Shares over subscribed

JAKARTA (JP): The property and real estate development company PT Duta Pertiwi's offering of new shares has been over subscribed by 354 percent.

Duta Pertiwi's vice president, Muktar Widjaja, said here yesterday that during the primary offering period from Oct. 3 to Oct. 5, the company received applications for the purchase of 88.6 million shares from the public, 68.7 million from foreign investors and 19.9 million from local investors.

The subscriptions, priced at Rp 3,150 each, exceed the 25 million shares offered by the company.

The shares are scheduled to be listed on the Jakarta and Surabaya Stock Exchanges.

Duta Pertiwi, an affiliate of the Sinar Mas Group, has developed eight business centers, including a trading center in Mangga Dua, North Jakarta. (fhp)