Komatsu to be listed in Jakarta

Komatsu to be listed in Jakarta

TOKYO (Reuter): Komatsu Ltd. has applied to the Indonesian government for approval to list its Jakarta-based joint venture PT Komatsu Indonesia on the Jakarta Stock Exchange, a Komatsu spokesman said.

The venture is owned 50 percent by Komatsu, 35 percent by PT United Tractors, the Indonesian sales firm for Komatsu products, nine percent by Sumitomo Corp and six percent by Marubeni Corp.

Komatsu Indonesia plans to publicly offer 32 million shares, or 23.5 percent of its outstanding 136 million shares, to raise three billion yen, the spokesman said.

Komatsu Indonesia will use the funds raised to build a new plant in a suburb of Jakarta in order to boost output of construction machinery, the spokesman said.

The construction of the new plant will begin by the end of 1995 and be completed within a year. The aim is to boost the venture's total output capacity for construction machinery, such as excavators and bulldozers, to 2,400 units per year from the current 1,400, he said.

After the listing of Komatsu Indonesia, ownership will fall to 38.2 percent for Komatsu, 26.8 percent for United Tractors, 6.9 percent for Sumitomo and 4.6 percent for Marubeni, he said.

Komatsu hopes to list the Indonesian unit on the Jakarta Stock Exchange by the end of October after getting the government's permission, the spokesman said.

Annual sales of Komatsu Indonesia stood at Rp 275.80 billion (US$125.4 million) in calendar 1994, he said.