Hardiyanti's company to go public

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.
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