Danamon's issues shares

Danamon's issues shares

JAKARTA (JP): Publicly-listed Bank Danamon has got its
shareholders's approval to issue 560 new shares in a limited
offering to raise Rp 840 billion (US$358 million).

The existing shareholders will be allowed to buy one new share
at Rp 1,500 for each old share, the bank said in a statement
yesterday.

The statement said that 80 percent of the proceeds will be
used to finance the bank's medium and long term loans, 10 percent
to establish new branch offices, and the remaining 10 percent to
set up more ATM facilities.

The statement also said that the bank's net profits increased
by 37 percent to Rp 133 billion last year.

Bank Danamon's total assets rose 34 percent from Rp 10.5
trillion in 1994 to Rp 14 trillion.

Danamon's credits, according to the statement, increased by 41
percent to Rp 10.5 trillion, while the funds raised from the
public came to Rp 10.8 trillion. (08)