PT Pudjiadi Prestige will offer 26 million shares

JAKARTA (JP): Property developer PT Pudjiadi Prestige Ltd., a division of the Jayakarta Group, will offer 26 million new shares, or 26 percent of the enlarged number of its common shares, to the public next month.

The company's president, Sjukur Pudjiadi, said yesterday that the shares will be sold at Rp 2,400 (US$1.10) to Rp 2,700 each, which will offer a price earning ratio of 7.8 times to 8.7 times.

"About 85 percent of the funds to be generated from the share sales will be used to finance the construction of the 546-unit Kelapa Gading Tower Condominium in North Jakarta and the 514-unit Marbella Residencia in Anyer, West Java," Sjukur said. "The remaining 15 percent will be used to pay our debts to banks."

Syukur also noted that the assets of the company, established here in 1980, soared to Rp 109.4 billion as of last year from Rp 53 billion as of 1992. Within the first three months of this year, Pudjiadi Prestige's assets had already reached Rp 149.6 billion.

The company's after tax profit rose to Rp 5.0 billion last year from Rp 1.6 billion in 1992. During the first quarter of this year, the developer generated a net profit of Rp 2.1 billion.

The company's revenues, meanwhile, leaped to Rp 21.5 billion last year from Rp 6.7 billion the previous year. In the first three months of this year, the company generated Rp 8.5 billion in total revenue.

The company's prospectus mentioned that the ratio of its net debt against its equity plunged from 74.5 percent in 1992 to 34.9 percent in March.

The lead underwriter of Pudjiadi Prestige's share offering was PT Morgan Grenfell Asia Indonesia. (hdj)