Alumindo to go public

JAKARTA (JP): PT Alumindo Light Metal Industry (Almi), a subsidiary of the Surabaya-based Maspion group, plans to sell 30 percent of its common stocks next month to increase its aluminum sheet production.

"We will sell 92.4 million shares in an initial public offering to raise about Rp 110 billion (US$47 million) to finance our capacity expansion and the Maspion stainless steel project," Almi director Welly Muliawan told a meeting of securities analysts in Surabaya yesterday.

Muliawan was quoted by Antara as saying the shares would sell for Rp 1,300 each, and that PT WiCarr Indonesia would be the lead underwriter.

Almi aims to increase its annual capacity of aluminum sheet production from 42,000 tons to 54,000 tons in 1997 and to 84,000 tons in 1998, he said.

The company has an annual capacity of 7,200 tons of aluminum foil.

Almi intends to list its shares on the Jakarta and Surabaya stock exchanges on Dec. 27. (vin)