Intinusa to offer shares to public

JAKARTA (JP): PT Intinusa Selareksa, a natural granite processor and a subsidiary of the Napan group, will offer five million new shares amounting to 32.6 percent of its enlarged common stock to the public in the middle of July.

The company's president, Just Saragih, told reporters after a presentation here yesterday afternoon that the new shares will be sold at a primary offering price of Rp 3,100 (US$1.44) with a price-earning-ratio (PER) of about 9.5 times to 10.5 times.

Just said his company expects to generate about Rp 16 billion ($7.41 million) from the issuance.

The company's financial director, Hendrianto Winata, said Intinusa will use 50 percent of the proceeds from the share issuance to procure new processing machines, 40 percent to repay debts and the remaining 10 percent to strengthen the company's working capital.

Hawari Azis, a director of PT Danareksa Sekuritas, Intinusa's lead underwriter, said the primary offering period will run from July 18 to 25.

The new shares will likely be listed on the Jakarta Stock Exchange by the middle of August, Hawari added.

Just said Intinusa is holding 30 percent of the granite market in Indonesia which amounts to about 500,000 cubic meters per year.

He said that five granite processors are currently operating in Indonesia.

The president said his company still imports the raw materials for the granite.

"We import granite block from Europe, Africa, Asia, Australia and America." Just said, "but we are exploring granite block resources in the country and hope to produce in 1996."

Hendrianto said the company's after-tax profit rose to Rp 811.83 million ($376,200) last year from Rp 352.09 million ($163,160) in 1992. During the same period, its total assets dropped to Rp 36.44 billion ($16.88 million) last year from Rp 37.46 billion ($17.36 million). (02)