Kedaung Indah Can expands marketing to U.S. and Europe

JAKARTA (JP): PT Kedaung Indah Can, an enamelware producer listed on the Jakarta and Surabaya stock exchanges, will expand its marketing networks in America and Europe by establishing cooperation with two companies based in Los Angeles and Hamburg.

PT Kedaung Indah Can's president, Johan Dharmawan, said in an annual meeting of the firm's shareholders here on Friday that the Los Angeles company, which sells 80 percent of its own products in Latin American countries and the other 20 percent in the United States, is expected to help introduce Kedaung's products into Brazil, Mexico, Argentina, Chile, Peru and the United States.

Kedaung will assign the Hamburg company to market its products in European countries, he said.

Johan refused to disclose the names of the two companies because negotiations are still underway.

Kedaung's chief commissioner, Agus Nursalim, said the company's after-tax profit increased by 37.3 percent to Rp 7.5 billion (Rp 245 per share) last year from Rp 5.46 billion in 1992. Its total assets more than doubled to Rp 77.82 billion as of last December from Rp 37.37 billion as of the end of 1992.

He said the company will distribute a dividend of Rp 50 per share from its 1993 profit on July 17. Shareholders registered on June 17 will be entitled to dividends.

The company has two subsidiaries, Gelas Product Pte. Ltd. in Singapore and Borneo Enamel Industrial Sdn Berhad in Malaysia.

Kedaung, established in 1974 and listed on the Jakarta and Surabaya stock exchange in October 1993, is 40 percent owned by PT Kedaung Subur, 36 percent by Agus Nursalim, four percent by businessman Tan I Tjhin and 20 percent by the investing public. (09)