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Sat, 30 Nov 1996

JP/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)