Mulia's right shares

Mulia's right shares

JAKARTA (JP): PT Mulia Industrindo, a publicly-listed manufacturer of ceramic and glass products, plans to issue two right shares priced at Rp 2,700 (US$1,10) each for every five old shares in May.

The company announced on Wednesday that 34.7 percent of the expected proceeds of Rp 321 billion will be allocated for debt repayment.

The remaining 68.3 percent will be used to strengthen the working capital of the company's subsidiaries -- PT Mulia Glass and PT Mulia Keramik.

The companies will get 33.6 percent and 34.7 percent respectively of the total proceeds to finance their expansion projects.

Mulia Industrindo also announced that its net profits rose by 78 percent to Rp 67.4 billion last year, supported by a 39 percent increase in net sales which hit a record of Rp 327.5 billion. (08)