Alumindo Perkasa acquires a 66% stake in Determinan

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)