Bhuwanatala Indah lists on Surabaya bourse

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)