Fishery firm to offer 84 million shares to public

JAKARTA (JP): PT Bahtera Adimina Samudra, an export-oriented fishery company, will offer 84 million shares to the public later this month to raise funds for its planned expansion.

Company president Laurentius Soegiarto said on Thursday the shares, which would have a nominal value of Rp 500 per share, would account for 26.41 percent of the company's enlarged capital.

"Hopefully, the shares will be listed on the Jakarta Stock Exchange on Sept. 30," he said following a public presentation of the company's planned initial public offering (IPO).

Soegiarto said the shares would be sold for between Rp 600 and Rp 650 (about eight US cents) per share during the offering period between Sept. 20 and Sept. 23.

The company also will issue 33.6 million warrants to sweeten the public offering.

Soegiarto said around 49 percent of the IPO proceeds would be used as a down payment on six fishing vessels the company plans to begin operating next year. He also said 33 percent of the proceeds would be used to pay the company's US$3.4 million in debts, and the other 18 percent would go toward increasing the company's working capital.

Exim Securities, Lippo Securities, Merincorp Securities Indonesia and PT Sentra Investindo will underwrite the public offering.

At present, the company is 99.99 percent owned by PT Adiguna Reksasegara and 0.01 percent owned by Windi Hermanto, the company's chief commissioner, who also holds a 50 percent stake in Adiguna Reksasegara.

Soegiarto said the IPO would reduce Adiguna Reksasegara's stake in the company to 66.59 percent.

He said Bahtera Adimina Samudra, established in 1989, booked a gross profit of Rp 3.71 billion last year, compared to Rp 130 million in 1997.

"Our gross profit increased markedly to Rp 13.55 billion in the first six months (of this year)," he said.

The Jakarta-based company operates its 14 fishing vessels in the Arafura Sea, part of Indonesia's Exclusive Economic Zone, and exports its products to China.

"Starting next year, we will expand our exports to Japan, South Korea and Taiwan," Soegiarto said.

The company also said it planned to set up a cold storage and ice factory in Fakfak, western Irian Jaya.

Soegiarto said he was optimistic that net sales would swell to Rp 80.82 billion this year from Rp 24.32 billion in 1998 due to an increase in demand from overseas market.

He said this year's net profit was also estimated to reach Rp 34.34 billion as compared to only Rp 5.58 billion last year. (01)