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)