Citatah oversubscribed

JAKARTA (JP): PT Lippo Securities announced over the weekend that it has completed the initial public offering of PT Citatah and that a preliminary estimate shows a 570 percent oversubscription.

Citatah is a major producer of marble and building materials, which enjoys more than 60 percent of the domestic marble market.

Lippo said in a statement that Citatah will be listed on the Jakarta Stock Exchange on July 3.

"The high level of demand is a reflection of investors' confidence in Citatah's business and growth," Lippo Securities' managing director, Kelvin Lee, was quoted by the statement as saying.

The shares are priced at Rp 2,375 (US$1.0) each, representing a price earning ratio of 10 on 1996 forecast net profits of Rp 24.5 billion. (alo)