Asia Inti Selera to sell 45 percent of its shares

Asia Inti Selera to sell 45 percent of its shares

JAKARTA (JP): PT Asia Inti Selera plans to offer 45 million
shares or 35 percent of its capital to the public to raise Rp 50
billion (US$21 million) in fresh funds.

The company plans to list its shares, each with a par value of
Rp 500, on the Jakarta and Surabaya Stock exchanges on May 15.

Bachtiar Rachman, the director of Trimegah Securindolestari,
the float's lead underwriter, said the Asia Inti shares were
expected to be priced between Rp 800 and Rp 1,400 each with a
price earnings ratio (PER) of between 9 and 12.

"The average PER for the food industry in the market is
between 12 and 15," he said.

The president of Asia Inti, Kang Jacob Antung, said yesterday
that about 30 percent of the float's proceeds would finance the
establishment of a new noodle plant in Sidoardjo, East Java.

He said 50 percent would be used to increase the company's
capital in its subsidiaries, distribution firm PT Asia Niaga and
PT Nagamas Sakti Perkasa.

"The other 10 percent will be used to increase the company's
working capital and the remaining 10 percent to repay loans,"
Jacob said.

He said the noodle plant project in Sidoarjo, with an annual
capacity of 10,500 tons, would cost Rp 15 billion.

The plant is scheduled to start production in 1998.

Bachtiar Rachman said the May 29 election would not affect the
Asia Inti share listing.

PT Asia Inti Selera, which was established in 1953 under the
name PT Pabrik Mie Asia, makes dried and instant noodles with a
capacity of 46,250 tons a year.

In January 1990, the company changed its name into PT Asia
Inti selera.

Jacob said Asia Inti, which is 74.20 percent owned by PT
Saptakencana Asia Prima and 25.80 percent owned by PT Limakarsa
Asiasejahtera, had assets worth Rp 113.16 billion as of December
1996, up from Rp 93.55 billion in 1995.

Jacob said the company recorded total sales of Rp 117.55
billion in 1995 which rose to Rp 121.54 billion last year.

He said dried noodles contributed about 70 percent of the
company's total sales in 1996 and instant noodles the other 30
percent.

He said the company's profit was Rp 5.58 billion last year, up
from 1995's Rp 4.18 billion. (09)