Impack to sell 50m shares to the public

JAKARTA (JP): Plastics producer PT Impack Pratama Industri will sell 50 million new shares, 30.33 percent of its total common stocks, to the public early next year, the company announced yesterday.

Impack's president, Haryanto Tjiptodiharjo, said the company's shares, each with a par value of Rp 500, would be sold at a price earnings ratio of between 7.4 and 7.9 times their 1998 earnings per share forecast.

Haryanto said about 70.5 percent of the proceeds would be used to expand the company's and its subsidiaries' business in plastic roofs, disposable cups and plastic compounds.

The remaining 29.5 percent would be used to strengthen the company's working capital, he said.

The issuance of the new shares would be underwritten by PT Jade Securities and PT Pentasena Arthasentosa.

The shares would be listed on the Jakarta Stock Exchange on Jan 28 and would be offered to the public from Jan. 12 through Jan. 14.

PT Impack, established in 1981, focuses on supplying plastics for growing consumer and industrial markets.

The company has two divisions -- a building material division and plastic compound division -- and four subsidiaries: PT Indahcup Sukses Makmur, PT Kreasi Dasatama, the Australian and New Zealand-based Mulford Plastics and Australia's Laserlite.

Haryanto said the company booked Rp 6.4 billion (US$1.7 million) in net profit and Rp 99.8 billion in sales in the first half of this year.

Its income from operations reached Rp 12.5 billion and assets totaled Rp 187.4 billion as of June.

The company booked a net profit of 10.3 billion last year, a 6 percent increase from Rp 9.7 billion in 1995.

Net sales were Rp 183.8 billion last year against Rp 150.2 billion in 1995.

The company produces plastic and paper disposable cups for the retail and fast food industries, and roofing materials for commercial, residential and industrial purposes.

Its plastic compounds are used for cosmetics and pharmaceutical bottles, food and beverage containers, and containers for camera film.

The company also produces industrial plastic sheets for outdoor advertising and the automotive industry.

The company claimed having a 90 percent market share in plastic roofs, over 45 percent for disposable cups, over 70 percent of plastic compounds and 90 percent for industrial sheets in Indonesia.

Its products were used by some well-known brands, such as Indofood, Coca-cola, Simas margarine, Aqua and Ades drinking water, Mustika Ratu cosmetics and Unilever. (gis)