Sempati in final stage of its go-public plan<\/p>\n
JAKARTA (JP): Preparations for the initial public offering of
\nPT Sempati Air's shares has reached its final stage, the
\ncompany's president Hasan Sudjono announced yesterday.<\/p>\n
\"We hope to complete the preparation within the next two
\nmonths,\" he said at a post Idul Fitri gathering of the Humpuss
\nGroup which controls Sempati.<\/p>\n
In addition to Sempati, the Humpuss Group is also preparing
\nits shipping arm, PT Humpuss Sea Transport, to sell shares to the
\npublic this year.<\/p>\n
Hasan did not disclose the amount of fresh funds expected to
\nbe raised from Sempati's public offering.<\/p>\n
The chairman of the Humpuss Group, Hutomo (Tommy) Mandala
\nPutra, the youngest son of President Soeharto, said earlier that
\nhis business group would raise about Rp 500 billion (US$218
\nmillion) from the public offering of the two companies.<\/p>\n
He said that both Sempati and Humpuss Sea Transport would sell
\n20 percent of their new shares in the initial public offerings.<\/p>\n
Tommy said the proceeds raised from Sempati's public offering
\nwould be used to procure new airplanes and to repay the company's
\ndebts.<\/p>\n
Hasan said yesterday that Sempati's 1995 profits would stay at
\nprevious year's level.<\/p>\n
\"The 1995 financial reports are being audited. But there will
\nbe no major changes from the previous year's performance,\" he
\nsaid. He disclosed Sempati posted a Rp 20 billion profit in 1994.<\/p>\n
Sempati, which now serves Singapore, Kuala Lumpur, Taipei and
\nSydney, will soon fly to Hong Kong, he said. He added that the
\nairline is now assessing the commercial viability of entering
\nEurope. (hen)<\/p>",
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"sponsor": "Okusi Associates",
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