Ometraco to sell shares to public

JAKARTA (JP): PT Ometraco Realty, a property development, management and investment company, will offer 35 million shares worth between Rp 2,000 (US92 cents) and Rp 2,250 ($1.04) per share to the public next month.

The company's president, Boyke Gozali, said that Ometraco Realty, the seventh subsidiary of the Ometraco Group, expects to gain Rp 70 billion to Rp 80 billion from the share issuance.

"Around 67 percent of the funds will be invested in the group's subsidiaries, which have interests in apartments and shopping centers, while the rest will be used to strengthen the company's capital structure and financial position," he said.

According to Gozali, the company, established in 1969 by Ferry Teguh, has completed several construction projects, including the Blok M Mall and Wisma Bank Tiara in Jakarta, and is working on the 300-unit Tropical Apartment in Jakarta, 152-room Novotel Hotel in Surabaya and Heritage Village real estate in Tangerang.

He said PT Danareksa Sekuritas will be the lead underwriter of the offering, which will begin in the middle of next month.

Ometraco Realty's total assets reached Rp 249 billion ($115.43 million) last year, increasing from Rp 216 billion ($100.13 million) the previous year. The company's fixed assets were Rp 111 billion ($51.46 million) in 1993, doubling from Rp 52 billion ($24.10 million) in 1992.

The company's net profits last year were Rp 1.5 billion ($695,410), while its unaudited financial report showed that the net profits reached Rp 1.4 billion ($649,049) during the first quarter of this year.

After the public offering, the company will be 63.91 percent owned by Ometraco Group, 25.93 percent by the public and 10.16 percent by other individual investors.(yns/icn)