Merrill buys 10% in KIA

Merrill buys 10% in KIA

JAKARTA (JP): Merrill Lynch and Co. of the U.S. has acquired a
10 percent stake in the publicly listed PT Keramika Indonesia
Assosiasi (KIA), the ceramic subsidiary of the Ongko Group.

PT Ongko Multicorpora announced yesterday that the 10 percent
stake represented 8.49 million shares. It did not disclose the
transaction value of the shares.

"We're very optimistic about Merrill Lynch's investment in
KIA. This is its first acquisition in Southeast Asia," said
Imanto Ongko, president of PT Multicorpora.

The New York-based Merrill Lynch, which claims to be a global
leader in investment banking, capital raising, securities
brokerage and asset management, is the first U.S. securities firm
to have a full-service Indonesian brokerage firm, PT Merrill
Lynch Indonesia, in Indonesia.

KIA -- a major manufacturer and distributor of ceramic wall
tiles which is listed on the Jakarta and Surabaya stock exchanges
-- is also the sole distributor in Indonesia for PT Indo American
Ceramics.

Indo American Ceramics is a joint venture between PT Ongko
Multicorpora and American Standard Ltd., which is a leading
producer of ceramic bathroom fixtures. (bnt)