Sempati Air to go public

Sempati Air to go public

JAKARTA (JP): The Humpuss Group plans a public offering of its airline company, PT Sempati Air, this year, Antara reported on Saturday.

Humpuss' president, Hutomo Mandala Putra, said that the group had prepared two companies -- Sempati and Humpuss Sea Transport -- to go public this year and expects to raise approximately Rp 500 billion (US$215.9 million) from the flotation.

"But we later found out that only Sempati is ready," he said.

A large portion of the funds to be raised from Sempati's public offering will be used to buy additional aircraft and the remainder for debt repayment.

He added that the company has appointed a local securities company as lead underwriter of the offering.

Sempati Air is now 25 percent owned by Humpuss, 35 percent by timber tycoon Mohammad (Bob) Hasan and 40 percent by PT Tri Usaha Bakhti, an Army foundation. (08)