Perdana Cipta acquires Alindo

Perdana Cipta acquires Alindo

JAKARTA (JP): Publicly listed PT Perdana Cipta Multi Finance
has acquired 59,900 shares or 99 percent of PT Alindo Internusa
Finance at Rp 100,000 (US$43) per share.

Perdana Cipta's chief commissioner Johannes Budisutrisno Kotjo
said yesterday the acquisition was part of his business group's
restructuring program.

He said Perdana Cipta would, under the restructuring plan, be
operated as a holding company specializing in financial
activities.

"Perdana Cipta will become our financial holding company with
the new name of PT Perdana Inti Investama. And Alindo will take
over the financial business of the former PT Perdana Cipta Multi
Finance," he said.

Kotjo said Alindo's paid-up capital would be increased from
about Rp 6 billion to between Rp 50 billion and Rp 100 billion to
back up its business expansion. He said the shares' nominal value
would also be lowered to Rp 500 from Rp 100,000 at present.

The company's shareholders had approved the restructuring plan
but "we don't know yet when we can fully implement the plan", he
said.

Kotjo said that as part of the restructuring, his company was
now trying to acquire a bank and a securities firm but he
declined to name them.

"I cannot tell you yet. We're still pursuing negotiations. But
what I can say is that I prefer to take over already-listed
companies."

Kotjo reportedly planned to take over publicly listed Bank
Papan Sejahtera and Andromeda Securities. He was also reported to
acquire Putrajuang Sekupindo, whose operations were suspended by
the Capital Market Supervisory Agency (Bapepam) on Oct. 29.

But he denied the reports, saying they were rumors.

In January, Perdana Cipta raised its authorized capital from
Rp 100 billion to Rp 500 billion and split one old share into two
new shares. The split was undertaken by halving the nominal value
of the shares from Rp 1,000 to Rp 500.

The company's net profit last year reached Rp 14 billion, as
compared to Rp 9 billion in 1994. It expects an increase of about
20 percent in its net profit this year. (bnt)