Ometraco sells subsidiaries for 192b

JAKARTA (JP): Shareholders of publicly listed Ometraco Corporation approved Tuesday the sale of the company's two subsidiaries -- PT Supra Usadhatama and PT Supra Ferbindo Farma -- to PT Tempo Scan Pacific for Rp 192 billion (US$80.67 million).

PT Supra Usadhatama is a distribution company and PT Supra Ferbindo Farma is a manufacturer of over-the-counter pharmaceutical products including oskadon, contrex, contrexyn, oskadryl, oskamag, oskavit, andikap, piraska and rheumapil.

Ometraco purchased the two companies in 1993 for Rp 25 billion.

"We made a capital gain of almost nine times the value we bought them for several years ago," Ometraco president Boyke Gozali told the press on Tuesday after the company's extraordinary meeting.

He said 50 percent of the proceeds from the sale would be used to expand the company's consumer goods business and the other 50 percent for expanding its financial services.

Ometraco Corporation deals with three main business sectors -- consumer goods, financial services and infrastructure business.

He said Ometraco Corporation's net profit and revenue were around Rp 66 billion and Rp 1.8 trillion, respectively, last year.

The consumer goods sector contributed 48 percent of its 1996 profit, the financial sector 50 percent and infrastructure 2 percent.

"The contribution from infrastructure fell in 1996 due to decreasing demand in electricity and telecommunication industries," he said. He did not elaborate.

He said infrastructure could contribute around 10 percent to the company's total net profit in 1997, financial sector 45 percent and consumer goods 45 percent.

"We expect revenue to grow by around 20 percent in 1997," he added.

Ometraco Corporation owns 51 percent of the stake in Japfa Comfeed, 69 percent in PT Multibreeder Adirama Indonesia, 51 percent in Bank Tiara and 51 percent in PT Trafindo Perkasa. (09)