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)