Bank Bira offers 20 million shares to the public

Bank Bira offers 20 million shares to the public

JAKARTA (JP): Bank Bira, one of Indonesia's oldest private
banks, will offer 25 percent of its enlarged 80 million shares to
the public in early July.

The bank's president, Frans Limas, said in a presentation for
securities analysts and brokers yesterday that the bank's 20
million new shares, each with a nominal value of Rp 1,000, will
be sold at about Rp 2,300 to Rp 2,500 each.

He said the bank is still waiting for approval from the
Capital Market Supervisory Agency (Bapepam) on sales of the
shares and their listing on the Jakarta and Surabaya stock
exchanges.

The bank expects to generate around Rp 50 billion from the
share issuance, all of which will be used to increase its
productive assets, he said.

Limas said Bank Bira, which has 29 branches, held total assets
of Rp 639.5 billion as of May. Its operating profit quadrupled to
Rp 8.2 billion in 1993/94 from Rp 2.05 billion in the previous
year.

He refused to specify the bank's after-tax profit.

Bank Bira is 76 percent owned by PT Arya Teladan Sakti, 22
percent by PT Aman Lintas Ladangartha and two percent by Lukman
Iskandar, a commissioner of the bank. (09)