Astra Graphia's acquisition

JAKARTA (JP): Publicly-listed PT Astra Graphia, a supplier of office electronic equipment, said yesterday that it will acquire 100 percent of PT Mitracorp Footwear International with an aim to diversify its business.

The company issued a statement saying the acquisition is still subject to approval from independent shareholders.

Mitracorp is 77 percent owned by Astra International and the remaining 23 percent by 15 other parties.

"We expect to get shareholders' approval in an extraordinary meeting on June 26," Astra Graphia's president, Inget Sembiring, said.

The company also said that last year it booked Rp 228 billion (US$97 million) in net revenues, an increase of 14 percent over 1994.

Sembiring said the company recorded Rp 10 billion in net profit, 37 percent of which will be allocated for dividend payments.

"We will pay dividends of Rp 100 per share, totaling Rp 3.8 billion," Sembiring added.

Astra Graphia is 80 percent owned by Astra International and 20 percent by the investing public. (alo)