Nomura to quit Tancho

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)