Nasio plans to sell shares

Nasio plans to sell shares

JAKARTA (JP): Despite the current financial meltdown, PT Nasio
Dutamitra Electric (NDE), a manufacturer of electric and
telecommunications cable and energy-saving light bulbs, plans to
launch an initial public offering (IPO) this year.

Fifty million shares to be offered in early March will be
listed on the Surabaya Stock Exchange at the end of the month, a
company statement said yesterday.

The lead underwriter of the IPO will be PT Asjaya Indosurya
Securities.

Sixty percent of the proceeds will be used to purchase new
machinery, while the remainder will go toward strengthening the
company's capital structure.

NDE's 1998 sales are projected to exceed Rp 104 billion
(US$14.44 million) with a net profit of Rp 1.7 billion, compared
to Rp 62.9 billion and Rp 2 million, respectively, in 1997.

The statement said the company would provide a dividend of
between 21 percent and 25 percent if net profit exceeded Rp 5
billion.

With an anticipated strong domestic demand in cables and
energy-saving light bulbs, the company is optimistic the target
will be attained.

It currently manufactures 12 types of cables and three kinds
of light bulbs. It has been awarded ISO 9002 international
certification. (08)