Bank Arya plans to sell 98 million new shares

Bank Arya plans to sell 98 million new shares

JAKARTA (JP): Bank Arya plans to offer 98 million new shares
or 24.5 percent of its enlarged capital to raise fresh funds of
about Rp 50 billion (US$20.57 million) from the public, an
executive said yesterday.

"The bank is still waiting for approval from the Capital
Market Supervisory Agency to list its shares, each with a par
value of Rp 500, on the Jakarta Stock Exchange," managing
director Benny Dwibyantoro said.

"We hope the shares can be listed on the bourse in June," he
said.

He said that about 20 percent of the proceeds from the share
issuance would be used to finance new offices, 10 percent for
human resource and technology development and 70 percent to
expand the bank's lending capability.

The bank, which has 14 offices in Indonesia, would open
another six to ten branches in Pekanbaru, Bandung and Jakarta, he
said.

The bank, formerly called Bank Pertiwi, was taken over in 1993
by the Ongko Group, which changed its name to PT Bank Arya
Panduarta or Bank Arya in 1994.

Bank Arya's assets increased to Rp 1.1 trillion at the end of
last year from Rp 928.97 billion at the end of 1995, said Benny.

He said the bank's profit rose to Rp 8.83 billion last year
from Rp 4.86 billion in 1995.

"We expect Rp 37 billion in profit this year, with our assets
increasing to Rp 1.5 trillion by the end of the year," he said.
(13)