Steady Safe plans to offer 11.65 million new shares<\/p>\n
JAKARTA (JP): PT Steady Safe, a company operating taxicabs and
\nbuses in the greater Jakarta area, will offer 11.65 million new
\nshares accounting for 19.75 percent of its enlarged common stocks
\nto the public later this month.<\/p>\n
Jopie Widjaja, the company's president, told reporters after a
\npresentation here Friday evening that the new shares, each with a
\nnominal value of Rp 1,000 (46 U.S. cents), will be sold at a
\nprice offering a price-earning-ratio (PER) of about nine times to
\n10 times.<\/p>\n
He refused to specify the sales price because his company was
\nstill waiting for approval from the Capital Market Supervisory
\nAgency (Bapepam). However, he did say that his company expects to
\ngenerate about Rp 60 billion (US$27.82 million) from the issue of
\nthe shares.<\/p>\n
Steady Safe, which is wholly owned by PT Infiniti Wahana, was
\npromoting its plan to offer new shares to the public in March
\nwith PT Credit Lyonnais Capital Indonesia (CLCI) as its lead
\nunderwriter, offering a PER of between 10 times and 13 times.<\/p>\n
Hary Tanoesoedibjo, president of PT Bhakti Investama, Steady
\nSafe's new lead underwriter, said the offering period of the new
\nshares is scheduled from June 29 to July 1.<\/p>\n
The new shares will likely be listed on the Jakarta and
\nSurabaya stock exchanges by July 29, Hary added.<\/p>\n
Jopie said Steady Safe will use 39 percent of the proceeds
\nfrom the share issuance to finance the expansion of its fleets,
\n58 percent to provide loans for its subsidiaries and the
\nremaining three percent to repay debts.<\/p>\n
He explained that his company and its subsidiaries -- PT Citra
\nPancakabraja, PT Wahana Artha Sentosa, PT Luhur Satria Dwriya and
\nPT Mastrans Swadarma -- which currently operate 1,410 taxi cabs
\nand 40 buses, will procure 237 new cabs, 60 buses and 100
\nlimousines later this year.<\/p>\n
Steady Safe and its subsidiaries are the operators of Steady
\nSafe Taxi, Spirit Taxi, Swadharma Taxi, Transit Cab and Masstrans
\nPatas AC express city buses.<\/p>\n
Steady Safe's finance director, Jose Panginaban Jr., said the
\ncompany's after-tax profit, which increased from Rp 4.26 billion
\nin 1992 to Rp 6.79 billion last year, is expected to further
\nincrease to Rp 21.1 billion this year.<\/p>\n
The company's net revenues rose from Rp 12.21 billion in 1992
\nto Rp 16.83 billion last year and is projected to increase to Rp
\n53.67 billion this year.(02)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/steady-safe-plans-to-offer-1165-million-new-shares-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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