Firm's shares oversubscribed

Firm's shares oversubscribed

JAKARTA (JP): PT Wicaksana Overseas International, a consumer
goods distribution company, yesterday announced a 150-percent
oversubscription of the primary offering of its new 20 million
shares through the capital market.

A company commissioner, Jusak Widjaja, told reporters here
yesterday the new shares, sold at Rp 3,250 (US$1.49) each, will
be listed on the Jakarta Stock Exchange on Aug. 8.

The company will use the funds from the share offering to
expand its distribution network, to increase its stake in the
Michiyo noodle company, to pay part of its debts and to increase
the capacity of its warehouses.

Jusak explained that the company projects total sales of Rp
448 billion this year, as compared to Rp 318 billion in 1993.
(yns)