Jababeka industrial estate to offer shares

JAKARTA (JP): PT Kawasan Industri Jababeka, the developer of a housing and industrial estate in Cikarang, West Java, yesterday announced a plan to offer 47 million new shares that will account for 15 percent of total common stocks in December.

"After the share offering, we expect our total issued share capital will increase to Rp 313.64 billion (US$142.56 million)," Jababeka's managing director, S.D. Darmono, said at a presentation here yesterday.

He said that Jababeka, established in 1989, controls 790 hectares of land for its industrial estate and 1,000 hectares for its housing complex.

The company, which owns five subsidiaries, is controlled by a group of well-known industrialists and property developers who sit on Jababeka's board of commissioners. They include Sudwikatmono, Budi Brasali and Benjamin Suriadjaya.

Darmono also said Jababeka's sales, operating profits, net incomes and assets have been on increasing trends from 1991 to this year's first semester.

He said sales grew from Rp 46.79 billion in 1991, to Rp 52.18 billion in 1992, and to Rp 84.32 billion in 1993. Sales reached Rp 92.83 billion in the first semester of 1994.

Operating profits grew steadily from Rp 12.82 billion in 1991, to Rp 16.34 billion in 1992, and to Rp 31.40 billion in 1993. They reached Rp 28.58 billion in this year's first semester.

Net income, which in 1991 was only Rp 12.85 billion, rose to Rp 15.49 billion in 1992, and to Rp 30.31 billion in 1993. In the first semester of this year, the income reached Rp 19.10 billion.

Darmono said the company's assets grew steadily from Rp 112.28 billion in 1991, to Rp 167.11 billion in 1992, and to Rp 378.71 billion in 1993. As of the end of the first quarter of this year they were Rp 508.18 billion.

Jababeka's debts, in the meantime, decreased, Darmono said.

Debts dropped from Rp 38.20 billion in 1991, to Rp 27.46 billion in 1992, before rising to Rp 46.73 billion in 1993. But they fell back to Rp 7.76 billion as of this year's first quarter.

Darmono also explained that Jababeka plans to launch a road- show abroad to promote the share offering in various cities, including Paris, Boston, New York and Zurich in Switzerland.

Jababeka's share offering in Indonesia is underwritten by Niaga Securities. (hdj)