Ometraco sells subsidiaries for 192b

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)