said Tigaraksa had earlier increased its shareholdings
\nin PT Sari Husada from 61.6 percent to 68.6 percent.<\/p>\n
At the meeting, Tigaraksa reported a 44 percent increase in
\nits gross sales, including those of its subsidiaries, to Rp 321.9
\nbillion last year from 1992.<\/p>\n
Its net profits also rose over the same period by 30 percent
\nto Rp 16.6 billion, thereby increasing its earnings per share by
\n19.2 percent to Rp 335.<\/p>\n
PT Tigaraksa Satria's subsidiaries include PT Tira Fashion, a
\ngarment producer as well as PT Tiga Husada Ekatama and PT Sari
\nHusada.<\/p>\n
The shareholders meeting agreed to management's proposal for a
\nRp 125 dividend per share to be paid in August.<\/p>\n
Mulia noted that the mass resignation of two directors and 150
\nother executives from Tigaraksa last year had not adversely
\naffected the company's performance, as could be seen in its
\nfinancial results.(yns)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pt-tigaraksa-sells-subsidiary-at-13m-1447893297",
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