Taxi company to sell 37% of its shares to public<\/p>\n
JAKARTA (JP): PT Centris Multipersada Pratama, a taxi
\noperator, will sell 37 percent of its expanded shares through the
\nJakarta and Surabaya Stock Exchanges at the end of this month.<\/p>\n
The company, which currently operates over 2,000 taxis in four
\nmajor cities, will offer 20 million shares, each with a par value
\nof Rp 1,000.<\/p>\n
Centris, founded in 1989 with an initial fleet of 100 taxis,
\nis to hold a presentation on its primary share offering plan for
\nsecurities brokers and analysts at the Grand Hyatt Hotel here
\nthis morning.<\/p>\n
When listed on the stock exchanges later next month, Centris
\nwill be the third taxi operator going public after Steady Safe,
\nlisted on the Jakarta Stock Exchange (JSX), and Zebra Nusantara,
\nlisted on the parallel bourse.<\/p>\n
According to PT Sigma Batara, the lead underwriter of the
\nshare issuance, 35 percent of the initial public offering
\nproceeds will be used to finance the expansion of Centris's taxi
\nfleets to almost 3,600 units and business diversification into
\nthe operation of air-conditioned buses in 1995, 30 percent to
\nfinance procurement of land, building and service equipment and
\n35 percent to repay outstanding debts.<\/p>\n
Centris's financial report recorded sharp and steady increases
\nin its after-tax profits from Rp 4.9 billion (US$2.2 million) in
\n1992 to Rp 6.1 billion in 1993. The profit is expected to reach
\nRp 12.5 billion this year.<\/p>\n
Price<\/p>\n
Sigma Batara said the price of the shares will be set at a
\nlevel offering a price earning ratio (PER) of seven times.<\/p>\n
Centris is currently 49 percent owned by the company's chief
\ncommissioner Ginawan Chondro, 44 percent by commissioner Suherman
\nAde Yulimar and the rest by its president Hendra Kaswara.<\/p>\n
At the moment, 93 percent of its fleets under such names as
\nRatax, Victory, Kartika, Sri Medali, Liberty and Mercury operate
\nin the greater Jakarta area, while the remainder operate in
\nYogyakarta and the Central Javanese cities of Semarang and Solo.<\/p>\n
Next year, the company will expand its operation into six
\nother major cities, including Bandung in West Java, Palembang and
\nLampung in southern Sumatra, Padang in West Sumatra, Ujungpandang
\nin South Sulawesi and Manado in North Sulawesi.<\/p>\n
The expansion of the taxi fleets, however, will still focus in
\nthe greater Jakarta area, which is currently served by 7,502 taxi
\ncabs, far lower than the total demand for over 23,000 units at
\npresent.<\/p>\n
Centris also plans to diversify its business into air-
\nconditioned buses with an initial fleet of 50 units in the
\ngreater Jakarta area as it believes that the demand for buses is
\nestimated at over 2,600 units, as compared to the projected
\nsupply of only 415 units to the end of this year. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/taxi-company-to-sell-37-of-its-shares-to-public-1447893297",
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