PT DSTP cooperates with Bank DKI to sell shares

JAKARTA (JP): PT Dua Satu Tiga Puluh (DSTP), a company assigned to support the N-2130 passenger national jet aircraft project, signed an agreement yesterday with the city-owned Bank DKI to facilitate the public offering of its shares.

Under the deal, Bank DKI will handle the administration of funds collected from individuals and parties interested in purchasing DSTP shares.

In return, the bank would be able to collect the interest while the money was being kept at the bank before DSTP collected it.

A similar agreement was signed yesterday with banks in all the other provinces.

The firm's president, Saadillah Mursjid, said yesterday the public offering had been effective since March 11 upon approval by the Capital Market Supervisory Agency.

Since the approval of its public offering, the company has traveled across the country seeking financial support for Indonesia's first passenger jet project.

The fee collected from the public offering would be used to develop the US$2 billion N-2130 jet, whose maiden flight is scheduled for 2003, said Saadilah, who is also Minister/Cabinet Secretary.

The event was witnessed by Governor Surjadi Soedirdja and National Development Planning Board deputy chairman Rahardi Ramelan.

DSTP is selling 774,398 shares at Rp 2.4 million (US$889) each and 400,000 common stocks, split into 460 units, for Rp 5,500 per share. The shares have a nominal value of Rp 2.3 million and Rp 5,000 each respectively.

Outgoing governor Surjadi guaranteed that Bank DKI could carry out its task properly and sell a large number of shares quickly.

According to Surjadi, the average per capita income of Jakartans, $3,600, is well above the national average of $900.

"Therefore, it's natural that Jakartans are expected to strongly support the project," he said.

He agreed that DSTP had an important goal which needed public support.

"But Bank DKI can also benefit from the deal by collecting the interest," Surjadi told reporters.

President Soeharto, in his private capacity, established DSTP in February last year with an equity capital of $400 million and 25 employees.

The N-2130, which is the second airplane to be designed and engineered entirely in Indonesia, is scheduled to enter the market by 2005. It has a capacity of between 100 and 130 passengers and a maximum speed of 900 kilometers an hour.

Saadillah has predicted that the company, the name of which is Indonesian for two, one, thirty, would be able to pay dividends after its 10th year of operation. (ste)