Mulialand to acquire firm

Mulialand to acquire firm

JAKARTA (JP): PT Mulialand, a publicly-listed property
developer, said yesterday that it has raised upwards its profit
projection from Rp 114 billion (US$48 million) to Rp 140 billion
for this year.

The company said in statement that the revision was made based
on higher foreseeable revenues from several new income sources,
including office rental of the GKBI building and rents of its
Taman Anggrek mall.

The statement said that the company got shareholders' approval
yesterday to acquire PT Muliacemerlang Dianpersada,
the operator of the GKBI building, at a cost of Rp 141 billion.

The GKBI building is located on Jl. Sudirman, Central Jakarta

"Revenues from the rents of our office space and shopping mall
are estimated to reach Rp 263.8 billion this year, compared with
Rp 165 billion last year," an executive of the company, Tjahja
Satiadi, said in a statement.

The statement also said that at their annual meeting
yesterday, the company's shareholders approved to pay out 40
percent of the company's 1995 net profits, totaling Rp 37
billion, in final dividends.

The shareholders also approved the management's plan to issue
113.4 million shares, to be priced at Rp 1,250 each, through a
limited offering.

Proceeds of the rights issue will used to finance the planned
acquisition. (alo)