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)