Corporate shareholders meetings' reports

Corporate shareholders meetings' reports

JAKARTA (JP): Shareholders of publicly listed PT Van Der Horst
Indonesia approved yesterday the company's plan to increase its
paid-up capital Rp 120 billion (US$49 million) to Rp 160 billion.

Van der Horst's president Hadi Sutanto said the company was
diversifying away from plastic packaging to infrastructure.

It is building a gas-fired power plant in Bawen, Central Java,
and a toll road linking Dawuan and Palimanan in West Java.

But it is not clear how the company will raise the additional
capital it needs for the projects.

Its main shareholder, Johannes Kotjo, said the company would
continue to focus its investment on the domestic market, despite
the fact that it had expanded its business to the Philippines,
India, Australia and Kazakhstan.

Shareholders also approved a plan to buy new machinery to
strengthen its packaging business.

Van Der Horst reported a 96.2 percent increase in net profit
to Rp 1.79 billion last year from Rp 912.6 million the year
before.

Sales increased 8.8 percent to Rp 26.18 billion last year from
Rp 24.07 billion in 1995.

Daya Guna

Shareholders of publicly listed PT Daya Guna Samudera,
yesterday approved the management's proposal to distribute Rp
39.39 billion (US$16.1 million) or 33 percent of the company's
total net profit of Rp 116.36 billion last year as dividends.

"That means an earning of Rp 93 per share," Daya Guna
Samudera, Indonesia's largest integrated fishing company,
announced yesterday.

Daya Guna increased its net profit by 154 percent to Rp 116.36
billion last year on the back of strong exports and a significant
capacity expansion.

The meeting also approved the management's proposal to
allocate Rp 2.37 billion of its profit to the poverty-alleviation
program.

The company, a subsidiary of the widely-diversified Djajanti
Group, decided to keep the remaining profit as retained earnings
to strengthen its working capital and business operations.

Daya Guna Samudera earlier projected that its sales revenues
would rise to Rp 530.7 billion this year, generating a net profit
of Rp 157.1 billion.

The sales increase would be generated by the operations of a
large number of new fishing ships procured from domestic
suppliers and imports.(vin)

Bhuwanatala

Shareholders of publicly listed property firm PT Bhuwanatala
Indah Permai approved yesterday the company's proposal to
increase its authorized capital to Rp 1 trillion (US$408 million)
from Rp 280 billion.

The company said it needed big capital to support its future
expansion plans, including the Darmo Satellite town project in
Surabaya, East Java, and the old city development in Central
Jakarta and Semarang, Central Java.

It also plans to build office buildings in Jakarta's golden
triangle area (covering the Sudirman, Thamrin and Kuningan
areas).

At the meeting, the company reported a 61 percent increase in
net profit to Rp 1.27 billion last year from Rp 793.1 million in
1995.

Total assets increased to Rp 523.47 billion as of the end of
last year from Rp 152.25 billion in 1995. (rid)

Sampoerna

Publicly listed cigarette maker PT HM Sampoerna is considering
a distribution, printing and retail alliance with the Salim group
to support their core businesses, a Sampoerna executive said
yesterday.

The company's president, Putera Sampoerna, said the Salim
group and HM Sampoerna were seriously negotiating an alliance on
domestic and international markets.

"But they are still in the very early stages," he said after a
shareholders meeting here.

HM sampoerna is a cigarette making company with subsidiaries
in distribution and printing while the Salim group is widely
diversified with big interests in food and cement.

Putera said the alliance would improve efficiency.

"HM Sampoerna, for example, would need not to build a
distribution center where Salim Group has one," he said.

Putera Sampoerna denied yesterday a market speculation that he
would increase his personal stake in noodle maker PT Indofood
Sukses Makmur, controlled by the Salim group.

Putera Sampoerna bought about 5.09 percent or 77.725 million
Indofood shares in March and is now one of the company's
commissioners.

"But that's my own personal investment. It has nothing to do
with PT HM Sampoerna," he said.

Meanwhile HM Sampoerna's finance director, Ekadharmajanto
Kasih, said yesterday that HM Sampoerna had decided to pay
a total dividend of Rp 135 billion (US$56.25 million) to
shareholders.

"It equals Rp 135 a share," he said.

Last year the company posted a total net profit of Rp 396.53
billion and net sales of Rp 2.36 trillion.(09)

Hotel Prapatan

Publicly listed PT Hotel Prapatan which owns the five-star
Aryaduta hotel in Jakarta, reported here yesterday a total loss
of Rp 4.94 billion (US$2.01 million) last year despite a 5.44
percent increase in revenue.

Prapatan's president, Herman Widjaja, said the loss was not
incurred by operations but because of the provision for losses
from investment, the write-off of some investments and other
receivables and additional tax payments due to tax reassessment
and penalty.

Among the investment write-offs were two Shima restaurants
which closed in 1996, he said after the company's annual
shareholders' meeting.

The company reported yesterday a total revenue of Rp 56.09
billion in 1996, up from Rp 53.17 billion in 1995, resulting in
an operational profit of Rp 2.07 billion.

The company decided to distribute dividends of Rp 30 (1.22 US
cents) per share, as compared to Rp 50 in 1995.

He said Aryaduta was able to achieve a 70.3 percent occupancy
rate in 1996, up by 0.4 percent year on year, while its average
room-rate increased last year by 1.3 percent to $136 per night.

Widjaja said that Prapatan, managed by Hyatt International,
had spent $11.3 million to refurbish Aryaduta Jakarta and $16
million to construct a five-star hotel in Pekanbaru, Riau.

"The Aryaduta Jakarta will be relaunched with its new lobby in
August. The 166-room hotel in Pekanbaru, called Aryaduta
Pekanbaru, will also begin its soft operation in August," he
said.

