Ramayana raises capital

JAKARTA (JP): The extraordinary shareholders meeting of the publicly listed department store chain PT Ramayana Lestari Sentosa agreed yesterday to issue a one-to-one bonus share.

The company said yesterday it also agreed at a shareholders meeting to raise the company's authorized capital to Rp 1.4 trillion (US$466.6 million) from Rp 333 billion.

Ramayana also announced it had raised its profit growth projection for 1997 to Rp 107 billion from Rp 105 billion and to Rp 135 billion from Rp 130 billion for 1998.

The company said it increased its projection of net profit growth because of an expected increase in interest income.

The rise in deposit interest rates to above 25 percent as a result of the government's tight monetary policy would increase its nonoperating income, it said.

Ramayana currently operates 59 outlets throughout the country. (jsk)