Hardiyanti's company to go public

JAKARTA (JP): PT Citra Marga Nusaphala Persada, a toll road construction and management company which is controlled by President Soeharto's daughter, Siti Hardiyanti Rukmana, will offer between 35 million and 40 million shares to the public in September.

Citra Marga's Director Bambang Soeroso announced over the weekend that the public offering is expected to raise Rp 315 billion (US$145.8 million) in fresh funds.

"The funds will be used to repay part of our debts and to finance the construction of the 11.53 kilometer harbor toll road in Jakarta," Soeroso said.

Soeroso said the shares will account for about 20 to 25 percent of the company's total common stocks.

The company reported a net profit of Rp 31 billion last year, much higher than the Rp 8.7 billion in 1992 and expects net earnings of Rp 65.76 billion this year.

According to Soeroso, the Capital Market Supervisory Agency (Bapepam) has approved the offering plan in principle.

The company's 1993 financial report put its long-term debt at more than Rp 579 billion, of which Rp 275 billion were in the form of bonds. But no further information was immediately available as to the name of the public accountancy firm which audited the company.

Citra Marga's share offering will be underwritten by PT Pentasena Arta Sentosa securities company which is also affiliated with the Citra Lamtoro Gung Group, of which Citra Marga is a unit.

Soeroso said Citra Marga's total assets as of last year amounted to Rp 632 billion but he did not detail the composition of the assets.

The company, like all other investors in toll roads, operates toll roads under a 30-year concession from the government. At the end of the concession period, the toll roads will have to be handed over to the state-owned PT Jasa Marga toll road company. (02)