Sole agent of Konica to float shares

Sole agent of Konica to float shares

JAKARTA (JP): PT Perdana Bangun Pusaka (PBP), the sole agent
of Konica film of Japan, will sell around 30 percent of its
enlarged stocks to the public to raise funds for its expansion
program.

The company will be the third photographic firm listed on
Jakarta and Surabaya stock exchanges after Modern Photo, the sole
agent of Fuji film and Inter Delta, the distributor of Kodak
film.

Beng Irawan, a director of Perdana Bangun Perkasa, said here
yesterday that the shares, each with a par value of Rp 500
(US$0.23), will be offered to the public in February.

"We plan to list the shares on the Jakarta and Surabaya stock
exchanges in the middle of February," he said of the company's
initial public offering (IPO) plan.

BDNI Securities is acting as the lead underwriter of the
company's IPO.

Beng said that the IPO proceeds will finance the company's
expansion activities such as increasing the annual production
capacity of its photographic paper from 300,000 rolls at present
to 600,000 rolls per annum and the construction of a camera
assembling plant.

He said that Perdana Bangun will invest around Rp 7.4 billion
(($3.4 million) for the construction of the first unit of the
camera factory.

"The first unit of the camera factory will have a production
capacity of between 300,000 units annually," he said, adding that
the two expansion projects will be completed within the next
three years.

Perdana Bangun, which controls around 30 percent of the
photographic film and paper market in the country, will also use
part of the IPO proceeds to double its retail outlets to 22.

Beng said that the expansion program is a crucial strategy in
enabling the company to further tap the growing market of
photographic products.

"Indonesia, with its huge population, is a very potent market
for photographic products," he said, adding that the per capita
use of photographic films in Indonesia, which is only 0.11 at
present, will continue to increase in line with the rapid growth
in the country's economy.

Bangun Persada, with total assets of around Rp 65 billion as
of August, recorded growth sales of around 25 percent per annum
over the last three years.

Beng refused to explain the company's financial performance
saying that the data will be available only during the company's
presentation to investors and securities analysts on Monday.(hen)