Pudjiadi Prestige to issue bonds

Pudjiadi Prestige to issue bonds

JAKARTA (JP): Pudjiadi Prestige Ltd. will issue five year
bonds totaling Rp 150 billion (US$63.02 million) and will be
listed on the Surabaya Stock Exchange on May 15, 1997

Avi Y Dwipayana, president of Trimegah Securindo Lestari, the
lead underwriter for the bond issuance, said tranche A would
carry a fixed interest rate of between 16.45 percent and 16.75
percent per annum for five years while tranche B would carry a
fixed rate of between 16.45 percent and 16.75 percent in the
first year and a floating rate in the second to fifth years.

He said the floating rates would be based on time deposits of
six domestic banks.

"The bonds will become a good portfolio investment with the
presence of mutual funds," Avi said, adding that Pudjiadi's
assets would be used to guarantee the bonds issuance.

Pudjiadi Prestige's president, Kosmian Pudjiadi, said after a
meeting with senior officials of the Capital Market Supervisory
Agency yesterday that 30 percent of the proceeds would be used to
finance the development of its new project, Villa Bukit Marbela
and Pluit apartments in North Jakarta.

He said the other 30 percent would be used to develop the
third stage of the Marbela hotel and Menara Kelapa Gading
condominium.

"The remaining 20 percent would be used to increase the
capital structure of Pudjiadi," he said.

Pudjiadi Prestige, listed on the Jakarta Stock Exchange, is
currently 27.66 percent owned by the Pudjiadi family, 44.54
percent by PT Istana Kuta Ratu, 1.8 percent by Soekardjo
Hardjosoewirijo and 26 percent by the public.

He said the company's total revenue rose from Rp 68.92 billion
in 1994 to Rp 73.47 billion in 1995.

As of October 1996, the company had recorded a total revenue
of Rp 84.97 billion.

The company's total net profit rose from Rp 20.65 billion in
1994 to Rp 21.4 billion in 1995. As of October 1996, its net
profit reached Rp 20.49 billion.

The property company has hotel, apartment and residential, and
commercial divisions. Its shopping centers include Pasar Gambir
Kemayoran in North Jakarta and Plaza Jayakarta shopping complex
in Depok.

The firm has four hotels: Jayakarta Bali, Jayakarta Lombok,
Jayakarta Jogyakarta and Jayakarta Marbela.

The firm also owns Kemang, Regensi Kalifornia, Prapanca and
Senopati apartment buildings which are mostly in South Jakarta.
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