Elang's equity placement

Elang's equity placement

JAKARTA (JP): Publicly-listed Elang Realty announced yesterday
that all proceeds raised from its initial public offering last
year were used to increase its equity participation in its four
subsidiaries.

Elang Realty's chief commissioner, Hindoro Budiono Halim, told
shareholders in an annual meeting yesterday that 60 percent of
the public offering proceeds or about Rp 38.82 billion (US$16.87
million) were used to increase its equity in PT Villa Del Sol
Agro Tourism.

Another Rp 12.94 billion were injected into PT Puri Diamond
Pratama, Rp 7.11 billion into Elangperkasa Pratama and the
remaining Rp 5.82 billion into PT Citrasaudra Abadi.

The shareholders agreed to the reappointment of Prasetio,
Utomo and Co. as the financial auditor of Elang Realty for 1996.

Elang Realty is a property company listed on the Jakarta Stock
Exchange. (hen)