Two more firms plan public offerings<\/p>\n
JAKARTA (JP): Unibank, a consumer-based commercial bank, and
\nIndoprima Gemilang, a producer of automotive components,
\nannounced yesterday their plans for an initial public offering
\n(IPO) of shares.<\/p>\n
Unibank will sell 38 million new shares, accounting for
\naround 43 percent of its enlarged shares, to the public, while
\nIndoprima, which is based in Surabaya of East Java, will offer
\naround 24 million shares, representing 33 percent of its expanded
\ncapital.<\/p>\n
Bonar Sutanto, the president of Unibank, said the shares
\nwould be offered to the public next month and would be listed on
\nthe Jakarta and Surabaya stock exchanges in early February.<\/p>\n
Unibank, which is at present controlled by the Raja Garuda
\nMas Group, expects to raise around Rp 65 billion ($29.7 million)
\nfrom the initial public offering, he said. He, however, declined
\nto explain about the indicative price of the shares.<\/p>\n
Bonar said that around 70 percent of the IPO proceeds would
\nbe used to strengthen the bank's capital base, 15 percent to
\nexpand branch networks and the remaining 15 percent for human
\nresources development.<\/p>\n
Unibank, which recorded total assets of around Rp 734
\nbillion (US$340 million) as of June, expects pretax earnings of
\naround Rp 15.2 billion this year and around Rp 25.5 billion next
\nyear.<\/p>\n
Soewando Basuki, the president of Indoprima Gemilang, said
\nhis company's IPO would be launched next month to raise funds of
\nbetween Rp 60 billion and Rp 65 billion to finance expansion
\nprojects.<\/p>\n
"The public offering period will be in the second week of
\nDecember, while the listing on Jakarta and Surabaya stock
\nexchanges will be made in the first week of January," he said.<\/p>\n
Indoprima, which produces automotive components ranging from
\nbrake lining, wire horns to disc pads in its plant in Surabaya,
\nis a major supplier of car components in the country, he said.<\/p>\n
"We are quite upbeat about our business prospects, with the
\ngrowing demand for both passenger and commercial vehicles in the
\ncountry," he said.<\/p>\n
The company's sales increased to Rp 84.4 billion in 1993
\nfrom Rp 63.2 billion in 1992, with after tax profits rising to Rp
\n5.4 billion from Rp 1.9 billion.<\/p>\n
The sales and after tax profits in the first semester of
\nthis year amounted to Rp 56.6 billion and Rp 4.6 billion,
\nrespectively.(hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/two-more-firms-plan-public-offerings-1447893297",
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"sponsor": "Okusi Associates",
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