Aryaduta Jakarta will compete with Borobudur Inter-Continental
which is scheduled to reopen in August after an extensive
renovation.

The Aryaduta Pekanbaru is managed by Aryaduta Hotel Management
Ltd., a company which also manages Hotel Lido in Bogor, West
Java, Widjaja said. (icn)

Mayora

Publicly listed food producer PT Mayora Indah will distribute
a dividend of Rp 28 (1.2 US cents) per share out of its last
year's profits.

Mayora president Halim Atmadja said after a shareholders
meeting that the dividend payout, totaling Rp 21.46 billion,
represented 40 percent of last year's net profit.

Its net profit increased slightly to Rp 53.14 billion last
year from Rp 50.25 billion in 1995.

Total assets increased 22 percent to Rp 809.4 billion at the
end of last year from Rp 662.3 billion in 1995. (rid)

Steady Safe

Publicly listed transportation company PT Steady Safe said
yesterday it would buy 11.01 percent or about 110 million shares
of toll operator PT Citra Marga Nusaphala Persada to form a
strategic alliance.

Steady Safe said it would buy Citra Marga shares from one of
Citra Marga's founding shareholders, Yayasan Purna Bhakti Pertiwi
(YPBP).

YPBP is represented by Tito Sulistio and Bambang Soeroso, both
are Citra Marga directors.

According to Citra Marga's 1996 annual report it is owned by,
YPBP 22.01 percent; PT Jasa Marga 17.7 percent; PT Krakatau Steel
8.89 percent; PT Indocement Tunggal Prakarsa 8.80 percent; PT
Citra Lamtoro Gung Persada 4.40 percent; PT Bhaskara Duniajaya
2.01 percent; cooperatives 0.50 percent and the public 35.60
percent.

"The transaction will be realized after an approval from the
Capital Market Supervisory Agency and the extraordinary
shareholders meeting," Steady Safe said.(09)

Cipendawa

Publicly listed PT Cipendawa Farm Enterprise announced
yesterday its plan to issue rights shares to strengthen its
capital structure, pay its short-term loans and expand its
chicken-breeding farms.

Cipendawa President Soekaryo said yesterday after the
company's annual and extraordinary shareholders meetings that the
rights shares issue, scheduled for November, was expected to
raise Rp 80 billion (US$32.79 million).

Holders of four old shares will be entitled to buy one new
share, to increase the company's authorized capital to Rp 400
billion.

Soekaryo said Cipendawa was planning to expand its chicken-
breeding farms in Bencoy and Cipanas, West Java, this year.

Soekaryo said Cipendawa's net profit last year dropped sharply
to Rp 620 million from Rp 2.67 billion.

He said the drop was due to low prices of day-old chicks,
caused by large imports.

Soekaryo said the situation last year caused Cipendawa to
change its core business to selling parent stock rather than
final stock day-old chicks.

Soekaryo said Cipendawa targeted a net profit of Rp 5.1
billion this year.

During yesterday's meeting, shareholders agreed on a dividend
of Rp 50 per share, or a total of Rp 1 billion. (pwn)

Proteinaprima

Publicly listed poultry feed company PT Central Proteinaprima
(CPP) predicts the poultry business will remain weak this year
due to a decrease in day-old chick (DOC) prices and an increase
in corn and soybean prices.

Company director Sudirto said yesterday DOC prices decreased
from an average Rp 798 (33 US cents) a chick in 1995 to Rp 667 a
chick in 1996 and would remain weak throughout the year due to an
oversupply.

"We hope DOC prices will climb starting from 1998," he said
after the company's shareholders meeting.

Sudirto said corn, which makes up 50 percent of poultry feed,
cost Rp 500 a kilogram in 1996, 30 percent more than 1995; while
soybean prices increased 30 percent to Rp 785 a kilogram in 1996.

Corn and soybean prices had increased over the past several
months but would not reach the 1995 level, he said.

Sudirto said the increase in corn and soybean prices and the
decrease in DOC prices had cut CPP's net profit by 54.2 percent
to Rp 17.4 billion last year.

CPP's subsidiary PT Charoen Pokphand Indonesia (CPI), a
publicly listed poultry feed company, increased its net sales
28.3 percent to Rp 1.25 trillion in 1996. But its net profit
decreased 3 percent to Rp 52.6 billion.

CPP's shareholders meeting agreed not distribute any dividend
this year, while CPI distributed Rp 5.63 million, or Rp 20 per
share, as dividends. (jsk)

Budi Acid

PT Budi Acid Jaya is gearing up to become one of the biggest
tapioca flour and food suppliers in a bid to cope with growing
competition in the industry, its president said yesterday.

Santoso Winata said after the company's shareholders meeting
that it was building a tapioca plant in Lampung in cooperation
with Sumitomo Corp and Sanwa Corn Starch of Japan and Raisio
Chemical from Finland.

Santoso said the plant was expected to start operating in the
first quarter of 1998. It will initially be able to make 30,000
tons a year.

He said the company made a net profit of Rp 56.5 billion in
1996, up from Rp 30.2 billion in 1995.

Santoso attributed the company's strong 1996 performance to
its purchase of six tapioca plants and three plastic bag plants
in 1995.

"The acquisition had a positive impact on the company's
performance in 1996," he said.

PT Budi Acid Jaya, established in 1979, is 25.30 percent owned
by PT Budi Sulfat Jaya, 24 percent by PT Sungai Budi Perkasa,
17.30 percent by Budi Alam Kencana, 2.20 percent by Sungai Budi,
1.20 percent by others and 30 percent by the public.

Santoso said the company distributed a total dividend of Rp
150 a share out of the 1996 profit. (09)