Daya Guna offers shares

JAKARTA (JP): PT Daya Guna Samudra, a fishery company based in Aru, South Maluku, which operates 150 fishing boats, plans to offer 20 percent of its shares to the public to raise between Rp 170 billion (US$72 million) and Rp 200 billion.

The company said in a statement yesterday that the share offering proceeds will be allocated to finance its expansion project, strengthen its working capital and repay debts.

Daya Guna currently has an annual production capacity of 80,000 tons of canned fish, prawn and fishmeal but the sustainable fish catch in the eastern Indonesian waters is estimated at 2.5 million tons a year.

"Most of the production is exported to Thailand, China, Singapore, Japan and Malaysia," the statement said.

ING Baring Securities, which is acting as the lead underwriter of the share issue, said that the shares will be priced with a price earning ratio of six to 10 times.

Daya Guna, established in 1978, recorded an increase in its net profit from Rp 12 billion in 1994 to Rp 45.8 billion last year.

It expects to book a profit of Rp 96 billion this year.

ING Baring said that Daya Guna's revenue rose from Rp 226 billion in 1994 to Rp 336 billion in 1995. (alo)