Wed, 10 Aug 1994

PT Pembangunan Jaya to go public in 1997

PT Pembangunan Jaya, a joint-venture company which manages Ancol Dreamland in North Jakarta, will go public in 1997.

O.H. Panggabean, a deputy director of PT Pembangunan Jaya, told city councilors Monday during a visit to the recreation center that the company is now making preparations for the plan.

PT Pembangunan Jaya was established by a number of prominent businessmen, including A.M. Dasaad, J.D. Masie, H.M.N.M. Hasyim Ning and Ciputra in cooperation with the Jakarta city administration in 1961.

Developing the swamp in Ancol into a recreation center was only one of its missions.

Helmy AR Syihab, the chairman of the City Council's Commission C on finance, has thrown his weight behind the group's plan to go public.

"Going public will be good financially for the company and the city administration too since it will mean that its financial contribution to the government can be higher and that its service to the community, particularly in providing affordable entertainment for low-income people, will be better," Helmy said. (arf)