Sempati Air to sell shares to the public

Sempati Air to sell shares to the public

JAKARTA (JP): Sempati Air, an airline run by the Humpuss
business group, will sell part of its shares to the public
through the domestic stock markets next year, an official said.

The airline's vice president, I. Cenik Ardana, told reporters
during a new-product launching ceremony here yesterday that the
airline is tidying up both financial and administration reports
in a bid to list the firm on the Jakarta and Surabaya stock
exchanges.

Sempati Air is 25 percent owned by Humpuss Group, 35 percent
by timber baron Muhammad (Bob) Hasan and 40 percent by a
foundation of the Army.

Cenik, who was a finance officer of the Humpuss Group before
joining Sempati, however, declined to give further details on the
airline's plan to go public.

Sempati Air gained after-profit of Rp 3 billion in 1992, as
compared to Rp 1 billion in 1991.

Other executives of the group, Ongki P. Sumarno and Rudy H.
Widagdo, said that PT Senawangi Sempati, another affiliate of the
group, has started operating a goods delivery service, called the
Very Important Package (VIP).

Senawangi Sempati is a joint venture of Sempati Air and PT
Senawangi Freight Forwarding, a subsidiary of the Humpuss Group.

Widagdo said that VIP will offer a same-day and an overnight
door-to-door service for goods deliveries in eight Indonesian
cities and Singapore in cooperation with Sempati Air.

According to the Indonesian Association of Courier Companies,
1,500 courier firms are currently operating in the country. (09)