Panin Overseas to float 12.5m shares
Panin Overseas to float 12.5m shares
JAKARTA (JP): PT Panin Overseas Finance, a multi-financing
division of the Panin Group, will offer new shares to the public
next month as a means of strengthening its capital base.
Panin Overseas' chief commissioner, Chandra Gunawan, said in a
public presentation yesterday that 12.5 million shares would be
offered, representing 22.94 percent of the company's enlarged
number of shares.
The new shares, each with a par value of Rp 1,000 (US$0.45),
will be listed on the Jakarta Stock Exchange.
PT Nomura Indonesia is acting as underwriter of the share
issue.
Hendra H. Kustarjo of Nomura said the new shares were likely
to be offered at Rp 1,400 a piece, representing a price-earnings
ratio of eight times.
"However, this price is subject to change because we are still
negotiating with Panin Overseas over the share pricing," Hendra
said.
The president of Panin Overseas, Firman Djunid, said that
after the planned public offering, the company will be 34.59
percent owned by PT Panincorp, 27.75 percent by PT Panin
Investment Enterprises Ltd., 10.60 percent by PT Usasli, 4.12
percent by DPK Panin Bank and 22.94 percent by the public.
Firman said that about 40 percent of the funds expected from
the share float would be used to support Panin Overseas' consumer
financing, while 30 percent would go towards its factoring
services and another 30 percent to its leasing services.
He said his company's unaudited after-tax profits last year
fell by almost 73 percent from their 1993 level to Rp 5.6 billion
($2.54 million).
"We booked a high after-tax profit of Rp 20.66 billion in 1993
because in that year we received dividends from our investments
at PT Panin Bank, PT Panin Insurance and PT Panin Life," Firman
said, adding that his company had not received dividends from the
three companies -- all publicly-listed companies -- during 1994.
Panin Overseas, with total assets of Rp 131.1 billion as of
last October, expects a net income of Rp 8.8 billion this year,
he said. (rid)