PT DSTP cooperates with Bank DKI to sell shares

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)