Sunson to go public

JAKARTA (JP): PT Sunson Textile Manufacturer is planning to offer 80 million shares, or 22.84 percent of its enlarged capital, to the public.

Avi Dwipayana of PT Trimegah Securities said the company expected to raise between Rp 64 billion and Rp 80 billion (US$33.3 million) in the initial public offering.

"The offering price is expected to be between Rp 800 and Rp 1,000 a share," he said, adding that the shares would be listed in August on the Jakarta and Surabaya stock exchanges.

Trimegah is the lead underwriter for the offering.

Sunson's president, Purnawan Suriadi, said that about 50 percent of the offering's proceeds would be used to refinance the company's loans, and the rest would go toward business expansion.

Sunson posted an 11 percent annual increase in net profit to Rp 26.22 billion in 1996, up from Rp 23.60 billion in 1995.

Sunson had total sales of about Rp 251 billion in 1996, up from Rp 198.63 billion in 1995. (aly)