Intikeramik to sell shares

JAKARTA (JP): Intikeramik Alamasri Industri, one of Indonesia's major porcelain tile makers, will issue 100 million shares or 29.5 percent of its equity in an initial public offering.

The company said yesterday it expected to raise about Rp 85 billion (US$36.2 million) in the issue.

PT Danareksa Sekuritas and PT Pentasena Arthasentosa will underwrite the issue.

Intikeramik's president Lie Ju Tjhong said float's proceeds would be used to strengthen its financial structure and boost production.

"We have recently completed a big new factory which raises our annual capacity from 2.7 million square meters to 6.6 million square meters, making us among the top 10 producers worldwide," he said. (bnt)