Mulialand and Bank Rama to sell shares to public

Mulialand and Bank Rama to sell shares to public

JAKARTA (JP): PT Mulialand, a property developer and PT Bank
Rama, a private bank, will issue new shares soon, with Sigma
Batara as the managing underwriter.

Frank Taira Supit, Sigma Batara's president, said yesterday
that Mulialand, a major commercial property developer, will issue
147 million new shares on April 18-21.

Frank told a press conference yesterday that 42 percent of the
funds to be raised from the initial public offering will be
allocated for loan repayments, 41 percent for the development of
Taman Anggrek Mall and Condominium and BRI III building project
and 17 percent for land acquisition.

Regardless of the sluggish condition of the stock market, he
was optimistic that the shares will be sold out at the maximum
allowable 14 times the value of projected earnings.

He said that the shares will be assessed by foreign fund
managers as a blue chip.

After the share issue, Mulialand will be 49.42 percent owned
by PT Muliasentra Gunaswakarya, 21.18 percent by PT Muliamustika
Tataindah and 29.40 percent by the public.

Indra Safitri, an executive of Sigma Batara, told The Jakarta
Post that the shares will be listed on the Jakarta and Surabaya
stock exchanges.

Mulialand is a subsidiary of the Mulia Group, which was
established in 1965 as a trading and contracting company. Today
it has six buildings throughout Jakarta with 273,000 square
meters of office space.

Haryanto Thamrin, a company director, said 65 percent of the
company's income is obtained from the rental of office space,
with Mulialand buildings boasting average occupancy rates of 93.3
percent.

Haryanto said the Taman Anggrek Mall and Condominium project
is being developed by PT Mulia Inti Pelangi. This company is 70
percent owned by Mulialand, 22.5 percent by PT Maharani Paramita,
a private company owned by Siti Hedianti Prabowo, and the
remaining 7.5 percent by PT Sinar Estetika, a private company
owned by businessman Peter Gontha.

The BRI III building project will be 100 percent owned by PT
Mulia Persada Pacific, a subsidiary of Mulialand and the owner of
the BRI II building.

He said the company's after tax profit increased from Rp 4.12
billion in 1992 to Rp 25.76 billion in 1993 and its revenue
increased from Rp 50.39 billion (US$23.4 million) to Rp 125.39
billion.

The company's assets also increased from Rp 11.7 billion in
1992 to 41.1 billion in 1993.

Bank Rama

Bank Rama, a private bank, will issue 25 million shares, which
will account for 33 percent of the bank's enlarged shares.

According to bank president Putu Antara, the bank expects to
raise Rp 75 billion, of which 70 percent will be used to expand
its loan portfolio, 20 percent to build new branches and 10
percent to finance the bank's new computer system.

Frank said the shares, which will be sold at about Rp 2,800 to
Rp 3,200, will also be listed on the Jakarta and Surabaya stock
exchanges.

The bank's assets increased from Rp 252 billion in 1989 to Rp
420 billion in 1993 and its after-tax profit more than tripled
over 1992 to Rp 4.6 billion last year.

Water producer

Meanwhile, PT Ades Alfindo Putera Setia, a mineral water
producer, will also sell 15 million common shares, accounting for
39.47 percent of its total shares.

Alfi Gunawan, the company's president, said that 40 percent of
the funds to be raised from the public offering will be used to
repay its debt and 60 percent to expand its production facilities
in Bali, Ujung Pandang of South Sulawesi and Semarang of Central
Java.

He refused to mention the offering price of the company's
shares, as it is still being negotiated with the company's
underwriter, PT Pentasena Arthasentosa.

Ades's after-tax profit increased from Rp 432 million in 1992
to Rp 3.3 billion in 1993, while its net sales increased from Rp
11.3 billion to Rp 33.3 billion.(03)