Alter floats shares on JSX

Alter floats shares on JSX

JAKARTA (JP): Kaolin producer PT Alter Abadi made its stock
market debut yesterday when all its shares were listed on the
Jakarta Stock Exchange.

The exchange stated yesterday that Alter Abadi's shares, with
a face value of Rp 500 each, were sold for Rp 900 each in an
initial public offering (IPO) last month.

The company raised Rp 358.4 billion (US$150 million) from the
sale of 12.7 percent of its shares in the IPO, underwritten by PT
Makindo.

Alter Abadi estimates that it made a Rp 33.39 billion net
profit last year, up 21.1 percent on Rp 27.5 billion in 1995.

The company's total assets grew from Rp 258.9 billion at the
end of 1995 to Rp 271.2 billion at the end of last year.

Alter Abadi listed all its 699.29 million shares on the
exchange. They have a market capitalization of Rp 509.5 billion.

With Alter Abadi's listing, the exchange's total market
capitalization is Rp 225.4 trillion with 77.88 billion shares
issued by 255 companies.

The exchange registered yesterday the issue of 678,000 new
shares converted from bonds by PT Modernland Realty. It also
recorded the issue of 300.35 million rights shares by PT Panin
Insurance. (rid)