Dharmala Finance to split its stock
Dharmala Finance to split its stock
JAKARTA (JP): Shareholders of the publicly listed PT BBL
Dharmala Finance agreed yesterday to the company's proposal to
split its nominal share value from Rp 1,000 (40 US cents) to Rp
500.
Dharmala's president, Arton Taweechotipatr, said after
yesterday's annual general and extraordinary shareholders
meetings that the split would double the number of shares to 180
million.
"The split will improve the stock liquidity," Taweechotipatr
said.
Shareholders also approved a final dividend of Rp 90 a share
on June 4.
"Interim dividends were distributed at Rp 60 a share on
Dec.18," he said.
Dharmala Finance, which operates in leasing, consumer finance
and factoring, is 51.8 percent owned by Dharmala Group's PT
Dharmala Sakti Sejahtera, 22.50 percent Bankok Bank Pcl and 25.67
percent by the public.
Last year, the company's net profit rose 36 percent to Rp
33.74 billion from Rp 24.84 billion in 1995.
He said Dharmala's leasing business contributed 70 percent of
the total revenue, consumer finance 22 percent and factoring made
up the remaining 8 percent.
The company's total assets reached Rp 656.33 billion last
year, up 43.86 percent from Rp 456.22 billion in 1995.
Taweechotipatr predicted a 25 percent growth in turnover this
year.
"Additional funds for new financing will reach Rp 300 billion
this year," he said, adding that his company had signed a US$20
million loan agreement with a German investment bank.
Last year, Dharmala received two medium to long term
syndicated loans arranged by International Finance Corporation
and Singapore's Sakura Bank for $50 million and for $40 million
from Nederlandse Financierings-Maatschappij voor
Ontwikkelingslanden NV, Indover Bank NV and Jakarta's ING Bank.
The company also listed its third bond issue on the Surabaya
stock exchange last year with a nominal value of Rp 100 billion.
During yesterday's meeting, shareholders agreed to give Rp
611.72 million to the government's poverty eradication program.
(02)