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)