Ciputra to quit post at Pembangunan Jaya
JAKARTA (JP): Ciputra, the president and a founder of PT Pembangunan Jaya -- a company operating seven core businesses whose major shares are owned by the Jakarta administration -- will resign from the top executive post in September 1996.
Ciputra, who announced his resignation after the company's annual workshop at the Horison hotel Saturday, also said that two other senior executives, Soekrisman and Secakusuma will resign as well.
"With the approval of the company's boards of directors and commissioners, our retirement will come to effect on the 35th anniversary of the firm in September 1996," said Ciputra, who will turn 65 years of age when he resigns. The two other outgoing executives will be 60 by next September.
It is slated that Ciputra, Soekrisman and Secakusuma will take their posts as active commissioners of the company.
"We have set rules on the retirement and we ourselves should give an example to resign from the top executive chairmanship," said Ciputra.
Ciputra told the workshop about his farewell, quoting philosopher Lao-Tsu: "A leader is worst when people throw him away, he is bad when his faithful salute him and he is best when people are not aware of his existence."
He added that a leader that fades away is the best when he is successful in preparing better successors.
Pembangunan Jaya was founded by the then governor of Jakarta Soemarno and young promising engineer Ciputra in September 1961. The other founders were businessmen Hasyim Ning, J.D. Massie and A.M. Dasaad.
Ownership
The city administration owns 40 percent of the company's shares and Ciputra 15 percent, while the rest is owned by another 20 founding people who hold about three to four percent each.
Pembangunan Jaya is now a holding company controlling seven other firms, which operate in property, finance, trade, construction, consultancy, manufacturing and tourism as their core businesses. The seven firms are PT Jaya Real Property, PT Jaya Bank International, PT Jaya Trade Indonesia, PT Jaya Krisan Cahaya, PT Jaya Gas, PT Marga Jaya and PT Jaya Trade Indonesia.
PT Jaya Real Property went public in June 1994 and its shares are listed on the local capital market. The other firms, including the holding company, will also go public.
"We are determined to move forward by improving comparative advantages in labor, natural resources and management," he said.
Ciputra said that Pembangunan Jaya is no longer dependent on projects offered by the city administration. "The company, for example, expects only Rp 20 billion in revenues from the city administration's projects, which will represent only about 0.8 percent of its total revenues of Rp 2.5 trillion projected this year," he said.
He said that Pembangunan Jaya's revenues increased by 49 percent to Rp 1.8 trillion in 1994 from 1993. Its total assets rose 46 percent to Rp 3.9 trillion as of last December over the end of 1993.
The assets are expected to further increase by 42 percent to Rp 5.5 trillion as of the end of this year, Ciputra said.
The company, which developed the Bintaro Jaya satellite city in the boundary between Jakarta and Tangerang in West Java, will establish Puri Jaya housing complex on a 1,700-hectare area in Tangerang next March.
The company will also take part in the establishment of a toll road between Bintaro and Serpong, the Manggarai integrated terminal in South Jakarta and the mass rapid transportation networks in the capital.(kod)