Artha to sell 70 million shares

Artha to sell 70 million shares

JAKARTA: Amidst Indonesia security concern PT Artha Securities said Thursday it plans to sell 70 million shares through an initial public offering between Oct. 23 and Oct. 25, priced at Rp 225 rupiah ($1=Rp 9,215) a share.

The par value of the shares is set at Rp 200 per share.

The shares will be listed on the Jakarta Stock Exchange Nov. 5.

PT Asia Kapitalindo Securities and PT Kapita Sekurindo are acting as the lead underwriters.

The company said the proceeds from the initial offering will be used to strengthen its working capital.

Artha Securities booked Rp 1.75 billion in net profit in 2001, compared with Rp 965.59 million in 2000. -- Dow Jones