Humpuss Intermoda to ofer 16.44% of shares to public

Humpuss Intermoda to ofer 16.44% of shares to public

JAKARTA (JP): PT Humpuss Intermoda Transportasi (HIT), which
reported a profit of Rp 10.7 billion (US$2.98 million) in the
first half this year, plans to float 16.44 percent of its shares
this year despite the bearish local stock market and currency
upheaval.

HIT, dealing with shipping, transportation and container
businesses, will be the first segment of the diversified Humpuss
Group to float shares on the local stock exchange. The group is
owned by Hutomo (Tommy) Mandala Putra, President Soeharto's
youngest son.

HIT's president, Subroto Purwosutarto, said here yesterday
that his company would offer 74 million shares, or 16.44 percent
of its total shares, each with a par value of Rp 500.

"Shipping, a vital infrastructure link for the archipelago, is
a strategic industry and contributes some 5 percent of the gross
domestic product," he said.

"The current currency turmoil is trivial to the firm, since it
generates its revenue and income in U.S. dollars," he said. He
refused to disclose how much HIT expected to gain from the
initial public offering (IPO).

He said the company would use 45 percent of the IPO proceeds
to support the container port project developed by HIT's
subsidiary, PT Humpuss Terminal Petikemas (HTP), 40 percent to
procure three new tankers and the remaining 15 percent to
strengthen its capital.

HTP, which is 51.8 percent owned by HIT, is now developing a
multimillion-dollar container terminal at the capital's Tanjung
Priok Seaport under a joint-operation scheme with state-owned PT
Pelindo II port management corporation.

PT Bahana Sekuritas and PT PDFCI Securities, which have been
selected as the managing underwriters of HIT's float, said the
IPO would be made from Nov. 17 to Nov. 19, while the allotment
and listing would be on Nov. 27 and Dec. 8 respectively.

HIT, set up in 1992, was previously called PT Humpuss Sea
Transport. HIT reported a gross margin of 43 percent, operating
margin of 31 percent and net income margin of 8.4 percent as of
June 30 this year.

The company's net income was Rp 22.7 billion in 1996, a bit
lower than Rp 23.5 billion in 1995.

Replacement

With total assets of Rp 895.1 billion, HIT recently secured
US$49.12 million in offshore loans from Japanese and Korean banks
to be used to finance the construction of three new tankers. The
vessels would be chartered by state-owned oil company Pertamina.

The Humpuss Group, which focuses on transportation, oil and
gas, petrochemicals, trading and distribution and other
businesses, currently has a portfolio of 20 subsidiaries and more
than 40 direct and indirect affiliates.

Last year, PT Sempati Air, which also is partly owned by
Humpuss, canceled its plan to float its shares on the Jakarta
Stock Exchange. (icn)