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)