Dua Satu Tiga Puluh offers shares to public

Dua Satu Tiga Puluh offers shares to public

JAKARTA (JP): PT Dua Satu Tiga Puluh, a company established by
President Soeharto to support the development of a prototype of
the N-2130 passenger national jet aircraft, yesterday began the
offering of the company's shares to the public.

DSTP President Saadillah Mursjid said the company was offering
774,398 bearer shares with a nominal value of Rp 2.3 million
(US$958) each at Rp 2.4 million per share, and 400,000 common
stocks.

He said that the 400,000 common stocks were split into 460
units each, with a nominal value of Rp 5,000, and sold at Rp
5,500.

Saadillah, who is also cabinet secretary, said the proceeds
would be used to develop the $2-billion N-2130 jet. The
aircraft's maiden flight is scheduled for 2003.

He said the public offering had been effective since March 4
upon approval of the Capital Market Supervisory Agency.

The shares would be offered directly to the public without
being listed on the capital market.

Soeharto, in his private capacity, established DSTP in
February last year with an equity capital of $400 million and 25
employees.

DSTP and the Bandung-based state-owned aircraft manufacturer
PT Industri Pesawat Terbang Nusantara (IPTN) last October signed
a financing agreement for the production of Indonesia's first
passenger jet.

Under the agreement, DSTP would provide $2 billion for IPTN to
design, develop and produce two types of N2130 passenger jets and
obtain at least three international certifications for the
aircraft, including from the U.S. and Japan.

The N-2130, which is the second airplane to be designed and
engineered entirely in Indonesia, is scheduled to enter the
market by 2005. It has a capacity of between 100 and 130
passengers and a maximum speed of 900 kilometers an hour.

Saadillah had earlier predicted that the company would be able
to pay dividends after its 10th year of operation.

He said DSTP had to sell at least 326 jetliners to break even.
However, he was optimistic this could be achieved by the year
2013. About half the sales are expected to be made to domestic
airliners.

IPTN's President B.J. Habibie, also the minister of research
and technology, had earlier estimated the world would need some
3,200 units of 100-to-130-seater passenger planes between the
2005 and 2025.

Indonesia's first locally designed airplane, the N-250
turboprop passenger plane, made its maiden flight in August 1995.
(pwn)