Apac's rights issue

Apac's rights issue

JAKARTA (JP): Textile firm PT Apac Centertex Corporation
announced yesterday that it will issue 408 million rights shares
and 76.5 million warrants.

The company, controlled by a consortium led by businessman
Bambang Trihatmodjo, said in a statement yesterday that
shareholders are entitled to subscribe 16 new shares for each
four shares they hold and three warrants.

It said the company will use 67.4 percent of the proceeds to
finance the acquisition of 275 million shares of its subsidiary
PT Apac Inti Corpora from PT Aspac Century corporation, 30.64
percent to acquire 125 million new shares at Apac Inti Corpora
and 1.96 percent to strengthen its own working capital.

It stated that it will hold an extraordinary shareholders
meeting on July 16 to seek approval for the rights issue from
independent shareholders.

The company's annual shareholders meeting agreed yesterday to
its plan to pay a dividend of Rp 2.50 per share for 1995. (rid)