Nomura to quit Tancho

JAKARTA (JP): Two Japanese investors will divest their entire stake in PT Tancho Indonesia, a publicly listed cosmetics and perfume producer, the company said on Thursday.

Tancho corporate secretary Dodi Ardityagraha said that Nomura/Jafco Investment (Asia) Ltd and PT BNI Nomura Jafco Investment were gradually selling their shares in the company through the local stock market.

Nomura/Jafco plans to sell its shares in the cosmetics company by June 2000 while BNI Jafco Investment expected to finalize its divestment by December this year, he said.

All the shares sold by the two investors were bought by Mandom Corporation, the current majority shareholder rising its stake in the company to 54.84 percent, Mandom said in a statement sent to the Jakarta Stock Exchange.

PT Tancho Indonesia was founded in 1969, with 40 percent owned by Mandom Corporation (originally Tancho Co. Ltd) of Japan and 60 percent belonging to N.V. The City Factory Indonesia.

According the 1998 Indonesian Capital Market Directory, Mandom owned 51.03 percent in the company, while BNI Nomura and Nomura/Jafco held 2.04 percent and 1.77 percent respectively.

In the first semester of this year ending on June 30, Tancho reported net profit of Rp 25.52 billion, compared to net loss of Rp 15.25 billion in the same period last year. (hen)