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)