Pasaraya to offer incentives

Pasaraya to offer incentives

JAKARTA (JP): PT Pasaraya Nusakarya, a retail firm owned by
PT ALatieF Corporation, will offer incentives to prospective
local investors buying its shares in the initial public offering
slated for next month.

"The incentives will be vouchers for shopping at the company's
outlets as well prizes like free air tickets to Asian cities and
Australia," Rahardjo Ramelan, a director of PT Bahana Securities,
the underwriter of the share issuance, said at a public
presentation here Thursday evening.

He said the incentives would be provided for local investors
who fulfill certain criteria such as keeping the shares for a
certain period of time.

"Details are to be announced soon," said Rahardjo.

Pasaraya Nusakarya currently has two department stores in
Jakarta and holds three foreign franchises, the Seibu
garment-and-households store chain of Japan, the Maruzen book and
stationery store chain of Japan and the Best Connection
electronic goods store chain of Singapore.

Pasaraya Nusakarya's president, Usman Dja'far, said that his
firm would soon open outlets in Bandung, West Java, and in
Ujungpandang, South Sulawesi.

"We will build a Hyatt Regency hotel and a Pasaraya store in
Ujungpandang because the city is now linked by air with Singapore
and Kuala Lumpur," Usman said.

Pasaraya Nusakarya will issue 151 million new shares worth 35
percent of its enlarged capital, with a nominal price of Rp 500
(US$0.21), to raise funds of over Rp 250 billion.

"The funds will be used for business expansion, the opening of
new outlets and repayment of debts," Usman said.

The company will also hold road shows to promote the shares in
Asia, Europe and the United States.

The shares will be listed on the Jakarta Stock Exchange.(kod)