Ometraco to issue rights shares

Ometraco to issue rights shares

JAKARTA (JP): PT Ometraco Corporation, a diversified holding
company listed on the Jakarta Stock Exchange, will issue 100
million rights shares at Rp 1,475 (approximately 67.04 U.S.
cents) each, as well as 37.5 million warrants, later this month.

Company President Boyke Gozali told reporters after annual and
extraordinary meetings of its shareholders yesterday that every
20 existing shares would entitle shareholders to subscribe to
eight rights shares and three warrants.

The exercise price of the warrant instruments is Rp 1,300 per
share, he said, adding that the rights would be given to
shareholders registered before June 29.

"The warrants will be traded on the market for five years,
beginning on July 13," he said.

Ometraco Corporation, a holding company engaged in the
production of shrimp meal poultry feed, pharmaceuticals, consumer
products, communications and financial services, reported a
consolidated net profit of Rp 38.9 billion (US$ 17.3 million)
last year, representing an increase of 1,150 percent from its
profit of Rp 3.2 billion in 1993.

The meetings, held at the Grand Hyatt hotel, also decided that
16 percent of the company's 1994 net profit would be distributed
as dividends.

"Shareholders will receive a cash dividend of Rp 25 (1.13 U.S.
cents) per share," he added.

Ometraco Corporation, which was listed on the Surabaya stock
exchange in 1992 as a leasing firm and changed its operational
status to that of a holding company following its listing by
acquiring a majority stake in its six affiliated companies, is 40
percent owned by the investing public.

Also at yesterday's meetings, the shareholders endorsed the
management's proposal to acquire a 51 percent stake of PT Bank
Tiara Asia at Rp 160.6 billion.

The bank is an Ometraco affiliate listed on the capital market
here. (kod)