Ometraco to sell shares to public

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)