Bhuwanatala Indah lists on Surabaya bourse

JAKARTA (JP): PT Bhuwanatala Indah Permai, a shopping center and hotel operator, cross listed its shares on the Surabaya Stock Exchange (SSX) yesterday.

BIP president Benny Soetrisno said yesterday the company, which had been listed on the Jakarta Stock Exchange (JSX), listed all its 504 million shares on the SSX.

The company, controlled by Johanes Kotjo and President Soeharto's second son, Bambang Trihatmodjo, also listed 36 million warrants which can be converted into shares at a nominal price of Rp 500 between May 20, 1997 and Nov. 19, 2001.

Bhuwanatala, listed on the JSX in October, acquired a 51 percent stake in PT Duta Wisata last month for Rp 82.5 billion (US$34.95 million).

Duta Wisata owns and operates Bandung Indah Plaza building, the largest shopping center in Bandung, West Java, and Hyatt Regency Hotel in Bandung. Duta Wisata also owns the Megamal Pluit shopping center in West Jakarta.

"The acquisition was just part of our long term strategy. And our company listing will stand as a foundation to expand our business operations in the future," Benny said.

BIP managing director Heru C. Pramono said Megamal Pluit would raise the company's net profit next year by more than 100 percent.

Heru predicted the company's net profit for this year would be about the same as last year's Rp 793 million. (bnt)