Sempati in final stage of its go-public plan

Sempati in final stage of its go-public plan

JAKARTA (JP): Preparations for the initial public offering of
PT Sempati Air's shares has reached its final stage, the
company's president Hasan Sudjono announced yesterday.

"We hope to complete the preparation within the next two
months," he said at a post Idul Fitri gathering of the Humpuss
Group which controls Sempati.

In addition to Sempati, the Humpuss Group is also preparing
its shipping arm, PT Humpuss Sea Transport, to sell shares to the
public this year.

Hasan did not disclose the amount of fresh funds expected to
be raised from Sempati's public offering.

The chairman of the Humpuss Group, Hutomo (Tommy) Mandala
Putra, the youngest son of President Soeharto, said earlier that
his business group would raise about Rp 500 billion (US$218
million) from the public offering of the two companies.

He said that both Sempati and Humpuss Sea Transport would sell
20 percent of their new shares in the initial public offerings.

Tommy said the proceeds raised from Sempati's public offering
would be used to procure new airplanes and to repay the company's
debts.

Hasan said yesterday that Sempati's 1995 profits would stay at
previous year's level.

"The 1995 financial reports are being audited. But there will
be no major changes from the previous year's performance," he
said. He disclosed Sempati posted a Rp 20 billion profit in 1994.

Sempati, which now serves Singapore, Kuala Lumpur, Taipei and
Sydney, will soon fly to Hong Kong, he said. He added that the
airline is now assessing the commercial viability of entering
Europe. (hen)