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)