Alumindo Perkasa acquires a 66% stake in Determinan

JAKARTA (JP): PT Alumindo Perkasa Utama, the country's largest aluminum extrusion manufacturer, has acquired a 66-percent stake in the aluminum producer PT Determinan Indah for Rp 72 billion (US$33.09 million).

"The share transaction, which was approved by Alumindo Perkasa's shareholders, was based on a price of Rp 3,600 per share," Alumindo Perkasa's director, Hadiwinarso, announced after the company's extraordinary shareholders meeting yesterday.

Alumindo Perkasa previously held 15 percent of Determinan Indah.

Hadiwinarso said that Rp 22 billion of the total funds for the acquisition were taken from Alumindo Perkasa's revenues, while the remaining Rp 50 billion came from bank loans.

"With the acquisition, we expect that our company will become the largest integrated aluminum manufacturing company in the country, considering that Determinan also produces some 6,000 tons of aluminum extrusion per year," he said.

Alumindo Perkasa, which is 53.15 percent owned by PT Gesit Alumnas, 22.78 percent by the Jakarta city government and 24.07 percent by the investing public, produces aluminum extrusions, aluminum fabrications and aluminum roofing.

Alumindo Perkasa has an annual production capacity of over 7,000 tons, representing some 35 percent of the country's aluminum production.

"Most of our production is exported," Hadiwinarso said, without elaborating.

The aluminum production is to support electronic, transportation and shipbuilding industries, he said.

Alumindo Perkasa posted after-tax revenues of Rp 1.02 billion last year, down from Rp 2.39 billion in 1992 and Rp 4.23 billion in 1991. (fhp)